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Trending tickers: Tesla | Carvana | Croda | Vodafone

Tesla Chief Executive Officer Elon Musk gets in a Tesla car as he leaves a hotel in Beijing, China May 31, 2023. REUTERS/Tingshu Wang
Tesla struck a EV charging deal which could see its docks becoming the industry standard. Photo: Tingshu Wang/Reuters (Tingshu Wang / reuters)

Tesla (TSLA)

Tesla stock popped around 5% overnight in the US, reaching a seven-month high as the electric car maker struck a charging deal with General Motors (GM).

General Motors will adapt its electric vehicles to Tesla's Superchargers, following Ford’s (F) lead. The docks look set to become an industry standard in the US.

GM chair and CEO Mary Barra announced the move on Twitter alongside Tesla CEO Elon Musk.

The move will also add millions of drivers to Tesla’s network, with a further million electric vehicles (EVs) in the pipeline from GM in the US by 2025. Ford also plans to make a similar volume of cars.

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“This collaboration is a key part of our strategy and an important next step in quickly expanding access to fast chargers for our customers,” Barra said in a statement.

“Not only will it help make the transition to electric vehicles more seamless for our customers, but it could help move the industry toward a single North American charging standard.”

Carvana (CVNA)

Used car dealership Carvana shares finished 56% up in the US on Thursday, rising to a more than eight-month high, as it said it expects to report second-quarter adjusted EBITDA above $50m (£39.9m).

Read more: FTSE 100 edges lower at the open amid Fed jitters

Some estimations had put potential losses for the business at $6m.

The share bump was attributed in part to a short squeeze on the stock.

Croda (CRDA.L)

Meanwhile in the UK, speciality chemicals firm Croda was among the top fallers on the FTSE 100 (^FTSE), dropping 12.7%.

The move came as it said its annual profit was set to halve due to low sales volumes.

"Price increases implemented in 2022 and favourable foreign exchange rates so far in 2023 have helped to offset this impact, with revenues broadly flat versus the first five months of 2022. However, principally due to the lower sales volumes, operating profit margin has remained at a similar level to the second half of 2022," the company said.

Vodafone (VOD.L)

Telecoms firm Vodafone ticked up more than 1.6% in early trade in London on Friday, recovering partially from a 5% slide on Thursday as investors awaited the terms of its deal with Hutchinson.

Vodafone and the owner of Three network, CK Hutchison (0001.HK), are in the final stage of agreeing to merge their British operations, with an announcement expected as soon as Friday or early next week, according to reports.

Read more: Stocks that are trending today

The new company will be owned 51% by Vodafone to 49% by Hutchison. Estimates suggest the combined group could be valued at around £15bn.

The respective stakes would be achieved by adjusting the ownership of debt rather than exchanging cash, the companies explained in October.

The merger, which will create the UK’s largest mobile operator, will amass 28 million customers and cut the number of major operators in the UK from four to three.

Any deal is likely to face intense scrutiny from regulators following a blocked takeover of O2 by Three in 2016.

Watch: GM to adopt Tesla charging standard

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