Even when Tesla is down, you can’t count the company out, according to Jim Cramer, who suggested Monday that CEO Elon Musk is to business what legendary heavyweight Muhammad Ali is to boxing.

Round 1: Monday on CNBC’s “Squawk On The Street,” Cramer suggested that you don’t want to bet against Musk, even when it looks like he’s up against the ropes.

“He floats like a butterfly,” Cramer said, comparing Musk to Ali. “And you know how he stings?”

Tesla stock had been down more than 30% year to date before racing higher on nine consecutive green days and turning positive for the year.

The turnaround started on the company’s last earnings call. Although Tesla missed analyst estimates, Musk reiterated his vision for the future around AI, Full Self-Driving and robotaxis, which sparked a rally in the EV stock.

Round 2: Tesla shares had been stuck in a trading range in recent months before breaking out in late June as analysts argued that the company was “very well positioned to deliver robust multi-year growth.” The rally accelerated in July after Tesla reported strong delivery numbers that came in ahead of analyst estimates.

“A lot of people felt like they had him on the ropes,” Cramer said.

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Round 3: Cramer attributed much of the recent rally to anticipation over the company’s upcoming Robotaxi day on Aug. 8. In a note to clients last week, RBC Capital highlighted robotaxis as Tesla’s biggest valuation driver moving forward.

Cramer also believes the stock is continuing to trade higher on momentum following Musk’s pay package approval. After 77% of shareholders voted in favor of Musk’s pay package last month, the Tesla CEO said the company’s future would be “mind-blowing.”

“We’re not just opening a new chapter for Tesla, we’re starting a new book,” Musk told shareholders before suggesting that Tesla’s valuation could exceed $30 trillion in the future on the back of Optimus.

Just last week, Musk responded to a post on X about crushing short sellers betting against the future of Tesla.

“Once Tesla fully solves autonomy and has Optimus in volume production, anyone still holding a short position will be obliterated. Even Gates,” Musk said in the X post.

Cramer suggested that it’s not wise to bet against Tesla with Musk at the helm. “You don’t get Elon Musk on the ropes,” he said, adding that “he’s not a guy who’s in the corner.”

TSLA Price Action: After rallying more than 45% over the last month, Tesla shares are now positive for the year. The stock was up 0.22% at $252.07 at the time of publication Monday, according to Benzinga Pro.

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This illustration was generated using artificial intelligence via Midjourney.