Tesla shares on pace to have their longest winning streak yet as Wall Street celebrates GM Ford deals

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• Tesla stock is on track to reach its longest ever winning streak, with a 12th consecutive gain.
• The record for 11 consecutive days of gains was first achieved in January 2021, and then matched this Friday.
• The rally comes after recent agreements with GM and Ford that will expand Tesla's charging network.

Tesla stock is on track to reach a record-breaking 12th consecutive day of gains, breaking the previous record for the longest winning streak in history.

In midday trading shares were up 1.1% to $247.10, their highest level since 2022. The record for 11 gains was set in January 2021, and it was equaled on Friday.

Tesla has recently expanded its charger network with General Motors, Ford and other companies.

Ford announced in May that it would allow customers of its electric vehicles to use Tesla charging stations starting in 2024. Last week, GM also announced a similar agreement.

Blink Charging and ChargePoint, as well as Tritium, announced on Monday that they would offer Tesla connectors in their charging equipment.

Blink stated that "given recent announcements from Tesla, GM and Ford, it is clear we are witnessing the evolution of the EV Charging Industry as technologies progress and industry stakeholders gather together to evaluate best practices."

The news fueled optimism about the progress that Tesla's charging system has made in its quest to become the standard for electric vehicles.

Wedbush increased its price target for Tesla shares to $300 in 12 months from $215. They estimate that the GM/Ford deals could generate an additional $3 billion in revenue over the next year.

Analyst Dan Ives wrote: "For Tesla we believe that this is a huge monetization opportunity in its supercharger stories, adding to its increasing sum-of the-parts valuation."

Piper Sandler also predicted last week that Tesla's charging network revenue could reach $9.65 billion by 2032. More than half of this would come from other electric car companies.

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By: jma@insider.com (Jason Ma)
Title: Tesla shares are on pace for their longest winning streak ever as Wall Street cheers GM, Ford deals
Sourced From: markets.businessinsider.com/news/stocks/tesla-stock-price-longest-win-streak-gm-ford-supercharger-deals-2023-6
Published Date: Mon, 12 Jun 2023 16:59:23 +0000

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