Tesla, Inc. (NASDAQ:TSLA) shares have been experiencing strong upward momentum in recent sessions, indicating a potentially positive end to the week. The EV giant’s stock could potentially gain for an eleventh straight session and mark its best winning streak since January 2021.
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ZINGER KEY POINTS
- Tesla stock is on a 11-session winning streak and it has added about 33.6% amid this uptrend.
- Further pain awaits short sellers, as analysts call for the stock to move higher from current levels.
Tesla Stock Shows No Signs Of Slowing Down As It Eyes Best Winning Streak In Over 2 Years
Big Partnerships: General Motors Corp. (NYSE:GM) has joined forces with Tesla to utilize the latter’s charging infrastructure, which could further support Tesla’s stock.
- Tesla also partnered with the Ford Motor Company for Ford drivers to access Tesla’s charging station.
- Both General Motors and Ford vehicles must use the NACS adapter in order to charge at a Tesla charging station.
- No details on price point how much Tesla will charge both GM and Ford customers.
Fund manager Ross Gerber stated in a CNBC interview, “This partnership sets a standard with the largest and most abundant EV manufacturers other than Tesla.”
- In other news, according to a Reuters report citing a source, Tesla is talking with the regional government leaders of Valencia in Spain for a potential automotive investment.
- Additionally, CEO Elon Musk virtually engaged with Mongolian Prime Minister Luvsannamsrain Oyun-Erdene to explore potential electric vehicle investments in the country.
These developments strengthen the belief that Tesla is establishing itself as a global player, with manufacturing facilities and market presence across various regions.
- “Tesla, many people think is an auto stock. We don’t, we think it’s much more than that,” said ARK Investment CEO Cathie Wood.
The stock’s 52-week high stands at $314.67 (achieved in mid-August 2022), while its all-time high was $414.50 (intraday high on Nov. 4, 2021).
- Considering Tesla surpassing the price targets set by most sell-side analysts, an upward adjustment of these targets is anticipated in the upcoming sessions, providing further strength to the stock.
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