Cathie Wood seems to have changed her mind when it comes to investing in GM, with Wood’s Ark Investment Management firm buying shares after Wood criticized GM for its move towards electric vehicles earlier this year.
According to a recent report from Yahoo Finance, Ark Investment Management bought 158,187 shares of GM stock on Monday on behalf of the Ark Autonomous Technology & Robotics fund. Wood is the founder and chief executive officer at Ark Investment Management.
Back in January, GM stock value set a new record high following a keynote speech delivered by GM CEO Mary Barra in conjunction with the 2022 Consumer Electronics Show (CES). During the show, Barra highlighted GM’s efforts with regard to the fields of electric vehicle technology and autonomous vehicle technology, while also teeing up the debut of the new 2024 Chevy Silverado EV, an all-electric version of the automaker’s popular pickup model.
GM stock value jumped to a new high of $67.21 per share following the event. However, Wood responded to the substantial rise in value by calling the rally “ridiculous” during a webcast, adding that EVs make up only a small percentage of auto sales.
More recently, however, Wood seems to have had a change of heart. According to Yahoo Finance, Wood and her team recently met with Barra to discuss GM’s electric vehicle and technology efforts. Wood has also said that Ark would be “keeping an open mind” with regard to investing in GM.
“And when we see success, we have to acknowledge it and learn a lot more about it, so we’re still on a fact-finding mission,” Wood said. In addition, Wood said that she was “fascinated” by Barra’s new direction for the company, in particular the automaker’s efforts with regard to autonomous cars and the Cruise technology division.
General Motors announced last year that it was boosting electric vehicle and autonomous vehicle investments to $35 billion by 2025.
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Comments
Cathie Wood is one of the most gullible investors on Wall Street.
Fortunately her Ignorant fund is down over 60% just in the past year.
Cruise will make GM a lot of money in the Future. So will BrightDrop.
The World is changing and is doing so in a very rapid pace. Disruption will kill off many and I do mean many Legacy Businesses.
I would say that not ALL of her holdings will become highly profitable stocks but even if she ONLY guesses correctly on 50% of her holdings in disruptive Tech, investors that hold shares of Ark Invest will b e extremely happy. Her Vision is 5-10 years out and we shall see if she is correct of if her Fund will get destroyed.
This is more likely from the impending Biden-Bernie recession. Tech stocks will crash epically. Investors are hedging their funds in companies that they know will weather the storm. GM is putting out a lot of smoke and mirrors, but also going foot to the floor on affordable crossovers and ICE trucks (for those who haven’t been under a rock, another Chevy crossover below the equinox is on the brink of reveal, and GM filed another patent for their small block V8)
Wow, the power of those two! Able to cause world-wide inflation! All by themselves! Well, maybe with a little help from a virus and a dictator. Wait, what? Biden and Bernie caused them, too? Wow! The power of those two!
@ exkothomson
Stop making excuses good grief. Blame everything on everyone but the man in charge, how pitiful.
Right. It’s Biden’s fault that a virus caused a world-wide pandemic, triggering world-wide economic chaos. It’s Biden’s fault that Putin invaded Ukraine, triggering even more world-wide economic chaos. And he even did the pandemic before he “lost” the election! Now that’s impressive!
Keep blaming everyone else white boy.
I agree, Miss Mary’s loud talk of an all EV GM is clearly not evident in their current successful attempt to dominate the ICE truck, SUV, and crossover world, which I support. Hopefully she is hedging now, knowing that the Dem’s all EV plan is stalled and will die in the next election cycle.
Equal like and dislike shows how divided ppl r these days wow. I guess I am in the dislike group. You better hope we get off dirty gas soon and go EV for the sake of this planet. Better go buy Lithium mining stock than specific EV imo.
Kiss of death!!!!!!
I agree with her original assessment that it is a huge gamble to put all of GM’s eggs in the EV basket.
5 to 10 years out? It’s not a 401K.
My concern is all the electronics technology that is touted for the new EV’s because of adding many more “services” including moving to self driving. Electric batteries and motors can be pretty bullet proof but not the rest of it. I have a 2016 Sierra and a 2019 Outback and both have encountered electronic failures involving the sound systems. They are both low mileage vehicles also. The Outback Eyesight system has failed multiple time while driving in heavy rain and that is where some of the features are most needed. I can just imagine when these new self driving cars experience these same types of failures. We are in for chaotic times ahead with the auto industry. And still, I think Tesla is the only company to mass produce a successful electric vehicle. Many of these startups will fail and many consumers will pay the price along with the taxpayers.
Catgirl’s vision is 5-10 years but ark buys and sells daily. They r a liquidity provider and a horrible one during bear market.