Elon Musk Reacts As ARK Invest Analyst Says 'It's Going To Be Very Hard' For Tesla Rivals 'To Catch Up To Them' In Pricing: 'Accurate'

Elon Musk, CEO of Tesla Inc. TSLA, has given a nod of approval to ARK Invest’s analysis of the company’s Q1 expectations.

What Happened: Musk acknowledged ARK Invest’s analysis of Tesla’s Q1 expectations by commenting “Accurate” on Tasha Keeney‘s interview with CNBC’s Last Call, posted on social media platform X on Tuesday.

ARK Invest’s Director of Investment Analysis & Institutional Strategies, Tasha Keeney, expressed her views, stating, “I wouldn’t be surprised about some short-term upsets, but I think the long-term story is EVs are here to stay. Tesla’s prices are so competitive. It’s going to be very hard for any other company to catch up to them at this point.”

Accurate

— Elon Musk (@elonmusk) April 23, 2024

ARK Invest has set a price target for Tesla at $2000 by 2027.

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Why It Matters: This comes ahead of Tesla’s Q1 earnings, which are due to be released on Tuesday. The company’s stock has been the subject of much speculation and activity recently.

ARK Invest, led by Cathie Wood, made significant trades involving Tesla on Monday, acquiring over $17 million in shares.

Earlier, this month the company reported that it delivered 386,810 vehicles in the first quarter, down from 422,875 a year earlier. Production figures were also lower, at 433,371 compared to 440,808 units in the year-ago period. This marks Tesla's first year-over-year decline in deliveries since pandemic-hit 2020.

Analysts are also cautious about Tesla’s Q1 earnings, with some questioning whether the company is still a growth stock. The company has also faced internal challenges, including recent layoffs in its marketing team.

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