Citing a research note from Goldman Sachs on the surging automaker, Cramer said the investment bank has broken down the "gamut" on Tesla and its charismatic founder, Elon Musk, who also founded private space flight company, SpaceX.
The Goldman Sachs report provides different valuations for the stock based on how potentially disruptive Tesla can become, specifically whether Musk can follow the footsteps of Henry Ford, Steve Jobs or the Maytag Repairman.
"Tesla is the new Apple," Cramer said on "Squawk on the Street." "We have to focus on Tesla. ... This is all people are going to be talking about."
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Tesla became a Wall Street darling in the past year, surging 575 percent as the company announced plans to expand its battery manufacturing capabilities and as its flagship vehicle, the Model S, garnered strong reviews.
Tesla shares reached an all-time high of $265 last month before settling at about $237 per share in early trading Tuesday.
In its research note, Goldman Sachs revised its six-month price target on Tesla to $200. The investment bank valued Tesla's automotive business at $180 and its battery business at $20. But the bank identified significant potential upside in Tesla if its ambitions of global disruption prove fruitful.
Goldman valued Tesla's current share price at $442 if it ends up following the same disruptive path as Apple's iPhone.
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The future looks even brighter if Musk ends up becoming the next Henry Ford. If Tesla follows the mass-market trajectory of a company like Ford in the early 1900s, then share prices should run about $478 per share, Goldman said in its report.
Tesla still has considerable upside if it can produce the same kind of disruption that durable goods such as washing machines and refrigerators did upon their introduction, Goldman said. But that route would mean a much smaller market share and a lower present value share price of $329. Still, that price remains substantially higher than current levels.
In its worst-case scenario, Goldman forecast that Tesla would still become the market leader in electric vehicles, but the bank valued current prices at $66 per share without the upside from the more disruptive routes.
"Not surprisingly, this scenario implies the shares of Tesla appear to be significantly overvalued, even though the implied share price of $66 is the level Tesla shares were trading at less than a year ago," Goldman's report said.