Ark Invest’s Cathie Wood stated that her belief in Tesla is as strong as ever, as she continues to purchase shares in the electric vehicle company. Wood said during an investor webinar on Thursday, “Just from electric vehicles alone, there could be a fivefold increase in this stock in the next five years. And if you believe in autonomous driving at all, it’s closer to a 13-fold increase in the next five years. So, we are as bullish about Tesla as we have ever been.”
Wood has previously forecasted a drastic shift to electric vehicles, with 60 million units sold in five years. She has been a long-term supporter of Tesla, predicting that shares will reach a split-adjusted level of above $1,500 by 2026. Tesla’s shares have increased by about 3% this year and ended trading on Thursday at $127.17.