Cathie Wood, founder of Ark Invest, yesterday sat down with CNBC’s SqawkTalk to talk about the Tesla Cybertruck. Tesla, which is the top holding in several of Ark’s funds, has Elon Musk as its CEO, and it’s natural the anchor wanted to know about what Wood’s thoughts were on the Cybertruck, as well as on other matters such as the defamation trial where Elon was found not guilty.
Cathie Wood dives right into her thoughts on the Cybertruck. She says that she has looked at it from many different angles and that it far surpasses other trucks. When it comes to comparing the Cybertruck to the Ford F-150, Cathie says, “There’s just no comparison.” The anchor asked what I thought was a good question: “Do you think it is for people who would have bought a brand new Ford F-150 or is this a brand new market?”
Cathie Wood explains that Ark Invest performed a Google Trends analysis about the excitement of the Tesla Cybertruck compared to the early days of the Model 3 and what Ark has seen is that the excitement is in the areas you would want it to be — in the Midwest and rural areas. Cathie also says that she thinks that the Cybertruck will be a significant competitor to the Ford F-150. Further, other electric vehicle makers will have to sell their vehicles either at a loss or a higher price since Tesla is able to produce its own batteries and is lowering its overall cost in making electric vehicles.
When it comes to the geographic areas where people were the most excited about the Cybertruck, this is a good thing for Tesla. The Midwest and rural areas often have a much higher number of pickup drivers, and seeing these areas get excited about Tesla’s Cybertruck tell us that, like the rest of the auto industry, Tesla will be a game changer for the pickup industry.