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  • Writer's pictureBy The Financial District

Tesla's 13-Day Win Streak Skids

Tesla's record 13-day streak of gains finally came to an end on Wednesday, as the stock closed down just a smidgen after a stretch that saw the US automaker add more than $200 billion to its value, Reuters reported.


Photo Insert: The electric carmaker's stock price is still far beyond Wall Street's forecasts.



During the streak, Tesla shares rose by more than 40%, boosting its market value to roughly $814 billion.


The gain in market capitalization during the run came to nearly $240 billion - or more than the entire value of Japan's Toyota, the second-most valuable automaker worldwide. The rally was kicked off by news of the adoption of Tesla's charging system by legacy US automakers Ford and General Motors.



This effectively puts 60% of the US electric vehicle market on the North America Charging Standard (NACS) used by Tesla, even though there are other competing charging systems used around the world.


The electric carmaker's stock price is still far beyond Wall Street's forecasts, sitting 28% higher than the median target of $200 among Wall Street analysts, according to Refinitiv data.





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