Tesla stock set to extend record win streak to 13 days, notch biggest gain since September

Posted By: ndeeney

Tesla Inc. investors don’t appear to be satisfied with just breaking the win-streak record, they seem bent on putting the record out of reach.

© Brandon Bell/Getty Images

Shares of Tesla rose nearly 2% in midday trading Tuesday, on track for a 13th straight gain and their best close since Sept. 30, when the stock closed at $265.25.

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On Monday, the stock broke the previous record win streak of 11 trading sessions, set in January 2021, as it has soared more than 38% over the past 12 sessions. Tesla stock is also the most active in the S&P 500 index and most active in the Nasdaq-100 Tuesday.

The gains come even as investor Cathie Wood’s ARK Investment exchange-traded funds sold a combined 393,000 Tesla shares, but Tesla remained those ETFs’ top holding.

Tesla is also fresh from seeing its fast-charging standard being broadly adopted.

Last week, Tesla and General Motors Co. announced that GM EV owners would have access to Tesla’s “Supercharger” network, usually located near major highways.

See also: Here’s why Tesla’s latest EV-charging deal is more problematic for EVgo than ChargePoint

GM also said that its future EVs would conform to Tesla’s North America Charging Standard, or NACS, by 2025, and before that carry an adapter. That follows a similar move by Ford Motor Co. last month. At that time, Ford shares rallied on the news.

Meanwhile, shares of other EV makers were also rising on Tuesday, with Rivian Automotive Inc. stock leading the charge and rallying more than 6%.

China-based Nio Inc.’s stock was up nearly 4%, Lucid Group Inc. shares tacked on 1.8%, Li Auto Inc.’s stock edged up 0.4% and XPeng Inc.’s stock gained 1.7%. In comparison, the S&P 500 rose 1.5%. Nikola Corp. shares turned lower as the trading day progressed, most recently down 0.8%.

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