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- Tesla is set to record its biggest two-month gain since 2020, as it secures new charging deals.
- Shares of the EV manufacturer have risen by almost 60% since April, boosted by its collaborations with GM Ford and Rivian.
- Tesla has also won another victory after Texas adopted the charging plugs of the company as its industry standard.
Tesla stock has been on an upward trend this year, as its charging technology is moving closer to being the industry standard. More users are lining up to buy it.
Elon Musk's carmaker is on course for its biggest two-month gain since 2020. Shares have risen by nearly 60% since the end of April.
Stocks rose 5.34% to $274.45 each on Tuesday after Rivian, an EV competitor, struck a deal whereby it would use Tesla's Supercharger Network. The deal grants Rivian drivers the ability to use more than 12,000 Tesla Superchargers by 2024.
We're thrilled to be working with Tesla, and we hope that collaborations such as this will help move the world towards carbon neutrality. Our existing and future customers will be able to take advantage of Tesla's extensive Supercharger Network while we continue building out our Rivian adventure network. In a recent press release, Rivian CEO RJ Scaringe stated that he was looking forward to finding new ways to speed up EV adoption.
According to Reuters, Texas announced that it would require Tesla's plugs for all electric vehicle charging stations in the state.
Tesla's charging network is not only available to Rivian. Tesla announced in recent weeks partnerships with General Motors (GM) and Ford (Ford), allowing them to use Tesla charging stations until 2024.
Wedbush Analyst Dan Ives expressed optimism about the deals. He said that the new collaborations could lead to a $300 increase in Tesla's stock price and $3 billion in revenue.
Tesla's stock price has increased by 123% so far this year. This is due to the fact that the company's EV prices in the US and China have boosted demand, and investors are betting on the Federal Reserve cutting interest rates before year-end.
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By: ztayeb@businessinsider.com (Zahra Tayeb)
Title: Tesla stock is on track for the biggest 2-month surge since 2020 as the EV maker bags more charging deals
Sourced From: markets.businessinsider.com/news/stocks/tesla-stock-on-track-biggest-2-month-surge-charging-deals-2023-6
Published Date: Wed, 21 Jun 2023 09:45:13 +0000
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