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Tesla stock rallies toward longest win streak in 6 months, after President Biden touts moves to boost EV use

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Shares of Tesla Inc.
ran up 1.6% toward a three-month high in morning trading Wednesday, putting them on track to stretch their win streak to seven sessions, which would be the longest such streak in six months. The electric vehicle maker’s stock has jumped 19.9% over the past seven sessions, and has soared 57.1% amid a 14-day stretch in which is was headed for a 13th gain. Tesla wasn’t the only EV company seeing its stock rise, after President Joe Biden touted late Tuesday his efforts in growing use of green energy through the Inflation Reduction Act, which include boosting EV use. Among others in the EV business, shares of Rivian Automotive Inc.
rallied 2.0%, Lucid Group Inc.
climbed 3.2%, Blink Charging Co.
edged up 0.1% and EVgo Inc.
advanced 1.5%. That bucked the weakness in the broader stock market, as the S&P 500
slipped 0.2%. Elsewhere, shares of Ford Motor Co.
tacked on 0.3% while General Motors Co.
slipped 0.3%.

Credit: marketwatch.com

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