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Ark Invest CEO and CIO Cathie Wood reaffirmed her firm's 2030 price target for Tesla Inc. (NASDAQ:TSLA) at $2,600, which represents a 483% upside from its current stock price of $445.91 apiece, stating that 90% of that valuation is based on the company’s robotaxi business.
Check out TSLA’s stock price here.
Speaking on CNBC as Tesla held its annual shareholder meeting, Wood broke down the math behind her bullish case, emphasizing that the market still misunderstands the scale of the autonomous driving opportunity.
"90% of that valuation is a function of robo taxis," Wood said, noting the target has been published for “quite some time.”
While the robotaxi service forms the core of the current valuation, Wood said her team is now actively researching the potential of humanoid robots.
She described the complexity of scaling humanoids as “multiples of robo taxis” but noted that this area represents significant future upside not yet factored into her price target.
"We have very little in that $2,600 for humanoid robots," Wood explained. "To the extent humanoid robots evolve faster than we’re expecting, then that price target goes up."
Wood said that Tesla is in the “best position” to lead this new field because it is “already a robotics, energy storage, and AI company.”
The interview took place as Tesla shareholders approved the trillion-dollar pay package for CEO Elon Musk during the company’s annual shareholder meeting.
Wood offered strong support for the CEO, whom she called the “most productive and visionary human being on earth.”
"We think he deserves this pay package," Wood stated, arguing that the pay-for-performance structure “aligns company management with shareholders long term.”
She also dismissed criticisms from governance firms like ISS and Glass Lewis, stating they are “not doing the right kind of research” to understand Tesla’s long-term vision and are too “short-term focused.”
See Also: Elon Musk’s Trillion-Dollar Pay Package Approved By Tesla Shareholders Amid AI, Robotics Push
Despite the optimism surrounding Tesla’s business, it reported a mixed third quarter and underperformed the market in the current year so far.
While Tesla stock has gained 17.57% on a year-to-date basis, the Nasdaq 100 index has returned 19.81% in the same period. However, TSLA was up 50.18% over the year.
It closed 3.54% lower at $445.91 apiece on Thursday and rose 1.57% in after-hours following the shareholder vote.
Benzinga’s Edge Stock Rankings indicate that TSLA maintains a stronger price trend over the short, medium, and long terms, with a poor value ranking. Additional performance details are available here.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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