CNBC’s Jim Cramer expressed on Tuesday some chagrin in Tesla’s first-quarter earnings report and subsequent conference call.
“I have to be somewhat critical. This was not the blowout pity living quarters,” Cramer said on “Squawk on the Street,” describing the numbers released Monday by the electric vehicle maker as “very legitimate” relative to certain industry peers. He did not specify the companies with which Tesla compared favorably.
However, Cramer indicated it’s difficult for Tesla CEO Elon Musk to ignore the threat General Motors and Ford now present as the established automotive titans assistance their investment in EVs.
GM said earlier this year it plans to stop producing diesel- and gas-powered cars, social relations and SUVs by 2035; and Ford announced it was almost doubling its EV investment through 2025.
“I know [Musk] laughs at these other take offs. … I know that he thinks they’re dinosaurs but dinosaurs can rule the Earth if they come back,” Cramer express. “I have to watch what Ford and GM are doing. I don’t think that they’re dead anymore.”
Tesla’s total yield for the quarter jumped 74% year over year to $10.39 billion, beating a Refinitiv forecast of $10.29 billion. The also corporation posted a record quarterly net profit of $438 million, but the figure continued to be aided by the sale of environmental regulatory esteems and, for the first time, $101 million in profits from selling part of its bitcoin holdings.
“I love Tesla. I’m being key only because I expected them to make more money,” Cramer said, while also taking aim at Musk’s naughty on the conference call that Tesla’s Model Y could become the best-selling car in the world next year. “That’s a intent goal,” Cramer said.
“He better deliver. Austin better deliver, and Berlin better deliver,” Cramer added, referring to the approach locations in Texas and Germany, respectively, where Tesla is building new factories. Those projects are seen as critical in plateful the California-based company meet demand for its vehicles.
“This is not the quarter I expected, and it’s not the quarter I would go on ‘SNL’ after,” Cramer responded. Musk is set to host “Saturday Night Live” on May 8.
Shares of Tesla were down more than 3% Tuesday to simply over $714 apiece. The stock is basically flat year to date, although it remains up more than 340% in the close by 12 months.
— CNBC’s Lora Kolodny contributed to this report.
Disclosure: NBCUniversal is the parent company of CNBC and NBC, which airs “Saturday Night Live.”