Cramer says Ford CEO 'ready to bury' Elon Musk and Tesla, still loves Ford stock

Published Thu, Oct 28 202111:44 AM EDTUpdated Thu, Oct 28 20212:05 PM EDT

CNBC's Jim Cramer said Thursday that Ford 's venture into the world of electric vehicles could prove to be tough competition for Elon Musk and Tesla . Ford CEO Jim Farley "is going to challenge Musk — the pickup truck with the electric — he is ready to bury Musk," Cramer said on " Squawk on the Street ." Ford's new electric F-150 Lightning pickup, which was unveiled in May, is expected to go on sale next year. Cramer said Ford hasn't suffered from the global chip shortage as much as other vehicle manufacturers because Farley has scoured the world for semiconductor chips. "[Farley] knows how to source. He has spent hundreds of hours going to every single semiconductor company ... and said, 'Give me your chips,'" Cramer said. "Jim Farley is a different sort of executive. He wants to win; he doesn't make cars where he can't make money." Ford shares soared more than 9% early Thursday, hitting another 52-week high and nearly doubling for all of 2021. The automaker late Wednesday almost doubled Wall Street expectations with quarterly earnings . It made an adjusted 51 cents per share in the third quarter on over $33.2 billion revenue. The company also said it would reinstate its regular dividend starting in the fourth quarter, more than a year and a half after suspending the payments during the early days of Covid. Cramer said Thursday that Ford is the star of the show and that he's very excited about the stock. "Detroit is back. Dividends. I love the orders, money per vehicle, remember [Farley] wants to crush Musk," the " Mad Money " host added. "He hated that Tesla has added two Fords. He hated that stuff and he's just not going to sit there and take it." Cramer said it's no secret that Ford is his stock of choice. In a Monday update to his " Investing Club ," he said his charitable trust trimmed its Ford holdings in order to right-size the position after back-to-back days of positive analyst activity and run to a new 52-week high. "This is my favorite stock," Cramer said. "We had to trim it because it was going up so much it was just a huge part of the portfolio." In analysis of Ford's earnings