The Dow Jones Industrial Average and other indices may be sleepily climbing higher and hitting new all-time highs, but Tesla Inc. (TSLA) isn't having any trouble rallying. Shares are up 3% after Nomura analysts initiated the stock with a buy rating and a whopping $500 price target.

This research report basically says there's Tesla, and then there's everyone else, TheStreet's Jim Cramer said on CNBC's "Mad Dash" segment Wednesday.

The analyst cites improvements to gross margins and years of incredible revenue gains set to come. Tesla also has an "insurmountable lead in vehicle range per dollar," the report says. So even though companies like General Motors (GM)  and Ford (F) are making changes to adapt to the future of driving, Nomura's Romit Shah is confident that Tesla is sitting firmly in the driver's seat.

No matter how well Tesla does, Cramer pointed out that this is not a "zero sum game," meaning other automakers will still have market share.

Tesla recently had some weak data suggesting that the mass-produced Model 3 is not off to a very fast start. Shah acknowledges this, but says Tesla will straighten out its current production issues.

Cramer's favorite line? Where Shah called Tesla's customer base "economically irrational."

Meanwhile, Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, says although Model 3 production data were soft, Tesla can still be the future. However, it's a "cult stock" and investors have to be comfortable with that in order to buy Tesla.

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At the time of publication, Cramer's Action Alerts PLUS had no position in any companies mentioned.

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