Tesla breaks through $1,000 for first time ever after Musk tells employees it's time to ramp up production of its Semi truck
- Tesla soared to all-time-highs on Wednesday after the electric vehicle manufacturer said in a memo to employees that now is the time for them to ramp up production of its Semi truck.
- Tesla stock broke through $1,000 for the first time ever, trading up as much as 7%.
- CEO Elon Musk said in the e-mail to Tesla employees that "production of the battery and powertrain will take place at Giga Nevada."
- Another electric vehicle company that is working on building a semi-truck is Nikola Corp., which has more than doubled since its public debut, suggesting that there is real demand for a electric powered semi-truck.
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Tesla soared to all-time-highs on Wednesday after Elon Musk said to employees that now is the time for the company to bring its electric Semi truck to "volume production," according to an internal email seen by Reuters.
"Production of the battery and powertrain will take place at Giga Nevada," Musk said in the email.
Tesla recently reopened its production facilities after a brief shutdown due to the coronavirus pandemic. There was no timetable given in terms of when Semi trucks would start to roll off of the production line and be delivered to customers.
Tesla unveiled the Semi truck back in 2017 and counts Walmart, Pepsi, and Anheuser-Busch, among others, as future customers.
Another electric-car company that is working on developing a semi-truck is Nikola Motor Company, which went public last week and saw its stock more than double in a single day.
Tesla stock surged as much as 7% to all-time highs of $1,011 in Wednesday morning trades. This marked the first time Tesla stock broke through the $1,000 level.
Tesla is up more than 125% year-to-date.
