CNBC’s Jim Cramer expressed wonderment Monday on the continued power in Tesla’s inventory — up about 50% up to now month and roughly 200% up to now 12 months.

“Tesla is definitely a phenomenon we’ve got to speak about,” Cramer mentioned on “Squawk on the Road,” earlier than the opening bell on Wall Road. “I’ve truly by no means seen a inventory go up endlessly on nothing.”

Shares of Tesla have been up about 2% in premarket buying and selling on the time of Cramer’s remarks.

The inventory picked up steam throughout common buying and selling, gaining roughly 5.5% round noon ET in New York — setting a brand new all-time intraday excessive above $1,177 per share for a market worth over $1.18 trillion.

Tesla has soared in current weeks after starting the month of October buying and selling beneath $800 per share. Primarily based on Friday’s shut, the inventory was up 28.67% since its shut of $865.80 on Oct. 20, when the electrical automobile maker reported document quarterly income and revenue after the closing bell that day.

One other catalyst for Tesla got here every week in the past, when Hertz introduced that it is ordering 100,000 automobiles from Tesla to construct out its electrical automobile rental fleet by the top of subsequent yr. On that day, Oct. 25, Tesla shares spiked 12.66% alone, placing the corporate’s market capitalization above $1 trillion for the primary time.

Morgan Stanley auto analyst Adam Jonas additionally issued a optimistic observe on Tesla on Oct. 25, doubtless serving to sentiment.

Tesla is by far probably the most worthwhile automaker on the earth.

Nonetheless, the corporate’s inventory has for years been a significant battleground on Wall Road as one of the vital shorted, or bet-against, title.

Many bearish traders imagine Tesla is indifferent from fundamentals and approach overvalued, whereas bulls imagine the EV pioneer can proceed to dominate the class, which is anticipated to develop in total dimension within the years forward.

Cramer turned optimistic on Tesla roughly two years in the past and has largely maintained that constructive view on the Elon Musk-led agency. Cramer is also bullish on Ford because the legacy carmaker invests closely in its electrical automobile transition. “Ford is making a significant transfer,” Cramer mentioned Monday. “Ford had an incredible quarter. They instituted a dividend.”

Final Thursday, the “Mad Cash” host mentioned that Ford CEO Jim Farley is “able to bury Musk.”

Jim Cramer’s Charitable Belief owns shares of Ford. Join right here for the brand new CNBC Investing Membership publication to comply with Cramer’s each transfer out there, delivered instantly in your inbox.