Tesla looking ‘like other car companies’: Cramer

Cramer: Musk's Tesla looking 'like other car companies'
Cramer: Musk's Tesla looking 'like other car companies'

CNBC's Jim Cramer said Monday that Tesla Motors is finally moving in the right direction.

"It's beginning to look like other car companies," Cramer said on CNBC's "Squawk on the Street." "The fact is that they came out [and] issued a release. The stock has been down a lot [and] the chart was ready for a bounce. [CEO] Elon Musk took a look at the chart and said it was reverse head and shoulders and he came out with a great number."

Cramer made his remarks after the company said Friday that first-quarter car deliveries rose 55 percent compared to the same period last year.

"This is only one measure of our financial performance and should not be relied on as an indicator of our quarterly financial results, which depend on a variety of factors, including the cost of sales, foreign exchange movements and mix of directly leased vehicles," Tesla said in a statement.

The electric carmaker's stock was up nearly 8 percent midmorning Monday.

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Cramer also said the announcement served as a message for bearish investors. "I do not believe it was idle for them to decide to put out numbers on Good Friday. It's about him saying 'We've had it with you, bears running all over us," he said. "He's an amazing stock manager who is also pretty good at putting out cars. He is a rockets guy. He is a car guy and he is a stock guy, and sometimes he puts on the stock hat and he gets that thing rolling."

Disclosure: Cramer's trust did not own Tesla's stock when this article was published.