Tesla stock turned positive in Tuesday trading.

Despite the challenging start to the 2025 trading year for Tesla stock, Cathie Wood, one of the electric vehicle maker's most bullish investors, says her "outlook has not changed" on the company and that its shares will hit $2,600 in five years.

Tesla is -31.1% YTD, as the firm struggles with shrinking sales due to intense competition, and a wave of backlash against its products triggered by ire at top boss Elon Musk and his actions as a key government advisor to U.S. President Donald Trump.

But Wood, a long-time advocate for Tesla is sticking to her bullish stance. “We believe in five years the stock will hit $2,600,” she said in a Bloomberg interview.

One of the key reasons Wood and her team are so bullish on Tesla is due to optimism over its robotaxis. “We think that robotaxis will account for 90% of the value of the company in five years,” Wood said.

Currently, Tesla trades at $278.39 a share and has rallied just over +28% from its 2025 low of $217.02 a share. In order for Wood's call lofty call of $2,600 to come true, Tesla would need to rally a whopping 834% in the next five years.

Additionally, TSLA is currently held by 355 different exchange-traded funds, with three of Wood's six actively managed ETFs all holding positions in the EV maker. Moreover, the three funds ARK Innovation ETF, ARK Autonomous Technology & Robotics ETF, and ARK Next Generation Internet ETF have the 15th, 16th, and 17th largest portfolio allocations towards Tesla as well.