Asset Management

Why Cathie Wood’s ARK Invest remains bullish on Tesla despite profit and sales drop

Electric car maker’s business model is ‘going to transform’ as a result of its robotaxi service

Cathie Wood, chief executive officer of ARK Invest, is one of Tesla’s biggest backers
Cathie Wood, chief executive officer of ARK Invest, is one of Tesla’s biggest backers Photo: Jose Sarmento Matos/Getty

ARK Invest, the US asset management group founded by star stock picker Cathie Wood, has thrown support behind Tesla after the electric car maker reported a fall in quarterly sales and profit.

Tesla, which is a top holding in ARK’s flagship Innovation ETF, on 22 April posted a more than 70% drop in profit between January and the end of March, with new car deliveries also falling 13% globally.  

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