Electric car maker Tesla’s stock surpassed the all-time high of $1,000 mark on Wednesday morning trades after its CEO Elon Musk said it was time to begin ‘volume production’ of its new commercial Semi truck.
Shares of the California-based Tesla were up nearly 7 per cent 6.8% in the morning trade.
Wedbush analyst Dan Ives said that demand in China for Model 3 is going stronger than expected.
“We believe that the China growth story is worth at least $300 per share to Tesla as this EV penetration is set to ramp significantly over the next 12 to 18 months,” Ives wrote in a note to clients.
According to Tesla’s website, Semi is powered by four independent motors and requires the “lowest energy cost per mile”.
The truck was first unveiled in 2017.
Tesla’s Nevada factory would likely produce the truck’s battery and powertrain, while the remaining work will be carried out in other locations around the country, according to a memo Musk sent to Tesla employees, TheStreet reported on Wednesday.
“It’s time to go all out and bring the Tesla Semi to volume production,” Musk was quoted as saying in the email.
“It’s been in limited production so far, which has allowed us to improve many aspects of the design.”
The truck is slated to cost around $150,000 for the 300-mile model and around $180,000 for the 500-mile model, said the report.