Tesla shares surpass record $1,000 mark for first time

Electric car maker Tesla`s stock surpassed all-time high of $1,000 mark on Wednesday morning trades after its CEO Elon Musk said it was time to begin `volume production` of its new commercial Semi truck. Shares of the California-based Tesla were up nearly 7 per cent 6.8% in the morning trade. Wedbush analyst Dan Ives said that demand in China for Model 3 is going stronger than expected.

"We believe that the China growth story is worth at least $300 per share to Tesla as this EV penetration is set to ramp significantly over the next 12 to 18 months," Ives wrote in a note to clients.

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According to Tesla`s website, Semi is powered by four independent motors and requires the "lowest energy cost per mile".

The truck was first unveiled in 2017.

Tesla`s Nevada factory would likely produce the truck`s battery and powertrain, while the remaining work will be carried out in other locations around the country, according to a memo Musk sent to Tesla employees, TheStreet reported on Wednesday.

"It`s time to go all out and bring the Tesla Semi to volume production," Musk was quoted as saying in the email.

"It`s been in limited production so far, which has allowed us to improve many aspects of the design."

The truck is slated to cost around $150,000 for the 300-mile model and around $180,000 for the 500-mile model, said the report.