From Fortune Magazine:

Ark Invest CEO Cathie Wood has been bullish on Tesla and expected Detroit automakers to rush into electric vehicles. Instead, GM abandoned plans to build 400,000 electric vehicles, saying production of electric pickup trucks would be delayed by a year. Ford is also cutting its production goals and reducing the number of batteries produced. EV growth has slowed, but it’s still robust. GM and Ford have recorded major losses in their electric vehicle divisions.

Wood believes these losses are necessary and there will be more share for Tesla and others who choose to invest and that hesitation will benefit Tesla more in the long run. She believes the traditional automakers’ actions will only be good for the electric vehicle market as a whole and for companies like Tesla.



Read more: Cathie Wood: GM, Ford EV slowdown helps Tesla, Elon Musk