Shares of electric vehicle maker Tesla (NASDAQ:TSLA) are surging again.
Tesla’s stock has risen 10% in the last three trading sessions, helping the shares to erase all their losses year-to-date as investors moved out of growth stocks and into cyclical securities.
The latest surge reversed nearly two months of losses for Tesla, when investors soured on the company amid growing competition threats from traditional automakers, signs of a potential sales slowdown in China, and an ongoing semiconductor shortage.
Those concerns may have taken a back seat this week as optimism about surging growth buoyed the broader market and President Joe Biden reached a deal with a group of Republican and Democratic senators on a $559 billion U.S. infrastructure plan.
The infrastructure plan proposes investing heavily in developing the electric vehicle ecosystem in the U.S., promising to bolster Tesla and its competitors.
Tesla shares rose as much as 6.3% Thursday (June 24) to $697.62 U.S. The shares ended 2020 at $705.67 U.S. The stock is now down just 3.7% on the year.
