Tesla's stock has risen more than 50% since its March lows.

The automaker has been on a winning streak of eight weeks, its longest since before the pandemic hit markets.

Tesla Inc. shares are on the rise as investors believe Elon Musk's electric carmaker to weather the catastrophic chip shortage better than competitors who have been adversely impacted.

On Monday in New York, the stock rose as high as 1.7 percent to $857.60, a rise of more than 50 percent from a low of $563 on March 8. This comes after an eight-week winning streak, the longest since before the Covid-19 epidemic roiled markets. With the recovery, it is now the sixth-largest publicly traded company in the United States, well ahead of Berkshire Hathaway Inc.

"We believe a developing green tidal wave will propel Tesla shares higher despite the near-term chip shortfall, with 3Q results this week another bullish catalyst," Wedbush analyst Daniel Ives wrote in a note published on Sunday.

Tesla stock has been steadily rising in recent months, buoyed by solid quarterly results that showed the business handled the chip shortage significantly better than traditional automakers. Deliveries in the third quarter exceeded all expectations.

How Tesla manage of the chip storage?

Tesla's management of the chip scarcity was even praised by one of its main competitors.

"One illustration of Tesla's speed: They handle the chip scarcity quite well - the reason: they are creating their own software," wrote Herbert Diess, head of Volkswagen AG, on LinkedIn. "Within 2-3 weeks, they had a new software that allowed them to use different processors." Impressive.”

Tesla is scheduled to release its third-quarter earnings report on October 20. It's one of the few global auto stocks that has seen analysts revise their earnings predictions upward in the last month, while most other automakers have seen decreases due to a semiconductor shortage.