Tesla’s record-breaking win streak: This week in EVs

Investing.com -- Here is your weekly Pro Recap of the past week's biggest headlines in the electric vehicle space: NACS adoption pushes Tesla to new heights; and shareholders show confidence in Toyota .

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Tesla’s record-breaking run

Tesla (NASDAQ:TSLA) shares ended a 13-day winning streak on Wednesday, when it ticked down marginally for the session, after gaining an impressive 29.3% over the two-week period. The stock's run matched the previous longest winning streak - of 11 days, reached in January 2021 - the previous Friday.

The rally follows recent commitments by General Motors (NYSE:GM) and Ford (NYSE:F) to adopt Tesla's North American Charging Standard (NACS) charging connector for electric vehicles.

And a domino effect followed: Charging equipment makers like Blink Charging (NASDAQ:BLNK), ChargePoint (NYSE:CHPT), and Tritium (NASDAQ:DCFC) also subsequently announced that they would offer chargers with the Tesla-designed connector.

“Given recent announcements by Tesla, GM, and Ford, we are clearly witnessing the continued evolution of the EV charging industry as technologies advance and industry stakeholders come together and evaluate best practices,” Blink said in a statement.

Reports Tuesday revealed that Stellantis (NYSE:STLA) was also considering adopting Tesla’s NACS. But the news of a potential sweep of “The Big Three” was not enough to carry the record-breaking rally to its 14th win.

Stellantis is a top-five automaker by sales, behind Toyota (NYSE:TM), which was also encouraged to adopt the NACS to their vehicles. Tesla CEO Elon Musk suggested on Twitter that he would welcome Toyota into the cadre of automakers adopting the charging connector.

“They should join the NACS coalition!” Musk said.