(NASDAQ: TSLA) shares continued a weeklong rally today that has moved the stock of the electric vehicle (EV) leader up nearly 14% since the middle of last week. Today, the stock closed near the day's highs, up 4.9%. 

Tesla shareholders might have competing automaker Ford (NYSE: F) to thank for today's gains. That's because Ford held a meeting with investors today outlining its plans to grow its EV business profitably -- and it sounds a lot like Tesla's strategy. Even better for Tesla is that Ford seems to be confining its focus for EV sales to certain markets. That makes one less competitor for Tesla to have on its radar in some areas.

Ford is hoping to match Tesla's success in satisfying the demand for electric vehicles, but it will focus on markets with less competition, and with more unique offerings like its commercial transit vans. Ford CEO Jim Farley called Ford's commercial customers the company's "secret weapon" when it comes to its EV segment. 

Continue reading

Source Fool.com