Tesla Shares Rise 3% On Truck Announcement


After weeks of speculation, Tesla’s chief executive officer Elon Musk finally confirmed on Wednesday this week that the company would be unveiling an autonomous electric car set tentatively next month along with a possible test ride. Shares of the company which rallied last week on increasing reports that the company would be manufacturing a semi-truck traded higher on Thursday after Elon Musk confirmed the speculations in a tweet.

Elon Musk stated last year that Tesla intends to announce their plans for a Tesla semi- truck and has been hinting ever since their plans to create heavy trucks since the past year. Speculations have arisen then such as the semi-truck being made with the capability to go as far as 1,000 miles in a single fuel tank.

On Thursday, Tesla shares were up by more than 3% following Elon Musk’s announcement. The shares of the American electric-car market traded to $377.64 per share which is up by more than $11.

Musk also added in his tweet that the unveiling which is scheduled this October 26 in Hawthorne that the company would be holding a test ride. However, the schedule is still tentative. The Tesla co-founder previously stated that they intend to unveil their plans this September.

During Tesla’s shareholder meeting back in June, Musk has made announcements such as the company’s plans to work with their biggest customers in the production of the semi-truck. According to Musk, their shareholders have asked to how many vehicles can be bought and how soon will the production or the release get underway.

The company recently released their Model 3 vehicle last month. The vehicle which will be sold at a starting price of $35,000 making it the most affordable Tesla vehicle to date. Tesla received more than 400,000 in pre-orders and reservations after the company presented the vehicle for the first time. The optimism regarding the affordable Tesla vehicle despite concerns regarding the company’s massive cash spending has driven the stock up by more than $300 this year. Tesla’s stock has rallied by more than 75% this year sending its market value to around $62 billion. Earlier this year, it surpassed Ford as the second largest automobile maker in the United States by market value.

The outlook for the next release of the Model 3 vehicle remains mostly positive with most analysts expecting the company’s sales to jump further this year by another $10-$12 billion as it boosts Model 3 production before the end of the year.

Aside from the Model 3, the company who also owns SolarCity has been focusing on creating solar roof panels and other energy storage products. Tesla’s premium Model S and Model X vehicles which are priced from $68,000 to more than $70,000 each has been known to be growing popular in the market recently.

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