Tesla (TSLA) ends record-breaking rally at 13 consecutive days

Shares of TSLA ended trading Wednesday down 0.74%, ending Tesla’s (NASDAQ: TSLA) impressive 13-day winning streak. The 13-day rally saw the company gain an astounding 29.3% in share price. The company’s previous streak of 11 days was attained in January 2021 and was matched on Friday.

The rally follows recent commitments made by General Motors (NYSE: GM) and Ford (NYSE: F) who announced the adoption of the Tesla designed North American Charging Standard (NACS) charging connector for electric vehicles.

The announcements created a sort of domino effect. Prompting charging equipment makers such as Blink Charging (NASDAQ: BLNK), ChargePoint (NYSE: CHPT) and Tritium (NASDAQ: DCFC) to announce that they would also offer chargers with the Tesla connector.

“We want to make it a fantastic electric vehicle experience, whether somebody is driving a car from GM or Tesla.” Tesla CEO Elon Musk told listeners during the GM announcement last week.

Reports Tuesday revealed that Stellantis (NYSE: STLA) was also evaluating the possibility of adopting Tesla’s NACS, prompting early excitement for TSLA in the pre-market. However, the news of a potential sweep of “The Big Three” was not enough to carry the record-breaking rally to its 14th win.

Shares of TSLA closed down 0.74% at the end of trading on Wednesday.

By Michael Elkins | [email protected]

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