Tesla shares soar on Wall Street thanks to a new alliance

Tesla shares soar on Wall Street thanks to a new alliance

Tesla shares have been starring in a strong bullish rally, which is accentuated this Friday after the announcement of an alliance with General Motors. What is it about?

The S&P 500 and Nasdaq hit 2023 highs this Friday on Wall Street as a result of the escalation of the company’s shares Teslawhich heads Elon Muskafter the agreement signed with General Motors through which the latter agreed to use the company’s Supercharger network.

Tesla’s papers 5.1% soar this Friday after the news of the agreement with General Motors and, thus, the good run of the company on the stock market, since it lives an unstoppable rally in the last days.

The news that General Motors vehicles will have access to Tesla’s electric charger network in the United States from 2024 was very well received by the market. And that was reflected in that Musk’s company is managing to accumulate a rise of 35.6% in the last eleven days and more than 50% in just over a month.

The benefits of the agreement for General Motors

In addition, the agreement will allow General Motors to save up to US$400 millionwhich is very positive for the company that, initially, had announced investments of US$750 million dollars for the development of its own network of electric chargers.

“This collaboration is a part key to our strategy and an important step to quickly expand our customers’ access to fast chargers”, they highlighted in a statement. That makes the actions of General Motors They will also rise this Friday, although more slightly than those of their counterpart in the alliance. The papers of the automaker rise 1.55%.

According to an article on the Xataka.com site, after more than a decade with a closed standard and where only its electric cars could use it, At the end of last year Tesla decided to open its charger res and, in a few months, the main names of the American industry have bet on the company’s system.

A week ago Ford joined and now General Motors who will adopt Tesla’s NACS standard. Clearly, this decision is paying off very well for Tesla, as shown by its financial dynamics.

Source: Ambito

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