Many investors had expected Tesla's recent stock split and profit – the first time it has had four consecutive quarters in the black – to clear the way for entry, something that would see a rush of index-linked purchases of Tesla shares. Tesla shares have soared in recent months, partly on anticipation of being included in the S&P 500. However, the company was passed over on Friday, with online retailer Etsy, robotics maker Teradyne and pharmaceutical company Catalent making the grade. Separately, General Motors announced a major push into electric vehicles, saying it would start manufacturing electric pickup trucks developed by Tesla rival Nikola as well as taking an 11pc stake in the company. Nikola's Badger truck, which is due to enter production in 2022, will compete with Tesla's Cybertruck.