Legendary investor Ron Baron believes Tesla will hit $500 a share in 2025. He said he owned 5 million shares and had not personally sold any of them. The investor also commented on the opening of the Tesla Supercharger network to other manufacturers.
Billionaire investor and notorious Tesla bull Ron Baron believes the maker will hit $500 a share in 2025. He also expects Tesla to reach $1,500 per share by 2030. Baron joined CNBC's “Squawk Box” to talk about Tesla.
As of the end of March, Baron Capital owned 17.6 million Tesla shares. This is about $4.5 billion at the current price. Baron said he personally owns 5 million Tesla shares and does not sell them.
“I haven't sold a single share personally,” Baron added. In April 2022, he said he expects to earn 3 to 5 times more from his investment in Tesla over 10 years.
In addition, Baron gave his vision of Tesla's partnership with electric vehicle manufacturers in the US, which will open Tesla's Supercharger network to customers of these companies.
“It’s gonna make more charging stations available, so people will be less worried about buying electric cars thinking that they will be able to charge it wherever they go,” he said.
Baron believes this is a good move that will benefit consumers. Tesla Superchargers have the best technology, which can transition the US and the world to electrification and electric cars.
“This is helpful so basically you buy a Ford, you buy a General Motors car you’re going to be able to charge your cars and not worry about it,” he added.
The investor also highlighted the fact that Tesla electric vehicles have become very affordable in the US. He tried to dispel the myth that the manufacturer's cars are only for rich people. Baron said the average cost of a new car bought in the US last year was $48,000. The cost of Tesla Model 3, including the $7,500 subsidy, is below $33,000. The difference is enormous.
“When you’re buying this [Tesla Model 3] car you’re getting an amazing value, so it’s absurdly cheap — $33,000 for a car and people don’t realize how cheap it is,” Baron said.
“It's not that big a deal economically for @Tesla but it will make people less worried about buying an electric car. @elonmusk's idea is to transform our country to electrification and this is helpful,” says Ron Baron on expanding $TSLA's charging network to $F and $GM. pic.twitter.com/NMRj5OjEsJ— Squawk Box (@SquawkCNBC) June 23, 2023
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Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.