Tesla (TSLA) - Get Report shares raced past the $1,000 mark Wednesday after founder and CEO Elon Musk said it was time for the clean-energy carmaker to begin the 'volume production' of its new commercial semi truck.
In a memo Tesla employees, first cited by Reuters, Musk said the company's Nevada factory would likely produce the truck's battery and powertrain, with the remaining work done in other locations around the country.
"It's time to go all out and bring the Tesla Semi to volume production," Musk said. "It's been in limited production so far, which has allowed us to improve many aspects of the design."
Tesla President Jerome Guillen "and I are very excited to work with you to bring this amazing product to market."
Tesla shares were rising 7.48% Wednesday to $1,010.96. It hit an all-time high earlier of $1,011.65.
The commercial semi truck, which Tesla unveiled in 2017, is slated to price at around $150,000 for the 300-mile model and around $180,000 for the longer 500-mile model.
Analysts at Trefis has estimated sales of the truck -- which differs from the retail cybertruck that was launched late last year -- could reach $2 billion by the end of 2025.
Wedbush's Dan Ives, meanwhile, said the stock could rise much higher than $1,000 if demand for Tesla's Model 3 sedan, as well as broader penetration into the China car market, increases over the next year and a half.
The China Passenger Car Association said earlier this week that Tesla sold 11,095 Shanghai-produced Model 3 vehicles in May, about triple the number sold in April. Tesla sold 10,160 units in March, according to the CPCA, followed by a steep drop in April tied to the COVID-19 pandemic.
"Looking ahead, we believe (Musk and Tesla) are slated to announce a number of new potential 'game changing' battery developments" at its coronavirus-delayed event in the coming months.