Cathie Wood’s Ark Investment Management LLC remains bullish on Tesla Inc. and expects the stock will hit $2,600 in five years, or almost 10 times its current price.

Wood said in an interview with Bloomberg TV that Tesla’s robo taxis will account for 90% of its value over that time. Tesla has initiatives in humanoid robots that Ark hasn’t even factored into the price prediction, she added on the sidelines of the HSBC Global Investment Summit in Hong Kong on Tuesday.

Wood said that Tesla is still competitive relative to China rival BYD Co. based on metrics like range and power for a given price. BYD has overtaken Tesla in sales, topping $100 billion last year.

Tesla remained the largest holding of her flagship ARK Innovation ETF, accounting for 10% of the $5.8 billion assets by March 24, according to information posted on the company’s website. That was down from nearly 16% at the end of 2024, according to a fact sheet posted on Ark’s website.

In a 2023 analysis, Ark estimated Tesla stock would hit $2,000 apiece by 2027, as it grabs market share from traditional automakers. In July, she predicted the formation of an autonomous taxi platform would be a catalyst for a roughly 10-fold jump in the Tesla share price.

Instead, the electric vehicle maker’s stock has tumbled this year, even after rebounding in the last four trading sessions to about $278. Sales and shipments have dropped precipitously in key markets including Europe and China, as its billionaire founder Elon Musk faces political push-back. Domestic discontent has also grown over his Department of Government Efficiency’s move to cut thousands of government jobs.

Wood shot to fame during the height of Covid for her bold calls over pandemic darlings like Tesla, Zoom Video Communications Inc. and Roku Inc. Retail traders embraced some of her views, pushing her funds to more than $60 billion in assets at their peak in early 2021.