Tesla stock charges ahead
It's been an electric run for Elon Musk's EV giant. The stock is up again Friday on the news that GM is planning to use Tesla's charging network.
“These go to eleven.” Fans of Spinal Tap (and perhaps Stranger Things as well) should keep an eye on Tesla stock Friday. Shares are currently on a ten-day winning streak. And barring a late day meltdown, it looks like Tesla’s good fortunes will continue. Tesla was up 6% Friday morning after GM announced that it would be using Tesla’s supercharger network for its electric vehicle customers.
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The GM news comes just a few weeks after Ford announced a similar deal with Tesla. This is a big win for Tesla. It makes the company’s charging network the de facto standard in the US and will allow Tesla to benefit from the continued growth in industrywide EV sales. Even if car buyers choose a Ford Mustang Mach-E or F-150 Lightning or one of GM’s new Chevy Equinox or Blazer EVs over a Tesla Model S, 3, X or Y, Elon Musk still profits.
Tesla’s joint venture with GM is bad news for rival ChargePoint, which has its own EV charging network. ChargePoint’s stock plunged more than 10% Friday and is now in the red for the year. Tesla shares, meanwhile, have more than doubled in 2023.
The recent Tesla stock surge has catapulted Musk back to the top of the world’s wealthiest rankings as well. Musk’s net worth is now more than $220 billion, according to Forbes, pushing him ahead of Bernard Arnault, the CEO of luxury goods giant LVMH, and Arnault’s family.
Tesla’s stock is still a bit below its 52-week high, as well as its all-time peak from 2021, despite the recent runup. But Tesla’s market cap is rapidly approaching the trillion dollar mark again. It’s now worth nearly $800 billion.