Ark Invest CEO Cathie Woods Declares intensions for Lucid and Rivian stocks

Ark Invest CEO Cathie Wood has long been noticed for being bullish on Tesla even during the electric vehicle maker’s early days. But what about Tesla opponents Lucid and Rivian? Rather, not quite

Wood told CNBC Wednesday 1st December during a wide-ranging meeting that she will only buy into the two firms if they develop self-driving cars.

In the course of the discussions she said they saw Lucid and Rivian getting into the dominant world, especially Rivian, given its alliance with Amazon, and it might be more interesting,

According to wood, dominance is one of the reliable ways electric vehicles can be sold. For instance, taxi lines in the future will likely be self-driving.

In fact, her bullishness on Tesla stock is due in part to her prospects that the EV maker finally will power its artificial intelligence technology to create robotaxis.

“All we want a taxi to do is to get us from point A to point B as rapidly and safely as possible,” she told CNBC Wednesday. “We don’t need finish and design for that.” Presently, Wood said she still enjoys what Lucid and Rivian are accomplishing with their electric vehicles.

Luxury EV maker Lucid went public in July and already has a market capof $80 billion, though its executives admitted in November that they still have a ways to go. And Amazon-backed Rivian, which manufactured its first electric trucks in September, has a market cap of $94 billion after a blockbuster IPO in November.

Wood shot to fame in 2020 thanks to her blockbuster success driven by bets into mega-growth stocks like Tesla. Her ETFs last year have published eye-popping returns, with her flagship reserve up more than 150% in 2020.
She made headlines earlier this year when she anticipated that Tesla’s stock will hit $3,000 by 2025 a price mark that compels the shares to rally roughly 300% from their current level. But if they attain that level next year, Wood in September said she would negotiate her Tesla holdings.

But the genius stock-picker has already made it a habit to sell insignificant increments of Tesla stock when it has either surpassed for a certain duration or has evolved too much to her admiration in her portfolio. She has once described this selling as simply “portfolio management.”

Tesla stock was steady as of Thursday noon at $1,093.50. Stakes have bounced back around 50% year-to-date, pushing it to a valuation above $1 trillion

Shella Lum
Lum Shella is an author for She mainly covers electric vehicles and renewable energy.

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