Jim Cramer’s Game Plan: 23 Stocks to Watch

3. Tesla, Inc. (NASDAQ:TSLA)

Number of Hedge Fund Holders: 85

Cramer recently talked about Tesla, Inc. (NASDAQ:TSLA) and mentioned that he would not bet against Elon Musk, adding that Musk will figure it out.

“After the close Wednesday, it’s mega MAGA man, Musk and the Tesla show. People didn’t like his recent self-driving presentation, so I think he’s going to try harder to deliver a really good set of Tesla numbers because they have been lowered and lowered and lowered so you can beat them. That’s when Elon Musk does his best work.”

Tesla (NASDAQ:TSLA), known for its electric vehicles, is currently navigating a challenging environment in the automotive market. Demand for electric vehicles has softened as consumers increasingly opt for more affordable gas-powered cars, influenced by economic factors such as elevated interest rates.

On October 15, Reuters reported a significant development for the company, as it moved closer to its goal of doubling production capacity at its Berlin facility. The local environment ministry granted approval for the initial phase of this expansion, which includes plans for storage facilities, a battery cell testing laboratory, and logistics areas. The construction will occur on land already owned by the company, with the company having submitted its application for expansion in July 2023.

The first changes are expected to be operational in the first half of 2024. However, the plant’s director, Andre Thierig, expressed in August that the company would hold off on further investments until there are signs that demand for electric vehicles in Europe is recovering.

Despite some negative feedback surrounding Tesla’s (NASDAQ:TSLA) recent ‘We, Robot’ event, there were also encouraging reactions from certain stakeholders, according to Barron’s. Tasha Keeney, the director of investment analysis at ARK Invest, expressed optimism about comments made by CEO Elon Musk regarding the costs of robotaxis. Musk stated that these costs could be as low as 20 cents per mile, significantly cheaper than the expenses associated with owning and operating a traditional vehicle. Keeney believes that the company can meet its timeline for launching these services in 2025.

Keeney noted that Tesla’s (NASDAQ:TSLA) extensive data collection from its customer vehicles provides a competitive advantage over rivals like Waymo, which lack similar data scale and manufacturing capabilities. Keeney also added that while the company may not have been the first to introduce an autonomous driving platform, research suggests it is likely to be the first to scale such technology effectively.