Cathie Wood-LED ARK Investment Management bought more Tesla Inc TSLA Shares – valued at over $2.28 million based on Monday’s closing price by the company ARC Autonomous Tech. & Robotics ETF ARCQ.

Tesla is the fund’s top holding with a 9.94% weighting, valued at over $89 million. This is Wood’s second time buying Tesla stock this month, as the electric-vehicle maker’s stock continues to fall, down 7.9% in five sessions and about 23.5% in one month.

ARK loaded over 66,000 shares of the electric vehicle maker’s stock valued at over $13 million via the company’s flagship on Oct. 20 ARK Innovation ETF ARKKif the Elon MuskShares of the -led company plunged 6.6% to close at $207.28 after sales fell short of Wall Street expectations.

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Case for Tesla: Ark has made strong arguments for Tesla, stating in its newsletter that fears of falling demand for its vehicles are misplaced.

“If anything, Tesla’s supply is limited at current prices, and a $30,000 vehicle could increase demand tenfold. We wouldn’t be surprised if Tesla’s next-generation vehicle was the cyber robotaxi,” he said Sam KorusResearch Director, Autonomous Technology and Robotics at ARK.

Korus also detailed how Tesla’s addressable market will expand. “Last week during his Q3 conference call, Elon Musk noted that Tesla is developing a vehicle that will cost about half the price of the Model 3 and Model Y. Of the total US auto market, the addressable market is growing to 50% at ~US30,000 dollars as shown below,” said Korus.

Price promotion: Tesla shares 1.5% lower closed at $211.25 on Monday and fell another 1.16% in the after-hours session.

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