Jim Cramer Weighs In On Ford's Stock: 'I Don't Think It's Done Going Up'

Ford Motor Company F launched a new product, Ford Pro Charging, Thursday that is designed to help businesses more easily manage electric vehicle fleets. 

Ford acknowledges that the transition to EVs from all internal combustion-powered fleets can be complex. Ford Pro Charging aims to help ease the transition by delivering intuitive software and commercial hardware infrastructure to support charging and energy management.

The company is looking to transition to a business model similar to Tesla Inc TSLA, according to Jim Cramer.

"Jim [Farley] wants very much to adopt more of a [Elon] Musk model," Cramer said Thursday on CNBC's "Squawk On The Street."

Cramer noted the transition efforts could lead to a higher multiple for Ford's stock. The company could really accelerate its business transition by selling its stake in Rivian Automotive Inc RIVN, he added.

Ford owns about 100 million shares — or 12% — of Rivian, which made its public debut Nov. 10.

See Also: Rivian R1T Named 2022 MotorTrend Truck Of The Year: What Investors Should Know

Ford CEO Jim Farley has made it clear that he plans to compete against both Rivian and Tesla, according to Cramer.

"Just be careful betting against Ford," he said. "I like Ford very much and I don't think it's done going up at all and if they sell the Rivian, it's really fantastic."

F Price Action: Ford has traded as high as $21.49 and as low as $8.43 over a 52-week period.

The stock was up 2.38% at $20.67 Thursday afternoon at publication.

Photo: Ford F-150 Lightning courtesy of Ford.