Elon Musk is “our Renaissance man” and the “inventor of our age,” says Cathie Wood. She believes autonomous driving software will soon be ready and Tesla's Full Self-Driving (FSD) technology is the “most impactful AI project out there.” As a shareholder, she is not worried about the threat of regulators banning self-driving cars.
Cathie Wood spoke at a conference hosted by Axios in San Francisco on Wednesday. She said Musk is “our Renaissance man” and the “inventor of our age.” Wood added she sees Tesla's Full Self-Driving (FSD) technology as the “most impactful AI project out there.” She suggests that many people in the investment community do not own Tesla and therefore do not understand the latest update of the self-driving software, FSD Beta.
“He's almost there,” Wood said of the autonomous driving readiness Musk is seeking. “We needed him to push and get us there, just like we needed him to push on the EV side and get us there.”
During the Q1 2023 Earnings Call, Musk said Tesla hopes to achieve full autonomous driving as soon as this year. While he has had very positive predictions about achievement before, there seem to be more indicators this time that the company is truly close to success. FSD Beta is showing excellent results and great reviews from testers. Its latest version, 11.4.1, is much better than its predecessor and more testers are pointing out that the car drives without a single driver intervention.
“The trend is very clearly toward full autonomy, and I hesitate to say this, but I think we'll do it this year,” Musk said during the Call.
Wood has been buying Tesla stock at a bargain price throughout 2023. As of Thursday, Tesla stock is the largest asset at ARK Investment, accounting for 9.82% of the portfolio. Recent purchases of TSLA have been made through the ARK Innovation ETF (ARKK) and the ARK Next Generation Internet ETF (ARKW). Wood's funds bought 1.64 million shares of TSLA stock in 2023.
Wood's ARK Invest also predicted in late April that Tesla's stock price would reach $2,000 in 2027. The firm sees Tesla's autonomous “robotaxi business” as a “key driver” for this estimated valuation.
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Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.