Tesla shares are on pace for their longest winning streak ever as Wall Street cheers GM, Ford deals

Posted By: ndeeney

Tesla stock was headed for a 12th straight gain Monday, on pace for its longest winning streak ever.
The current record is 11 days of gains, first reached in January 2021 and matched on Friday.
The rally follows recent deals with GM and Ford to expand Tesla’s charger network.

Tesla stock was headed for a 12th straight gain Monday, on pace to break the record for its longest winning streak ever.

Shares were up 1.1% at $247.10 in midday trading, hitting their highest level since October 2022. The current record is 11 gains, which was first reached in January 2021 and was matched on Friday.

The stock rally follows recent deals with General Motors and Ford to expand Tesla’s charger network.

In May, Ford said it will allow its electric vehicle customers to use Tesla’s charging stations beginning in 2024. And last week, GM announced a similar deal.

On Monday, charging equipment makers Blink Charging, ChargePoint and Tritium said they will offer chargers with Tesla’s connector.

“Given recent announcements by Tesla, GM, and Ford, we are clearly witnessing the continued evolution of the EV charging industry as technologies advance and industry stakeholders come together and evaluate best practices,” Blink said.

The news added to bullishness over the inroads that Tesla’s charging infrastructure has made as it seeks to be the standard across electric vehicles.

On Friday, Wedbush raised its 12-month price target for Tesla stock to $300 from $215, estimating that the GM and Ford deals could bring in an additional $3 billion of revenue in the coming year.

“For Tesla, we believe this is a large monetization opportunity for the company in its supercharger story, adding to its growing sum-of-the-parts valuation,” analyst Dan Ives wrote.

Also last week, Piper Sandler predicted Tesla’s charging-network revenue could hit $9.65 billion in 2032, with more than half that coming from other electric vehicle companies.

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