Tesla is close to becoming the world's most valuable auto company


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

Tesla's stock rose to more than $1,000 a share for the very first time Wednesday, lifting its valuation above $190 billion.

Donny Dolittle shared a screenshot of a leaked June 9 email from Elon Musk regarding the Tesla Semi, indicating that it is finally going into production.

The stock also got a boost from a bullish call by Wedbush, which lifted its target price for the automaker to $1,000 and said Tesla could have "more room to run".

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

'Production of the battery and powertrain will take place at Giga Nevada, ' Musk wrote, adding that most of the other work will probably take place in other states, though he didn't specify where in the email.

Tesla recently reopened its production facilities after a brief shutdown due to the coronavirus pandemic.

COVID-19: Trump 'cuts off' relationship with WHO
Trump also announced that the USA will end special treatment of Hong Kong in response to Chinese imposition of new controls. Trump said that by instituting the controversial law Beijing "unilaterally imposed control over Hong Kong's security".

Musk has said Tesla is scouting other USA states for a site in which to build a new factory.

His announcement sparked competition for jobs and a hurry to attract the entrepreneur to other states that have already reopened their economies as per US President Donald Trump's advice.

Tesla first debuted its Semi truck during a special event in 2017.

Of note: Musk's note about Tesla's electric trucks follows a surge in the stock price of electric truck manufacturer Nikola, which has tripled its price since it began trading last week.

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.

Nikola has a manufacturing joint venture with IVECO to produce its heavy-duty Tre battery-electric day cab in Ulm, Germany in mid-2021. The company is also working on a fully-electric pickup truck dubbed "Cybertruck" which was showcased last year, and is expected to hit the markets by late next year.