Cathie Wood: “This is INCREDIBLE NEWS for Tesla Stock Investors”

Tesla’s price per share could surge to as high as $2,600 by 2029, ARK Investment Management said Wednesday.

Citing data from their updated open-source model, Ark said this projection reflects the expected value, with the bull case suggesting a potential price of $3,100 and the bear case estimating $2,000 per share.

One of the primary drivers behind this forecast is the expected launch of Tesla (NASDAQ:TSLA)'s robotaxi service, which, per ARK’s estimates, could account for nearly 90% of Tesla’s enterprise value and earnings by 2029.

“Meanwhile, electric vehicles could approximate a quarter of total sales and ~10% of Tesla’s earnings potential, as we believe the robotaxi business will have much higher margins,” ARK wrote in its report.

"We believe that Tesla will launch a robotaxi service within the next two years," it added.

Remarkably, if the robotaxi opportunity is removed from the model, the price target for Tesla drops significantly to around $350 per share, ARK highlighted.

The asset manager’s model also incorporates updated assumptions regarding Tesla's autonomous driving technology and manufacturing growth rate. ARK expects vehicle production to increase by 45% per year through the end of 2029, scaling from 1.8 million units per year today to between 6 and 16 million units per year.

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