According to Cramer, Tesla was unable to deliver a “blowout quarter” as Ford and GM pose a threat

CNBC’s Jim Cramer expressed some disappointment in Tesla’s earnings report for the first quarter and the conference call that followed on Tuesday.

“I have to be a little critical. This was not the blowout quarter,” said Cramer in “Squawk on the Street,” describing the figures released by the electric vehicle manufacturer on Monday as “very good” compared to certain industry peers. He didn’t state which companies Tesla was comparatively cheap with.

However, Cramer said it was difficult for Elon Musk, CEO of Tesla, to ignore the threat General Motors and Ford now pose as mainstream automotive titans ramp up their investments in electric vehicles.

GM said earlier this year it planned to cease production of diesel and gas-powered cars, trucks and SUVs by 2035. and Ford announced it would nearly double its EV investment by 2025.

“I know [Musk] laughs at these other guys. … I know he thinks they’re dinosaurs, but dinosaurs can rule the earth when they come back, “said Cramer.” I have to watch what Ford and GM are doing. I don’t think they’re dead anymore. ”

Total Tesla revenue for the quarter rose 74% year over year to $ 10.39 billion, beating a refinitive forecast of $ 10.29 billion. The company also achieved a record quarterly profit of $ 438 million. However, that number continued to be aided by the sale of loans to environmental regulators and, for the first time, profits from the sale of a portion of its Bitcoin holdings of $ 101 million.

“I love Tesla. I’m only critical because I expected them to make more money,” Cramer said, targeting Musk’s suggestion on the conference call that Tesla’s Model Y could become the world’s best-selling car next year . “That’s a tough goal,” said Cramer.

“It delivers better. Austin delivers better and Berlin delivers better,” added Cramer, referring to the approximate locations in Texas and Germany where Tesla is building new factories. These projects are seen as critical to helping the California-based company meet demand for its vehicles.

“This is not the quarter I was expecting, and it is not the quarter I would go to SNL after,” said Cramer. Musk will be hosting Saturday Night Live on May 8th.

Tesla’s shares fell more than 3% to just over $ 714 apiece on Tuesday. The stock has been largely unchanged since the start of the year, though it’s up more than 340% in the past 12 months.

– CNBC’s Lora Kolodny contributed to this report.

Disclosure: NBCUniversal is the parent company of CNBC and NBC, which broadcast Saturday Night Live.

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