Shares of Tesla Inc. were on track Monday to do something they have never done since going public 13 years ago — they were headed for a 12th-straight gain.
That would break the previous record win streak off 11 gains, which ended Jan. 8, 2021 and was matched on Friday. The electric vehicle giant’s stock has run up 33.6% over the past 11 days, compared with a 37.4% gain during the January 2021 streak.
rose 1.7% in premarket trading Monday, putting them on course for an eight-month high.
The gains came as part of a broad strength seen in the shares of other EV makers, as well as the broader stock market.
Shares of Rivian Automotive Inc.
tacked on 1.1%, while Nikola Corp.
rallied 3.9%; Lucid Group Inc.
gained 1.5%; and Fisker Inc.
added 1.0%. Futures
for the S&P 500 index
rose 0.3%; and Nasdaq-100
Nio reported on Friday a narrower-than-expected first-quarter loss but revenue that came up well short of expectations, while providing a downbeat outlook for second-quarter revenue and deliveries.
Mizuho analyst Vijay Rakesh said his research indicated that Tesla’s sales in China have been “strong,” when compared with its China-based peers.
“We believe [Tesla] registrations in China are improving,” Rakesh wrote in a recent note to clients, with April deliveries up “significantly” from a year ago to about 40,000 units.
He believes deliveries are “trending better into May/June,” with the four-week rolling average of registrations rising to about 12,000 for the week ended June 4 from below 10,000 for the week ended May 14. Nio registrations have declined during that same period, Rakesh showed.
Investor optimism over another fast-charging deal with another major U.S. automaker on Friday was also helping fuel Tesla’s stock rally, as it strengthens Tesla’s North American Charging Standard (NACS) over others.
Chief Executive Officer Mark Hanchett of Nxu Inc.
which makes battery cells and packs for use in energy storage systems and megawatt charging stations, said Monday that “unreliable equipment and unpredictable charging experiences” have led major automakers to move away from the Combined Charging System (CCS) to Tesla’s NACS. CCS had been used by General Motors Co.
and Ford Motor Co.
Tesla’s stock has rocketed 98.4% year-to-date through Friday, while the Global X Autonomous and Electric Vehicles exchange-traded fund
has run up 26.2% and the S&P 500 has added 12.0%.