Tesla Shares Skyrocket to Over $1,000

Shares of electric vehicle maker Tesla were soaring to over $1,000 for the first time this week.

Chief Executive Elon Musk had sent an email to employees before the market opened on Wednesday that said it is “time to go all out” and put Tesla’s Semi into volume production. There was no time frame given for when Musk expects mass output to actually happen.

Tesla gained as much as 8.4% to $1,019.86, lifting its market capitalization to an intraday peak of $189 billion.

Newly listed Nikola, an electric- and fuel-cell truck pioneer, sold off after days of hype about its plans to bring battery-electric and fuel-cell haulers to market in the coming years. Nikola shares fell as much as 17% on Wednesday after advancing 122% the prior two days.

“This is Elon making noise because of Nikola,” remarked Ben Kallo, an analyst at Robert W. Baird. According to Kallo, these factors are fueling the stock’s gain, including strong sales in China and the anticipation of a “Battery Day” event as soon as this month.

“Given some of the other news flow in the past month to two months on the Class 8 truck market, I think he’s probably trying to keep Tesla in the marketing cycle just for all the mega trends going on in trucking,” Jeff Osborne, a Cowen & Co. analyst also remarked.

Trevor Milton, Nikola’s 38-year-old founder has said, “We will provide drivers with better trucks and
better quality of life.”

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.