Wood's fund bought about $6 million worth of shares in general motors (gm.us) as the company stepped up its entry into the field of electric vehicles, wood's first investment in GM. According to its trading announcement, on Monday, ark Automotive Technology & amp; Robotics ETF (arkq. US) bought 158187 shares of general motors.
According to GM's closing price of $38.26 on Monday, the shares are worth $6.05 million, accounting for less than 1% of arkq's portfolio.
Wood is keen to invest in companies with disruptive technologies, and his first investment in GM reflects his interest in the future of electric vehicles.
After producing gasoline powered vehicles for a century, GM plans to further promote electrification and promises to invest $35billion in electric vehicles and autonomous vehicle by 2025.
Last year, wood was asked whether it was too late for traditional carmakers to enter the field of electric vehicles. "They don't have the genes for this brave new world because they were born in an industrialized, gasoline powered era," she said Nevertheless, wood said in April that after meeting with GM CEO Mary Barra, she remained open to investing in GM.
Wood has long been an advocate of Tesla, and GM hopes to surpass Tesla in the field of electric vehicles. Earlier this year, she said she was still confident in Tesla and gave a target price of $4600 per share by 2026.
On Monday, although wood's two funds arkk and arkw cut their Tesla shares by 41754 shares, Tesla still ranks first in its portfolio. Since this year, wood's funds have suffered heavy losses due to the poor performance of growth stocks under the aggressive interest rate increase plan of the Federal Reserve.