Tesla shares top US$1000 for the first time

Tesla shares surpass $1,000 on Semi truck production memo		
		
	Kirsten Korosec

		15 hours

Tesla shares surpass $1,000 on Semi truck production memo Kirsten Korosec 15 hours

Tesla chief executive Elon Musk wants the auto manufacturer to get the long-awaited Tesla Semi ready for volume production.

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.

Tesla is reportedly in advanced talks to use LFP batteries from CATL that contain no cobalt - one of the most expensive metals in electric vehicle (EV) batteries - in cars made at its China plant.

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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Tesla's decision to ramp up production of the Semi trucks has only heated up the electric truck battle.

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.

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