Cramer: Tesla in ‘enviable situation’


Tesla Motors' bears are in trouble after the company's new vehicle launch, CNBC's Jim Cramer said Wednesday.

"This is an enviable situation. [CEO Elon Musk has] got younger people, millennials, wanting this car," Cramer said on "Squawk on the Street."

The electric carmaker said Tuesday it has delivered the first of its Model X SUVs, which have a starting price of over $130,000. Musk also said the company had received about 25,000 pre-orders for the vehicle.

The new electric Porsche Mission E concept car is presented during the Volkswagen group night ahead of the Frankfurt Motor Show in Frankfurt, Germany, September 14, 2015.
Titans take aim at Tesla

"The price point is more than aspirational, but if he's got that backlog, the shorts are going to have to battle with the master of stock management and that is Elon Musk," Cramer said.

Tesla shares were up slightly Wednesday morning.

DISCLOSURE: Cramer's trust did not own TSLA when this article was published.