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The rally follows recent commitments made by General Motors (NYSE:GM) and Ford Motor Company (NYSE:F)(F) who announced the adoption of the Tesla (NASDAQ:TSLA) designed North American Charging Standard (NACS) charging connector for electric vehicles.
The announcements created a sort of domino effect. Prompting charging equipment makers such as Blink Charging Co (NASDAQ:BLNK), ChargePoint Holdings Inc (NYSE:CHPT) and Tritium Dcfc Ltd (NASDAQ:DCFC) to announce that they would also offer chargers with the Tesla’s connector.
“We want to make it a fantastic electric vehicle experience, whether somebody is driving a car from GM or Tesla.” Tesla CEO Elon Musk told listeners during the GM announcement last week.
Reports Tuesday revealed that Stellantis NV (NYSE:STLA) was also evaluating the possibility of adopting Tesla’s NACS, prompting early excitement for TSLA in the pre-market. However, the news of a potential sweep of “The Big Three” was not enough to carry the record-breaking rally to its 14th win.
Shares of TSLA closed down 0.74% at the end of trading on Wednesday.
