A more-than-10 percent slide in Tesla's stock price this year is evidence there's something about the electric automaker investors don't quite like. But Josh Spencer, manager of T. Rowe Price's Global Technology Fund, is not one of those investors.
"I love everything about Tesla. I think it's a revolutionary company, addressing an enormous market with differentiated technology," he told CNBC's "Fast Money: Halftime Report" on Friday.
He said the consumer response to Tesla's Model 3 has been fantastic, and he believes the more affordable electric car will drive significant growth in the future. The company has received nearly 400,000 orders for the Model 3, according to Tesla CEO Elon Musk.
That outlook was at odds with the assessment of Jim Cramer, who on Thursday said Musk was getting away with "financial murder" by fabricating outlandish guidance that he knows he cannot match.
Cramer was referring to Musk's projection that Tesla can produce 500,000 cars by 2018 and 1 million by 2020. Cramer said that was "seemingly impossible."
Spencer said Tesla has already accomplished the "extraordinary" with the launch of the Model S, noting it was the No. 1 car in its category last year.
"That's amazing for a start-up company," he said. "If you think back over time, people thought Jeff Bezos was crazy when Amazon was getting started. It really does take someone with almost a streak of craziness to generate these super-normal returns and invent something new."
Asked whether some element of luck was at play, Spencer said he doesn't think it's lucky that the Model S is a fantastic car, or that Tesla has been able to scale up production to the point that it can deliver 80,000 to 90,000 vehicles a year.
Disclosure: The T. Rowe Price Global Technology Fund has a position in TSLA.