Tesla's stock extends rally after GM joins Ford in adopting Supercharger tech
Tesla vehicles plugged in and charging.
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Tesla’s stock has extended gains following General Motors’ decision to adopt the EV leader’s charging plug standard.
The agreement means three of the biggest sellers of electric vehicles in North America will use Tesla’s charging tech.
Wedbush’s Dan Ives said this is “a large monetization opportunity” for Elon Musk’s company.
Tesla’s stock extended gains in Friday’s pre-market trading following General Motors’ decision to join Ford in adopting the EV charging tech and network developed by Elon Musk’s company.
The shares jumped 6.1% today, adding to Thursday’s 4.6% gain that came after the agreement was announced.
The deal, announced by both companies’ CEOs in a Twitter Space discussion, means three of the biggest sellers of electric vehicles in North America will have a unified standard for charging as early as 2024 that relies on Tesla.
Wedbush Securities’ analyst Dan Ives thinks this is “a large monetization opportunity” for Tesla. “Musk and Tesla are playing chess while other automakers are playing checkers in this broader EV green tidal wave,” he wrote in a note.
Ives raised his price target for Tesla from $215 to $300 on the grounds that Tesla’s “sum-of-the-parts” strategy is just getting stronger, having a range of assets including its supercharger network, AI-driven autonomous vehicles, energy business and more.
Tesla’s stock has surged over 90% this year so far, more than recouping its losses from a dismal 2022. The company’s share price was $234.86 at Thursday’s close.
