Tesla's shares rose Friday after the electric vehicle company announced another charging partnership, this time with General Motors.
The new partnerships between Tesla and Detroit's established automakers should give a broad boost to a shift toward electric vehicles, Ark Invest chief investment officer Cathie Wood said Friday. On Thursday, General Motors announced it was partnering with Tesla to let its customers access Tesla's charging stations. Ford announced a similar deal last month. The deal will significantly expand the number of public charges available to customers of the old-guard Detroit automakers.
mountain Tesla's stock has jumped sharply in 2023. However, Wood said any boost Tesla would get from this partnership with Ford and GM is not baked into that projection. The long-term bull case for Tesla still rests on the potential for a breakthrough in autonomous driving technology that enables a fleet of Tesla taxis. "We think another revenue source is going to be much bigger, and of course that is the autonomous taxi platform.
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