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  • 00:00There's one car coming at least this week is not in trouble . Tesla. You're invested in. Yes. So explain to us as we understand it's a really great car and it's really terrific . Straight forward. Look at this. You look at the number of cars they make compared to the value of the company prior to any other car. It's it's crazy. Well we just published a report with our again long term forecast and the numbers have gone up dramatically. Today the stock is roughly six hundred and forty dollars up from five hundred and eighty yesterday . And yet and yet we think it's incredibly undervalued. And the reason for that. There are two assumptions that have changed with that in the last couple of reports. One are our bull case for Tesla in our old model was that it would lose a third of its market share. It has it had in 2018 17 percent global market share including China that it would lose as the Tesla killers came into the market. Audi and push tie can. And Jaguar. Well guess what. Its share increased last year to 18 percent . Jessica have 73 percent of the worldwide market when it's all electric vehicles as motors. And if we're right if we are right this stock has only begun. That makes it sound there's actually a vote for Tesla. It's a vote in all these other established car companies completely failing to make the crucial transition which they've known for several years that we're going to have to make. And really then they're pessimistic about the BMW . They're failing miserably failing miserably. And in battery technology they're not writing down the consumer electronics cost curve which Tesla decided to run down you know and people made fun of them. Oh you're putting cell phone batteries at the bottom of the car. Cell phone batteries that blow up. No . They chose lithium ion pouch which is much more costly than Tesla's consumer electronics batteries. So if they want to compete with Tesla they'll have to sell every electric vehicle at a loss. At the same time they're losing their internal combustion engine business. The reason this is going to happen is because within the next 18 months two years the price of an electric vehicle like for like categories is going to drop below that for a gas powered vehicle for the first time. And it will continue to fall because we're riding down the battery cost curve decline . And so that the traditional auto manufacturer if you look at their R and D budgets and you look at GM's 10 percent of its R.A. 25 billion dollars in I'm sorry. Capital spending is allocated to electric. They should be at almost 100 now given what's about to happen. And I think the reason Berlin Germany invited Tesla to build a factory 200 football fields either soccer or or our football that big is because they know they're in trouble. They've got to they've got to adjust. And they're also going to lose a tremendous number of number of jobs early to count the traditional car companies out of it. I mean they haven't really almost gotten started. So now is the problem . That is the problem. They have just gotten started. And what they have delivered are cars that don't even meet whether it's range or other metrics . The Model S circa 2012. Now of course now there are three other . There are three other advantages Tesla has. So batteries one second is they have their own artificial intelligence chip. And our analyst James Wang who who worked in video. The artificial intelligence company for eight years looked at the specs of this chip and said oh my gosh they're four years ahead of any other auto manufacturer in terms of the specs out there on chip technology. And that's important because we're going autonomous with electric. And autonomous is an artificial intelligence project. Right. The winner will have the most data and highest quality data. Tesla has 14 billion miles of real world driving data today . And the closest competitor Whammo has 20 million .
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Tesla's Run Has Only Just Begun, Says Ark Investment CEO

  • Wall Street Week

January 31st, 2020, 4:16 PM GMT+0000

Cathie Wood, Ark Investment Management founder and chief executive officer, maintains her bullish case for Tesla and discusses the struggles traditional auto manufacturers will have adjusting to succeed in the electric vehicle market. She speaks to Bloomberg's David Westin on "Bloomberg Wall Street Week." (Source: Bloomberg)


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