Tesla CEO Elon Musk.

Tesla shares cross USD 1,000 mark for the first time

June 10, 2020

After Tesla CEO Elon Musk said it was time to begin ‘volume production’ of its new commercial Semi truck, the electric car maker’s stock surpassed all-time high of $1,000 mark on Wednesday morning trades .

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.

Also Read: SpaceX adds 60 Starlink satellites

Also Read: SpaceX Crew Dragon Opens New Era

Previous Story

Al Montazah Parks is now open

Next Story

2021 Tokyo Olympics will be a ‘simplified’ one

Latest from BUSINESS

India’s Job Market Surges

With hiring levels on the rise, compensation is expected to increase by 12-15% in metro cities and by 18-22% in emerging cities

India Inc Eyes Upswing

Private equity (PE) remained comparatively stable in Q2, clocking 357 deals worth $7.4 billion — the second-highest volume since Q4 2022. However,

Microsoft Cuts Deep

The fresh job cuts come less than two months after Microsoft announced it was laying off more than 6,000 employees…reports Asian Lite