Musk's Tesla becomes most valuable automaker, beats Toyota
Tesla CEO Elon Musk
Tesla investors on Wednesday were buoyed by the companies decision to manufacture electric Semi trucks pushing the company's stocks to more than $1000 a share as its valuation passed the Toyota Motor Corp.
Also Read:Musk earns $770 million payday in stock options after Tesla hits targets
The electric car company is now reportedly worth over $187 billion as its stocks rose over six per cent on Wall Street. Tesla's CEO Elon Musk in an email to his staff had said that the company's new Semi truck was ready for "volume production", however, he did not put a deadline or when the production will begin.
Tesla stocks had earlier hit an all-time high in February when it crossed $9,000 a share due to record sales in 2019 and results of factory output in China, however, it fell rapidly as the coronavirus pandemic hit the United States.
Musk on Wednesday had tweeted "Yes" to a question on Twitter about whether the report of the leaked Semi truck production email was accurate.
“Production of the battery and powertrain will take place at Giga Nevada,” Musk said.
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Tesla had to close its factories in California, Buffalo and Fremont amid the virus.
The company had previously announced the production of Tesla Semi in 2017 boasting of travelling 500 kms on a single battery, however, the company had later said it was delaying production until 2021.