have in recent years Invest Ark CEO Cathie Wood was one of the biggest bulls for electric vehicle companies Tesla Inc TSLA. Here’s a look at how much an investment in Tesla could be worth over the next three years if it meets Wood’s recent price target.

What happened: In 2018, Wood was laughed at when she gave Tesla a $4,000 target price. The ETF manager’s prediction came when shares were trading around $350 a share and the highest price target was by analysts was $500 at the time.

“If we’re right, that inventory of our models will grow to $4,000. If we’re wrong and everything they do is electric, our bear case costs $600,” Wood said in 2018.

Three years later, Tesla shares reached Wood’s price target of $4,000 (specifically adjusted for the five-for-one split in 2020).

The big question for investors now is whether Wood can do magic again with a new price target at Tesla.

Over the past several years, Ark Invest has set multiple price targets for Tesla shares, factoring in factors like fully autonomous driving and robotic taxis. A model previously set a price target of $500 by 2026.

On Thursday, Ark Invest set a new course target for Tesla shares. The ETF manager sees Tesla stock at $2,000 in 2027 and the company’s market cap at $4.4 trillion.

The bear and bull case for Tesla stock is $1,400 and $2,500, respectively, over the same period.

The new open-source model takes into account a number of factors such as robotaxis, market share, gross margins and average selling prices. Factors not included in the model were Tesla’s balance sheet strength, the Dojo supercomputer, and the humanoid robot Optimus.

According to the model, robotic taxis, which are expected to hit the market in 2024, are listed as one of the biggest drivers of Tesla’s future value, accounting for 58% of enterprise value and 45% of EBITDA. The model further finds that electric vehicles account for 62% of Tesla’s sales in…