Tesla Motors (TSLA) shares rose 3.56% to $475.31 on Monday, reaching a new yearly high and pushing its market capitalization to $1.58 trillion.
On the same day, Cathie Wood's Ark Investment Management sold a total of 124,867 Tesla shares through its ARKK and ARKW funds, valued at approximately $59.35 million.
The sell-off comes as Tesla continues to advance in autonomous driving technology. CEO Elon Musk confirmed testing of self-driving robotaxis in Austin. Despite record electric vehicle deliveries, analysts question the correlation between these figures and Tesla's stock price, signaling a shift in investor focus.
A Barclays analyst noted that Tesla's future valuation appears less tied to EV delivery volumes, suggesting Q4 deliveries may disappoint but likely won't impact the stock significantly. The analyst maintained an "equal weight" rating while raising Tesla's price target to $350, emphasizing the company's evolution into a tech firm rather than a traditional automaker.
This aligns with Musk's longstanding view that Tesla's long-term value will be technology-driven, particularly through its Full Self-Driving (FSD) software and Optimus humanoid robot. Musk previously stated that 80% of Tesla's future value could stem from Optimus, with FSD also seen as a key growth driver.
Some investors project weakening momentum in Tesla's auto business, forecasting a 7% delivery decline in 2025 and flat to 5% growth in 2026—well below broader market expectations.
