Jim Cramer Says Elon Musk Delivered on Tesla's 'Battery Day'

Tesla's much-hyped “Battery Day” failed to impress or deliver, among other things, a newer, cheaper, longer-range battery.

CEO Elon Musk laid out plans to produce a cheaper, lower-cost battery, build a $25,000 electric car and eventually produce 20 million vehicles a year - but not until 2023.

Tesla did unveil plans for a new battery cell and battery production line which the company believes will allow for 54% more range, reduce battery costs per kWh by 56%, and cut required investments by 69%.

However, the longer-term nature of those plans underwhelmed investors, who prior to the event had pushed Tesla stock up by more than 400% this year, with anticipation about the battery day fueling a large part of the gains.

All told, some $50 billion has been erased from Tesla’s market value as of Tuesday.

While Tesla's "Battery Day" event was generally well-received among analysts, investors were less sanguine, particularly given that no new battery was actually revealed at the event, and longer-term timelines for the development and rollout of one provided by Musk were opaque.

“The extreme difficulty of scaling the production of new technology is not well understood. It’s 1,000% to 10,000% harder than making a few prototypes,” Musk said. “The machine that makes the machine is vastly harder than the machine itself.”

Despite Wall Street's disappointment with the event, Jim Cramer said Musk revealed more than enough, citing a level of innovation that can't be found among the larger automakers.

You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here.