Tesla CEO Elon Musk has confirmed in a leaked email written to company employees that there is an urgent need to address production challenges of electric auto Model Y and it is top priority for the company.
A surge in Tesla share prices has propelled the electric vehicle (EV) brand to become the world's most valuable auto manufacturer.
According to Tesla's website, Semi is powered by four independent motors and requires the "lowest energy cost per mile".
What happened: The price jump followed news of an internal memo from CEO Elon Musk that it's "time to go all out" and bring its long-planned semitruck into "volume production". Most of the other work will probably take place in other states, he wrote, without stating where.
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Musk has said Tesla is scouting other USA states for a site in which to build a new factory.
Indeed, having exceeded the 10,160 Model 3s sold in March, Tesla's first year of production at its Giga 3 factory appears to be "on a run rate to hit 100,000 unit deliveries", and back on track to achieve its yearly targets.
The share price surge comes after rival electric auto company, Nikola, surpassed the likes of Ford and Fiat Chrysler in value after its shares shot up as well. Oklahoma and other states are campaigning for the investment.
Nikola, an electric and fuel cell truck startup, earlier this month began trading on the NASDAQ after it merged with special objective acquisition company VectoIQ. IVECO has said orders are strong for the electric version of the truck, due out next year.
Nikola said it had hired a former Tesla executive, Mark Duchesne, to lead its manufacturing and a former Caterpillar executive, Pablo Koziner, to head its hydrogen fueling and battery recharging business.