The TF International Securities analyst, who has been one of the more accurate Apple-watchers over the years, said that he believes Apple could launch its own car sometime between 2023 and 2025, according to 9to5Mac, which obtained a copy of Kuo’s investor note. He told investors that the car business is similar to the smartphone market of old and believes Apple is making great strides in augmented reality that could help the company “redefine cars” and “differentiate” the company from competitors.

“Apple can do a better integration of hardware, software, and service than current competitors in the consumer electronics sector and potential competitors in the auto sector,” he wrote.

Still, getting into the car business takes time and money. And Kuo acknowledged that it could take significant time for Apple to to jump into the fray.

Of course, rumors have been swirling for years over Apple’s intentions in the car business. Some reports have suggested Apple would build an autonomous car to compete with traditional automakers. More recent reports, however, have said that Apple is instead focused on car technology and would sell that technology to carmakers.

For its part, Apple has remained silent on its plans. The company, however, has more self-driving car permits in California than any other tech company. And many industry watchers have called the Apple Car the worst-kept secret in Silicon Valley.

Kuo didn’t provide details on a possible car or when exactly it might launch.

He did, however, also turn his attention to augmented reality and said that the tech giant will likely release glasses that overlay virtual objects on the real world in 2020. Apple has previously said that it’s bullish on augmented reality. The company has also said that current augmented reality glasses don’t get it right.

Apple did not immediately respond to a Fortune request for comment on Kuo’s report.