In a move seen as a positive sign for electric vehicle (EV) demand, Tesla Inc has raised its 72-month loan rate in the United States. The APR has been increased from 0.99% to 1.99%, according to reports from Benzinga Pro. However, loan rates for 36, 48, and 60-month loan terms remain unchanged at 0.99%.

The decision by Tesla suggests that the EV giant is easing some of the measures it implemented earlier to ignite buyer demand in the face of intensifying competition. Tesla shares responded positively to the news, climbing over 4% at the time of writing.

Furthermore, Tesla's shares may also have received a boost as PepsiCo Inc announced that the company is set to receive an additional 50 Tesla Semi trucks at its California facility. This news follows a previous statement from PepsiCo in January, revealing that they had already deployed 36 Tesla Semis in their fleet. Additionally, Reuters reported that PepsiCo plans to expand its fleet further by adding 50 Class 8 Tesla Semi trucks and 75 Ford Motor Co E-Transit electric vans over the coming months.

On another note, a group of Tesla shareholders has expressed their discontent and are urging investors to vote against CEO Elon Musk's $56 billion pay package at the upcoming annual shareholder meeting on June 13. The compensation plan, approved by shareholders in 2018, granted Musk Tesla shares based on operational targets and the growth of the company's market capitalization. The group raised concerns about Musk's focus on other ventures and alleged failures to prioritize Tesla's interests.

Despite missing analyst estimates in the last earnings report, Musk reassured investors about Tesla's future vision, emphasizing developments in AI, Full Self-Driving, and robotaxis. This positive outlook seems to have contributed to a rise in Tesla shares by approximately 25% since the earnings release.

As of now, Tesla shares were trading at $183.12, showing a 4.67% increase, according to Benzinga Pro data. With the increase in loan rates and new vehicle orders from PepsiCo, Tesla continues to make headlines in the EV industry.

[Photo courtesy of Tesla]