Market movements alone haven’t boosted Tesla stock. Adjusted for how volatile the shares are, investors might expect only a 5% or 6% move when the Nasdaq gains 3%.

Tesla CEO Elon Musk certainly deserves some of credit. Recent gains accelerated after he recommitted to running his car company and spending less time at Twitter during the Tesla annual meeting of shareholders on May 16.

Tesla stock is now up about $20, or 12%, since May 11, when Musk tweeted that he was hiring a Twitter CEO.

Ford (F), counterintuitively, might be providing an outsize influence on Tesla’s gains. Ford held an investor event in Dearborn, Mich., Monday. The company is lowering the cost of its EVs, and expecting to sell millions of EVs a year, while generating billions of dollars in annual profits by the middle of the decade.

More competition might seem like a bad thing. But Ford’s commitment to EVs also shows that EVs are here to stay. Ford management also highlighted the importance of software-based sales coming from things such as driver-assistance features, and fleet-management products for commercial customers. The overall strategy sounds Tesla-like. Tesla is also betting that software sales will significantly boost profit margins in years to come.