Tesla shares jump 3% after Musk teases with electric semi-truck details

Stock price of electric vehicle maker Tesla gained more than 3 per cent on Thursday, after the company’s founder and CEO Elon Musk confirmed plans to introduce an electric semi-truck. The electric-vehicle giant had been talking about its heavy truck plans for the last many months, but never confirmed it and said nothing specific about any such vehicle’s hauling capability and range per charge.

On Thursday, Musk confirmed that the company would unveil an electric semi truck in suburban Los Angeles next month, potentially on October 26, 2017.

The billionaire entrepreneur’s announcement marked Tesla’s official entry into the field of heavy-duty trucks.

Oppenheimer analyst Colin Rusch commented, “As we look at where there is real value to be extracted from the transportation market, it is really in driver safety … So if you are able to automate some of that drive time and eliminate some of the labor, there is a real savings there to be had.”

Tesla stock ended trading yesterday at $377.6, at a gain of 3 per cent or $11.4 per share.