Ron Baron, a billionaire investor and founder of investment management firm Baron Capital, has said he thinks Tesla still has a lot of room to grow, and that Tesla’s stock may hit 1,000 in 2020.

Baron recently spoke on CNBC’s “Squawk Box”, where he suggested Tesla’s stock might be $1,000 dollars in 2020.

“I think it is going to be about $500 to $600 next year, and I think it is going to be $1,000 in 2020,” Baron said.

Baron expects that company will have $70 billion in revenue at that time, and will probably be earning around $10 billion dollars in operating profits. The company expects to be selling 1 million cars per year by 2020.

Baron himself is a major shareholder in Tesla. Baron said he has purchased about 1.6 million shares about 3/12 years ago, at the average price of around 208 dollars to 210 dollars.

Baron has said that he does not believe other car companies will be able to catch up to Tesla’s lead in the development of electric vehicle technology. However, this isn’t going to prevent other tech firms trying. For instance, tech giant Apple has also confirmed they are working on autonomous driving.

Baron also spoke to CNBC telling about Tesla’s decision to purchase SolarCity, remarkign that although he was initially not happy about the acquisition, he now believes the solar company could play a pivotal role in Tesla’s future. Baron noted that if Tesla continues to sell all the cars it expects to sell, it will need a lot of continuous energy to charge them, something SolarCity can help them with.