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“I don’t want you to own Ford. I want you to own the stock of Tesla,” said Jim Cramer

by Eva Fox December 18, 2019

“I don’t want you to own Ford. I want you to own the stock of Tesla,” said Jim Cramer

It seems that a new round of Tesla fever is beginning. The famous American financial presenter Jim Cramer, who had been against Tesla for many years, publicly stated on Mad Money: "I don’t want you to own Ford. I want you to own the stock of Tesla."

The story of Jim's change began a few months ago. He was struck by the reaction of his daughter after she drove the Tesla Model 3. Cramer's daughter was never a big fan of cars, but after she tried Tesla, she realized how much she liked driving in it.

"About three months ago my eldest daughter got a chance to drive a Model 3 from Oregon to San Francisco. She had just sold her beat-up used Ford and had always been a definitive non-car person. I know she had trepidation about the battery and the 600-mile trip.

But within the first 100 miles she called me – that in itself exciting – to tell me how much she loved being behind the wheel of the darned thing. She’s never ever expressed even a whit of interest in a vehicle and now she’s bragging about it? I told her that I had driven one years ago and loved it but never thought much beyond that. She had two words for me: “buy one.” She ticked down all the features she liked, especially the wide screen, but nothing mattered more to her than the flatulence button, which she thought was hysterical," Cramer wrote in his new article out on his website The Street.

A little later, Cramer's wife, after a trip to Tesla Model X, was pleasantly amazed and began to insist on buying one.

"About two months later and I, too, found myself on the west coast, with my wife and a fabulous husband-and-wife couple, and they could not wait to put me in a Model X. My wife, Lisa, loves cars and she immediately was smitten. I have to admit I loved the whimsical nature and the handling. The gull wings were cool. The drive fantastic," Cramer wrote in his article.

Now Jim’s wife showed him all the advantages of Tesla Solar roof and Jim couldn't resist: "Remaining worry? That solar panel acquisition. Well, guess what? My wife sent me an article today about how their solar roof tiles are now as cheap as the stupid kind and they have a guarantee. She wants them. We will get them."

Jim admits that Tesla has a cult product, an great balance sheet and an excellent leader: "So, cult product? Check. Balance sheet? Check. Leader? Check."

Some critics, skeptics and Tesla bears have changed their minds about Tesla. Recently, analyst Credit Suisse also noted the company's potential.

“Despite the fact that we have a low Tesla rating, we still consider it important to give Tesla credit where it deserves it,” Dan Levy, an analyst with Credit Suisse, wrote on Monday for investors. "We believe that Tesla is a leader in areas that are likely to shape the future of the automotive industry - software and electrification ... Tesla is likely to be ahead of the others with batteries - the core of the electric drivetrain," said Levy.

Reality made Credit Suisse and Jim Cramer admit that they were wrong. In just two months (from October to the present), the price of Tesla shares rose by 57% and became close to its historic maximum.

Ford, which was once a symbol of the American automobile industry, didn't lose much, but its growth was miserable. In the fourth quarter of this year, the price rose slightly by 4.22% to about 38 cents.

In fact, it expresses the opinion that the iconic companies in the American automobile industry have changed.

After so many years of struggle, Tesla once again showed its potential. And this is just the beginning. In 2020, even more of Tesla’s critics and skeptics will change their mind in favor of Tesla, since it is unreasonable to deny the company's success.

 




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