Cramer says Tesla is a phenomenon that seems to ‘go up endlessly on nothing’

CNBC’s Jim Cramer expressed wonderment Monday at the continued strength in Tesla‘s stock — up about 50% in the past month and roughly 200% in the past 12 months.

“Tesla is actually a phenomenon we have to talk about,” Cramer said on “Squawk on the Street,” before the opening bell on Wall Street. “I’ve actually never seen a stock go up endlessly on nothing.”

Shares of Tesla were up about 2% in premarket trading at the time of Cramer’s remarks.

The stock picked up steam during regular trading, gaining roughly 5.5% around midday ET in New York — setting a new all-time intraday high above $1,177 per share for a market value over $1.18 trillion.

Tesla has soared in recent weeks after beginning the month of October trading below $800 per share. Based on Friday’s close, the stock was up 28.67% since its close of $865.80 on Oct. 20, when the electric vehicle maker reported record quarterly revenue and profit after the closing bell that day.

Another catalyst for Tesla came a week ago, when Hertz announced that it’s ordering 100,000 vehicles from Tesla to build out its electric vehicle rental fleet by the end of next year. On that day, Oct. 25, Tesla shares spiked 12.66% alone, putting the company’s market capitalization above $1 trillion for the first time.

Morgan Stanley auto analyst Adam Jonas also issued a positive note on Tesla on Oct. 25, likely helping sentiment.

Tesla is by far the most valuable automaker in the world.

However, the company’s stock has for years been a major battleground on Wall Street as one of the most shorted, or bet-against, name.

Many bearish investors believe Tesla is detached from fundamentals and way overvalued, while bulls believe the EV pioneer can continue to dominate the category, which is expected to grow in overall size in the years ahead.

Cramer turned positive on Tesla roughly two years ago and has largely maintained that constructive view on the Elon Musk-led firm. Cramer also is bullish on Ford as the legacy carmaker invests heavily in its electric vehicle transition. “Ford is making a major move,” Cramer said Monday. “Ford had an amazing quarter. They instituted a dividend.”

Last Thursday, the “Mad Money” host said that Ford CEO Jim Farley is “ready to bury Musk.”

Jim Cramer’s Charitable Trust owns shares of Ford. Sign up here for the new CNBC Investing Club newsletter to follow Cramer’s every move in the market, delivered directly in your inbox.