Jim Cramer: Tesla Down $1? Time to Buy

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Tesla's Model S is the first electric car with an EPA certified range of over 400 miles.

"Starting today, all North American Model S Long Range Plus vehicles have an official EPA-rated range of 402 miles, representing a nearly 20% increase in range when compared to a 2019 Model S 100D with the same battery pack design," wrote Tesla in a blog post.

"The freedom to travel anywhere is enabled by both range and charging, and our Supercharger Network now encompasses over 17,000 Superchargers worldwide. We’ve deployed V3 Supercharging on three continents, enabling up to a 50% decrease in charging times compared to V2 technology," the company continued.

And, on top of that, the company will purchase cobalt, the key raw material used to make its electric car batteries, from commodities giant Glencore as it looks to secure enough of the rare metal to both boost output at its China and soon-to-open German gigafactories and also keep competition at bay. 

Discussions between Tesla and Glencore date back to January, when rumors initially surfaced that the two companies were looking to strike a deal ahead of Tesla's opening of its Shanghai gigafactory.

Tesla is looking to score 6,000 tons of the rare-earth mineral a year, according to reports.

Jim Cramer said that there's a distinction between electric cars and Tesla, saying Tesla can sell whatever it makes. Cramer said even down a dollar, the stock is a buy. 

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

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