Sorry, Cathie Wood. This, Not Tesla, Is the Stock to Own for the $9 Trillion Robotaxi Market.

Ark Invest Founder Cathie Wood is known for making outlandish forecasts. In 2018, she said Tesla (NASDAQ: TSLA) would reach $4,000, and by 2021, the EV maker had remarkably done just that. She also said earlier this year that Bitcoin would soar to $1.48 billion, though the cryptocurrency has hovered around $30,000 for months.

She's also exceptionally bullish on the market for robotaxis, or the autonomous vehicles that are starting to take over San Francisco and other cities. Wood thinks that robotaxis globally will generate $8 trillion to $10 trillion in revenue by 2030, and she envisions Tesla as the leader in that market.

Ark now has another bold price target on Tesla, calling for it to hit $2,000 a share by 2027. That's a gain of nearly 800%, and it's largely due to its robotaxi forecast. Wood's firm expects robotaxis to make up 44% of Tesla's revenue and 64% of its earnings before interest, taxes, depreciation, and amortization (EBITDA), based on a report it released in April.

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Source Fool.com