Jim Cramer on Tesla and Other Stocks

3. Tesla, Inc. (NASDAQ:TSLA)

Number of Hedge Fund Holders: 85

Cramer discussed Tesla, Inc.’s (NASDAQ:TSLA) recent rally and how it was well-deserved. Here’s what Mad Money’s host had to say:

“Now, we know that today belongs to Elon Musk. The man told a story last night that he should have told when he had that Robotaxi meeting earlier this month. He talked about how his new electric vehicles were ready to go live and that Tesla would self-drive and be much more profitable than people think… Tesla deserved that rally because it never should have been down so much in the first place… We know that Musk’s Tesla still represents the future and his stock’s about to take off.”

Tesla (NASDAQ:TSLA) is a key player in the electric vehicle sector. On October 24, according to Reuters, the company experienced a significant surge in its stock value, closing up nearly 22% in a single day, the largest gain seen in over ten years. The spike followed CEO Elon Musk’s optimistic outlook on sales growth, where he projected a 20% to 30% increase in the coming year.

Musk also announced plans to introduce a more affordable vehicle by the first half of 2025, highlighting ongoing efforts to reduce production costs that contributed to improved profit margins in the third quarter.

Tesla (NASDAQ:TSLA) stock increase not only marked the most substantial rise since May 2013 but also helped restore some of its market value, adding approximately $150 billion as per the Reuters article. Investors appeared reassured by Musk’s commitment to the company’s core business of electric vehicle sales, despite recent distractions posed by ventures like the newly introduced robotaxi. Musk’s focus centered on the company’s vision for an autonomous future, mentioning plans for a public ride-hailing service expected to launch next year in Texas and California.