Tesla Stock Poised To Extend 13-Session Winning Streak: What's Driving The Rally

Tesla, Inc. TSLA shares advanced in premarket trading on Wednesday as the upward momentum stays intact.

Heading into the session, the stock was on a record 13-session winning streak, with buying interest accelerating after the Elon Musk-led electric vehicle company forged charging infrastructure partnerships with Ford Motor Co. F and General Motors Corp. GM.

A Reuters report said on Tuesday that Stellantis N.V. STLA is evaluating the possibility of Tesla’s North American Charging Standard, or NACS.

Tesla updated the pricing of the Model Y all-wheel drive variant to show a $250 increase. The price increase, though modest, should serve to allay concerns about margin erosion and demand slowdown.

The stock may also be receiving support from the broader market optimism heading into the Fed decision day. Market participants have factored in a pause by the central bank at the June meeting.

In premarket trading on Wednesday, Tesla shares rose 1.85% to $263.50, according to Benzinga Pro data.

See Also: Everything You Need To Know About Tesla Stock