Legendary investor and Tesla bull Ron Baron sees potential for massive gains in the electric automaker’s stock. Baron expressed his optimism during an interview with *Squawk Box* on *CNBC*, asserting, “Now is the bottom,” and predicting significant upward movement. He confidently stated, “It’s going to go up huge,” when asked about the timing of this surge.
Despite concerns about slowing demand, increasing vehicle inventories, and challenges in key markets such as China and Europe, Tesla’s stock has shown some resilience, trading at around $166 during early hours on Thursday, with gains over the previous two days. The company’s Q1 2024 Earnings Call provided some clarity on lingering questions, including the release of a dedicated Robotaxi and progress towards Full Self-Driving capabilities. Baron mentioned his experience of being driven to Steve Jobs’ former residence without any human intervention, citing this as evidence of progress towards a dedicated Robotaxi and expressing confidence in its imminent arrival.
Additionally, Tesla’s new vehicle lineup, expected to include both existing and next-generation platforms, aims to offer affordable models that can be manufactured on existing production lines. Overall, Ron Baron’s positive outlook and anticipation of significant growth for Tesla’s stock are based on his confidence in the company’s advancements in technology and product offerings.