Tesla's Surge Boosts EV ETFs
Tesla TSLA shares are on a tear, rising for the 12th consecutive day and now up more than 100% this year. The stock is still down about 35% from its all-time high reached in November 2021.
Last week, the EV maker signed a deal with General Motors GM that will give GM customers access to 12,000 of Tesla's Superchargers, starting in 2024. This follows a similar deal with Ford Motor F last month and will lead to Tesla's North American Charging Standard becoming the industry standard.
Tesla, which has made a huge investment in its charging network, could generate $3 billion annually from other automakers' EVs by 2030, according to Piper Sandler. It will also receive a share of federal dollars earmarked for the build-out of a national network of EV chargers.
Last week, Tesla's Model 3 sedans became eligible for the full US tax credit under the revised criteria set by the Treasury. Earlier, investors cheered the appointment of a new CEO for Twitter (TWTR), which is expected to free up Elon Musk to focus more on Tesla.
According to the International Energy Agency, global EV sales are expected to grow by another 35% this year, reaching 14 million, up from more than 10 million in 2022.
To learn about the Global X Autonomous & Electric Vehicles ETF DRIV, the iShares Self-Driving EV and Tech ETF IDRV and the KraneShares Electric Vehicles and Future Mobility Index ETF KARS, please watch the short video above.
In addition to popular EV stocks, NVIDIA NVDA, Apple AAPL and Microsoft MSFT are among the top holdings in these ETFs.
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NVIDIA Corporation (NVDA) : Free Stock Analysis Report
Global X Autonomous & Electric Vehicles ETF (DRIV): ETF Research Reports
General Motors Company (GM) : Free Stock Analysis Report
Tesla, Inc. (TSLA) : Free Stock Analysis Report
KraneShares Electric Vehicles and Future Mobility Index ETF (KARS): ETF Research Reports
iShares Self-Driving EV and Tech ETF (IDRV): ETF Research Reports
