This week Tesla Motors Inc (NASDAQ:TSLA) has advanced the most since Feb. 28 after the company released more details about its plans for the gigafactory. Tesla stock advanced by 10% this week, and investors are now looking forward to even more details about the gigafactory, which are expected within the next couple of weeks.
According to MarketWatch, June is turning out to be Tesla Motors Inc (NASDAQ:TSLA)’s best month since February when its shares rose by 35%. This week Tesla is leading the NASDAQ 100 index as investors pour back into it and some of the other momentum stocks that lost value earlier this year.
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Tesla’s doing well in June
There are several bits of news that have helped give shares of Tesla Motors Inc (NASDAQ:TSLA) a lift this week. For one, the automaker said it’s planning to expand its Supercharger network throughout more of Europe. Tesla is said to be in talks with Nissan Motor Co. Ltd. and BMW AG about collaborating on electric car charging stations as well.
Tesla Motors Inc (NASDAQ:TSLA) also made progress in getting its direct to consumer sales model legalized in both New York and New Jersey this week. Last week, the automaker opened all of its patents to those who want to build electric cars. Many analysts see this as a positive because it means others will be building upon Tesla’s technology. The automaker could essentially be trying to create the new standard for electric cars by opening up those patents.
SolarCity also moves higher
Shares of SolarCity Corp (NASDAQ:SCTY) have also done well this week, climbing more than 1% in afternoon trading on Friday. The company announced plans to acquire solar panel maker Silevo, which most agree is a positive move because it makes SolarCity more vertically integrated. The purchase shows that SolarCity chairman Elon Musk appears to be taking a similar tactic to what he’s doing with Tesla Motors Inc (NASDAQ:TSLA), of which he is the CEO.