Ark Invest Continues Buying TSLA Shares As Tesla Autonomy & Ride-Sharing Inspire Confidence
The confidence of ARK Invest in Tesla continues to grow due to new research carried out by the firm. Ride-sharing is a far more lucrative business than electric cars, and the manufacturer's 30 billion miles of real-world driving data will help Tesla achieve fully autonomous driving before anyone else, says Cathie Wood.
Ark Invest's Cathie Wood told CNBC's ETF Edge that her firm continues buying Tesla shares. The firm's research shows that ride-sharing can be a big and profitable business for the manufacturer. The launch of this service will be a very good bridge to Tesla's autonomous strategy.
“Our confidence in Tesla has grown as we’ve done research on what ride sharing potentially could add. It could limit the risks significantly, it’s a much more profitable business than electric vehicles,” said Wood. “Even though there is some debate at Tesla whether or not they should launch a human-driven ride-hailing network, it would be a very good bridge we think to their autonomous strategy and we think they will decide to do that.”
Tesla also has a huge advantage in achieving full self-driving, because the company has already collected 30 billion miles of real data of the highest quality, and no one can compete with it.
“As time goes on and we learn about their artificial intelligence expertise, the 30 billion miles they have collected of real-world driving data, no one comes close not even, I think Google might be at 30 million, compared to 30 billion and we know that in the AI ??world and autonomous is AI that the company with the most data and the best quality data will win,” Wood added.