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"Our estimate for Tesla's success has gone up. The main reason for that is their market share. Instead of going down from year-end 2017 to today, it has actually gone up fairly dramatically," Wood explained.
Tesla remains a top holding in several of Wood's closely followed innovation focused ETFs. The firm's flagship ARK Innovation ETF, for example, counts Tesla as its top holding at 10.49% of the ETF's holdings.
Wood added that the new EVs from the more established automakers only validate Tesla's strategy. Moreover, Wood struck a bullish tone on the market potential for EVs in China.
Tesla stock closed up 0.19% at $733.75 Friday.