Tesla Stock Price Surpasses $1000 for the First Time

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Tesla's stock price has surpassed $1,000 for the first time.

On the 10th (local time), according to the Wall Street Journal (WSJ) and others, Tesla closed at $1,025.05 on the New York Stock Exchange, up 8.97% from the previous day. Tesla's stock price has increased more than fivefold in just over a year.

As a result, Tesla's market capitalization reached a total of $190.1 billion (approximately 227 trillion KRW), narrowing the gap with Toyota, the automotive industry's market cap leader at $207 billion.

The rise of Tesla's stock price beyond $1,000 is analyzed to be due to increased market expectations following the announcement of imminent electric truck production.

Elon Musk, Tesla's CEO, stated in a memo sent to employees that "it is time for Tesla to mass-produce semi-trailer trucks." He wrote that battery production will take place at the battery factory on the outskirts of Nevada.

Previously, Tesla first unveiled its electric semi-truck in 2017. At that time, Tesla announced production would begin in 2019, but it has been continuously delayed. During the first-quarter earnings announcement in May, Tesla stated that semi-truck production would be postponed to 2021.

In the memo to employees, Musk also mentioned that they are scouting for a new factory site. It is known that Texas, USA, is being considered as the location for the new factory.

This content was produced with the assistance of AI translation services.