Tesla stock is on track for its biggest two-month rally since 2020 as the company secures more charging deals.
Shares have surged nearly 60% since the end of April, boosted by the EV maker’s collaboration with GM, Ford, and Rivian.
Tesla also got another win after Texas approved the company’s charging plugs as the state’s industry standard.
Tesla stock has been on a roll this year as the electric-vehicle maker’s charging technology moves closer to becoming an industry standard, with more users lining up for it.
Shares of the Elon Musk-run carmaker are on track for the biggest two-month surge since 2020, rising nearly 60% since the end of April.
The stock rose 5.34% on Tuesday to $274.45 apiece after EV rival Rivian struck a deal with Tesla in which it will use the company’s Supercharger network. The agreement will give Rivian drivers access to more than 12,000 Tesla Superchargers by 2024.
“We are excited to work with Tesla and to see collaborations like this that help move the world towards carbon neutrality. our Rivian Adventure Network. We look forward to continuing to find new ways to accelerate EV adoption,” said Rivian founder and CEO RJ Scaringe in a press release.
Meanwhile, Texas has said it will mandate Tesla’s charging plugs as the standard for electric vehicle charging companies in the state, according to Reuters.
Rivian isn’t the only company Tesla has opened up its charging networks to. In recent weeks, the carmaker announced a partnership with General Motors and Ford, allowing both companies to use Tesla charging stations by 2024.
Wedbush analyst Dan Ives is bullish on the deals, saying the new collaborations represent a huge monetization opportunity for Tesla that could see its stock price rise $ 300 and brought in $3 billion in revenue.
So far this year, Tesla stock has jumped about 123%, as the company’s EV price cuts in the US and China boost demand and investors raise bets that the Federal Reserve will start cutting rates. in interest at the end of the year.
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