Tesla Shares Gain 4% After ARK Reiterates $4,400 Price Target on Robotaxis

Tesla shares climbed 4% to reach $406.31 in afternoon trading after ARK Invest reiterated its base-case price target of $4,400 per share by 2031, with a bull case of $5,000. ARK's projection relies heavily on autonomous Robotaxi services, which it estimates will generate about 80% of Tesla's enterprise value. Earlier, Tesla rose 0.67% to $394.24 pre-market following comments by ARK's Cathie Wood on Elon Musk's companies driving global GDP growth. Investors are also monitoring independent committees formed to evaluate a potential merger between Tesla and SpaceX.