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."
Tesla (TSLA) has dethroned Toyota to become the world’s most valuable automaker with its stock recording a new high at $1,000 per share.
The California-based automaker has been rapidly climbing the ranks of the most valuable automakers in the last few years.While most of its revenue comes from selling cars, Tesla is more than just an automaker due to its growing energy division and its tech-like approach to the automotive business.
— Tesla Daily (@TeslaPodcast) June 10, 2020
At of now, Tesla stock hovers around $1,160 up by $75.93.
Tesla stock jumped 5 percent early morning trading on June 10 after Elon Musk hinted that he’s gearing up for mass production of his highly-anticipated semi-truck.
Musk, in an email, did not specify a time frame for ramping up production of the Semi. However, the Tesla CEO tweeted "Yes" to a question on Twitter about whether the report of the leaked Semi truck production email was accurate.
Tesla had unveiled its plans for an electrically charged hauler for commercial use in 2017.