Ron Baron: Tesla will more than triple deliveries in 3-4 years

Tesla Inc (NASDAQ: TSLA) could be delivering 20 million cars annually about ten years from now, says longtime Tesla bull Ron Baron. The EV maker delivered 310,000 vehicles in its recent quarter.

Baron dubs Tesla Inc a long-term bet

While the quarterly number was below expectations, Baron is unfazed by such short-term setbacks and sees Tesla as a very long-term play. Speaking with CNBC’s Becky Quick on “Squawk Box”, he said:

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Everyone is so focused on this quarter. But in three to four years, they’ll be doing a million cars a quarter. If you go ten years, they’ll be at 5 million cars a quarter. So, I’m think about eight to ten years from now.

The CEO of Baron Capital expects to grow his money in Tesla by up to five times over the next ten years.

Baron has already made massive profit from Tesla

Interestingly, he has already made 20 times the $380 million invested in Tesla between 2014 to 2016, but is convinced that it’s only the “beginning” for the U.S. EV maker. Baron is currently one of the largest shareholder of Tesla Inc.

Last week, Future Fund’s Gary Black also said TSLA could be a $1,600 stock by the end of the year. Baron is also bullish on the other Elon Musk company, SpaceX, that is yet to go public. Baron added:

In the case of SpaceX, I think over the next ten years, we’re probably going to make 20 or 30 times our money.