(Bloomberg) — Cathie Wood, the founder and CEO of Ark Investment Management, said Monday that consumers are starting to rebel against rising auto prices and warned that manufacturers could be stuck with a glut of inventory.
“Auto manufacturers enjoyed pricing power during the COVID-related supply shock but may regret moves that, along with soaring oil prices, have accelerated the shift to electric vehicles,” she wrote in a tweet. “This inflation is transitory.”
Wood, who has previously said that companies “overreacted” to supply chain bottlenecks, retweeted a thread from ARK analyst Sam Korus in which he argued that auto demand may not be sustainable at current price levels.
Read More: Ark’s Wood Says Companies ‘Overreacted’ to Supply Bottlenecks
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