Tesla ends record-breaking rally at 13 consecutive days

Shares of TSLA ended trading Wednesday down 0.74%, ending Tesla’s (TSLA) impressive 13-day winning streak. The 13-day rally saw the company gain an astounding 29.3% in share price. The company’s previous streak of 11 days was attained in January 2021 and was matched on Friday.

The rally follows recent commitments made by General Motors (NYSE:) and Ford Motor Company (NYSE:)(F) who announced the adoption of the Tesla (NASDAQ:) designed North American Charging Standard (NACS) charging connector for electric vehicles.

The announcements created a sort of domino effect. Prompting charging equipment makers such as Blink Charging Co (NASDAQ:), ChargePoint Holdings Inc (NYSE:) and Tritium Dcfc Ltd (NASDAQ:) to announce that they would also offer chargers with the Tesla’s connector.

“We want to make it a fantastic electric vehicle experience, whether somebody is driving a car from GM or Tesla.” Tesla CEO Elon Musk told listeners during the GM announcement last week.

Reports Tuesday revealed that Stellantis NV (NYSE:) was also evaluating the possibility of adopting Tesla’s NACS, prompting early excitement for TSLA in the pre-market. However, the news of a potential sweep of “The Big Three” was not enough to carry the record-breaking rally to its 14th win.

Shares of TSLA closed down 0.74% at the end of trading on Wednesday.