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Ron Baron’s statement came on “Squawk Box” after Tesla (TSLA) stock hit a new record at close on Monday. Currently, his company owns 814,595 SpaceX shares and 1.6 million Tesla shares.
Baron Funds CEO and Tesla (NASDAQ: TSLA) enthusiast Ron Baron has been bullish on the carmaker and SpaceX. In 2014, Baron got sold on Tesla and Elon Musk’s vision and started buying shares of the company. Since then, Baron has been extremely vocal about his investment and even made some predictions. Today, he said that he believes “there’s 10 times more to go” with Tesla.
Speaking of SpaceX, Baron admitted the “amazing” growth possibility as well. He predicts SpaceX will grow by a multiple of 20 in the next 10 years.
Ron Baron’s investment firm, with over $32 billion in assets under management, bought Tesla shares at an average price of $219.14 from 2014 to 2016. In September 2017, Baron started investing in SpaceX as well. Now Ron Baron owns 814,595 SpaceX shares and 1.6 million Tesla shares. The billionaire is very optimistic about the prosperous future of both Elon Musk’s companies.
He believes that in 2024, Tesla could generate $100 billion to $125 billion in revenue, and be worth $300 to $400 billion. Moreover, in 2030, it could have a revenue of $750 billion to $1 trillion, with an operating profit of $150 billion to $200 billion. By then, Tesla could be worth $1.5 trillion, becoming the largest and most valuable company in the world.
Tesla (TSLA) Stock New Record
Baron’s statement came on “Squawk Box” after Tesla stock hit a new record at close on Monday. Opening at $919, Tesla shares gained 7.26% and ended the session at $949.92. The previous record was $917.42 on February 19.
At the moment of writing, TSLA stock is trading at $944.52 (-0.57%) after reaching $951 today when the market opened.
Tesla shares are up 127% so far this year, and up 365% in the past 12 months. TSLA stock has opened today at $940.01 and now is trading at $935.81 per share.
Tesla’s Mind-Blowing Sales
Tesla stock has significantly benefited from the automaker’s sales in China that bounced back in May. As the China Passenger Car Association (CPCA) reported, last month, Tesla delivered 11,095 Model 3 vehicles produced in China, which is more than triple the 3,635 cars sold in April and breaks the previous record of 10,160 units in March.
In May, Tesla became the best-selling new energy vehicle in China. Besides, its Model 3 vehicle has been the top-selling auto in the UK for two months in a row.
Overall, Tesla sales in China soared by 205% compared with a slump in April.