Billionaire long-term investor Ron Baron said Tuesday that Tesla Motors could be a stock he owns for the next 10 to 20 years. "I think in this one investment we can make $6 or $7 billion" over that time period, he said.
"I think this could be one of the largest companies in the United States and the whole world," Baron told CNBC's "Squawk Box." In a wide-ranging interview, he also said the overall stock market is cheap at current levels.
Baron said it's taken three years to amass a $300 million stake in Tesla, with an average cost per share of $210. "So we've made very little so far. But often times it takes us a very long time to [make money]."
Tesla shares closed Monday at just over $220 per share.
"I go there every three or four months. I look at the factory and see how much is changing," said the chairman and CEO of Baron Capital, which has $21 billion in assets under management.