Shares of Tesla Inc. on Monday did something they have never done since going public 13 years ago, notching a 12th straight gain.
That broke the previous record win streak off 11 gains, which ended Jan. 8, 2021 and was matched on Friday. The electric vehicle giant’s stock had run up 33.6% over the previous 11 days, compared with a 37.4% gain during the January 2021 streak.
The stock TSLA,
Daily gains during the streak have ranged from as little as 0.9% on the day the streak started on May 25, to as much as 4.7% on May 26. The median daily gain has been about 1.8%.
The stock’s rise Monday came as part of strength seen in the shares of other EV makers, as well as the broader stock market.
Shares of Rivian Automotive Inc. RIVN,
Nio reported on Friday a narrower-than-expected first-quarter loss but revenue that came up well short of expectations, while providing a downbeat outlook for second-quarter revenue and deliveries.
Mizuho analyst Vijay Rakesh said his research indicated that Tesla’s sales in China have been “strong,” when compared with its China-based peers.
“We believe [Tesla] registrations in China are improving,” Rakesh wrote in a recent note to clients, with April deliveries up “significantly” from a year ago to about 40,000 units.
He believes deliveries are “trending better into May/June,” with the four-week rolling average of registrations rising to about 12,000 for the week ended June 4 from below 10,000 for the week ended May 14. Nio registrations have declined during that same period, Rakesh showed.
Tesla generated $4.89 billion in revenue from China during the first quarter, or 21% of total revenue of $23.33 billion.
Investor optimism over another fast-charging deal with another major U.S. automaker on Friday was also helping fuel Tesla’s stock rally, as it strengthens Tesla’s North American Charging Standard (NACS) over others.
Chief Executive Officer Mark Hanchett of Nxu Inc. NXU,
Tesla’s stock has rocketed 102.9% year-to-date through Friday, while the Global X Autonomous and Electric Vehicles exchange-traded fund DRIV,