Tesla Rises for 13th Straight Trading Session, Setting New Record

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Tesla shares (NASDAQ: TSLA) recorded growth for the 13th trading session in a row. The record-breaking long run has already added $240 billion to the company's value, taking it to $810.66 billion.

Tesla shares continue to surprise investors. On Monday, they recorded growth for 12 consecutive days, breaking the previous record. Despite the fact that ARK Invest sold 400,000 shares across three of its ETFs, this did not shake the positive mood of investors. On Tuesday, TSLA posted its thirteenth consecutive trading session of gains, hitting a new all-time record. Thanks to the growth, the company has already added $240 billion to its value, reaching a market capitalization of $810.66 billion.

Tesla shares have more than doubled in 2023, up just over 139% year-to-date. Investors positively assess the situation that is now developing for the manufacturer. They are still under the favorable impression that the company's vehicles are available for the IRA tax credit in the US, which will ensure demand even in negative macroeconomic conditions. In addition, they increasingly see the benefits of the fact that the industry has begun to actively adopt the Tesla charging standard. In recent days, after Ford's and GM's announcements, more companies have reported that they are considering adding the North American Charging Standard (NACS) to their EV charging equipment. On Tuesday, Stellantis said it was considering the new charging standard.

Morgan Stanley believes that the recent surge in interest in artificial intelligence may also be fueling positive expectations from Tesla. The company is developing its Autopilot based on artificial intelligence. “The market wants to believe Tesla is an AI name first, an auto company second,” the firm noted.

© 2023, Eva Fox | Tesmanian. All rights reserved.

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Eva Fox holds zero shares of Tesla, Inc., and currently (at the time of this article's publishing) holds zero options or securities in Tesla Inc. and/or its affiliates.