Tesla, Inc. (NASDAQ: TSLA), one of the world’s leading electric vehicle companies, has experienced a significant surge in its shares following a groundbreaking partnership announcement with Ford Motor Company (NYSE: F). This partnership aims to tackle the shortage of electric vehicle charging stations in the United States. Ford electric vehicle owners will now have access to Tesla’s extensive network of charging stations, marking a crucial step towards a more sustainable future amidst the increasing popularity of electric vehicles.
In an unprecedented move, Tesla has decided to open up its charging network to all cars, encouraging the wider adoption of electric vehicles. General Motors Company (NYSE: GM) is also joining the movement by planning to utilize its vast network of dealerships as local EV charging partners. These developments clearly highlight the rapid growth of the electric vehicle market and the determination of companies to meet the rising demand.
Alongside the partnership with Ford Motor Company, Tesla’s stock may have also been influenced by the overall strength of the market. Investors are optimistic about the resolution of the debt ceiling issue, which is currently impacting the US government. With the borrowing limit nearing, both Wall Street and Washington are anticipating a compromise. The debates over the debt ceiling bring to mind the 2011 downgrade of the US credit rating, which had detrimental effects on the economy and markets.
Furthermore, Tesla’s recently released 2021 Impact Report reveals a noteworthy decision made by the company’s Board. All existing directors have agreed to forego any automatic grants of annual stock option awards under the director compensation program. This step emphasizes Tesla’s commitment to responsible corporate governance and sustainability.
On Friday, Tesla, Inc. (TSLA) experienced a remarkable surge in its stock price. The day began with Tesla opening at $184.60, and throughout the trading session, it saw some fluctuations, reaching a low of $184.53 and a high of $194.91. The market witnessed an impressive trading volume of 2,883,553 shares exchanged. The day concluded on a high note for Tesla investors, as the stock closed at an impressive $196.48, marking a substantial increase of 6.47% compared to the previous day. The positive performance of Tesla’s stock has also led to a surge in its market capitalization, which currently stands at a remarkable $574.13 billion.