Ark Invest Analyst Sees This Tesla Product Driving EV Stock To $4,600 Per Share

Tesla Inc TSLA reported record quarterly results on Wednesday sending shares higher by nearly 10%, but one Ark Invest analyst remains focused on what CEO Elon Musk said during the company's earnings call.

What To Know: Tesla reported first-quarter revenue growth of 81% year-over-year. Revenue totaled $18.76 billion, which beat the $17.76 billion estimate, according to data from Benzinga Pro. The EV company reported quarterly earnings of $3.32 per share, which beat the estimate of $2.26 per share.

Tesla plans to grow its manufacturing capacity "as quickly as possible." It will need to do so in order to reach some of the lofty goals that Musk laid out during the company's conference call.

"One of the key takeaways is that we heard that they plan on producing a custom-built robotaxi vehicle," Ark Invest analyst Tasha Keeney said Thursday on CNBC.

The robotaxi will be an autonomous vehicle without a steering wheel or control pedals. Tesla said it plans to bring the robotaxi to volume production by 2024.

Musk has talked about autonomous robotaxi development for years, but mainly through a full self-driving upgrade to existing vehicles. The CEO's comments on the call make it seem that Tesla now plans to make a standalone robotaxi product.

"We expect them to start a robotaxi business, a ride-hail business with full autonomy, which could be very profitable," Keeney said.

Related Link: Tesla's Robotaxi To Reach Volume Production In 2024, Elon Musk Sees Unit As A Massive Growth Driver

Keeney believes Tesla is fully committed to this vision. Missing deadlines on software improvements doesn't impact the business nearly as much as being late on something the company is dedicating hardware to, she explained.

On the company's conference call, Musk called the robotaxi a "powerful product" that will be a massive driver of growth for Tesla.

Ark Invest agrees. The Cathie Wood-led investment firm expects Tesla to be trading around $4,600 per share in 2026, Keeney said: "I think that over half of the company's value could be attributed to a robotaxi business."

TSLA Price Action: Tesla has traded between $546.98 and $1,243.49 over a 52-week period.

The EV stock was up 5.4% at $1,030 at press time.

Photo: courtesy of Tesla.