Key Points
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Ark Investment Management is purchasing Tesla (NASDAQ: TSLA) shares after a mixed second-quarter update.
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Tesla’s deliveries increased by 25% year-over-year to 480,126, with revenue climbing 26% to $28.2 billion.
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Adjusted earnings per share fell 18% year-over-year to $0.33.
On July 30, 2023, after Tesla’s second-quarter earnings release, Ark Investment Management acquired approximately $53.5 million worth of Tesla stock amid a notable decline in share price. Despite a strong delivery performance, the company’s bottom line suffered, raising caution among investors about future projections.
Looking ahead, Tesla’s robotaxi project could significantly impact its stock performance. The service, now available in six U.S. cities, reports double-digit growth in unsupervised miles driven, totaling over 380,000 without accidents. Continued progress in this domain may attract more investors if the company can maintain safety standards and manage expectations effectively.
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