Ark Invest’s Cathie Wood said her faith in Tesla remains as strong as ever as she continues to buy shares of the electric vehicle company. “From electric vehicles alone, there could be … this stock going up almost fivefold over the next five years,” Wood said during an investor webinar on Thursday. “And if you absolutely believe in self-driving capabilities, that number will be nearly 13 times over the next five years. So we’re more optimistic about Tesla than ever.” Wood previously predicted that the transition to electric vehicles would be dramatic, leading to 60 million electric vehicles sold in five years. This innovation investor has been a longtime bull for Tesla, seeing the stock reach a split correction above $1,500 in 2026. Tesla shares are up about 3% this year, ending ended Thursday’s session at $127.17. TSLA 1Y mountain Tesla Elon Musk’s company has been hit with a series of bad news lately. Tesla’s sales of cars made in China in December fell to a 5-month low amid the country’s Covid-19 outbreak. Musk’s $44 billion acquisition of Twitter may also have contributed to the decline as he sold tens of billions of dollars of his Tesla stock last year to fund the acquisition. “Tesla went down in the fourth quarter, there was a significant correction as capitulation in growth strategies was highlighted,” Wood said. “Disappointment in China has been foretold.” Tesla fell 53% in the fourth quarter, bringing its 2022 loss to 65%. The much-followed fund manager bought the undervalued automaker for several months during the sell-off. Wood revealed Thursday that she made some profits in Exact Science and put most of those profits into Tesla. Tesla has been running massive discounts on its vehicles, first in China and then on January 13 in the US and Europe. Wood said the steep price cuts will help the company stay competitive. “Tesla will be very aggressive in pricing,” Wood said. “Tesla can afford to do this. It has the lowest cost structure and is innovating which we believe is the strongest. Other automakers will compete. They will have to follow the waves. lower this price, but that would cost them from a profit margin quite significantly.”