Musk sketches out timeline for Tesla electric semi truck, pickup, roadster

Yolanda Curtis
April 15, 2017

Tesla sold about 25,000 Model S and Model X vehicles worldwide in the first quarter compared with 617,000 by Ford in the United States and 690,000 GM cars and trucks in the first three months. Shares of the company jumped almost 3 percent after the announcement. The Tesla CEO did add that the company's engineers have done an "amazing job" on it and that the vehicle is "seriously next level". Musk has over eight million followers on the platform, over six times more than Tesla's official Twitter account.

Meanwhile, this pickup truck is part of Musk's grand plans for the future of transportation.

The stock market responded extremely positive to the news from Tesla, closing at $304 a share, up $7.16, a 2.4 per cent increase overnight; giving it a market value of $49.6 billion.

Tesla shares were up 3.0 percent to $311.74 near 1720 GMT, for a market capitalization of $51.43 billion, more than $1 billion above GM, a 109-year-old company that sold nearly 120 times as many cars as Tesla last year.

Tesla is known for its electric cars that go really fast and are expensive as heck.

Musk further elaborated and said that the reveal of the Tesla pickup would come within the next 18 to 24 months.

By the way, do you remember when Musk teased that they are working on a next generation of Roadster sports vehicle? However, Tesla may run into issues with the new models because it does not now have facilities to manufacture trucks or semis. However, the Model 3 first went on display in April previous year and is yet to be released.

Musk confirmed that the final version will be unveiled in July, with the first batch of units delivered to customers as early as the end of this year.

Tesla also had an update on its much anticipated Model 3 auto, which the company previously said would arrive in the middle of 2018 at the earliest.

Tesla's valuation rose after Piper Jaffray analyst Alex Potter on Monday upgraded Tesla's stock from a price target of $223 to $368. Tesla's value has risen almost $3 billion since last week when at $48 billion it passed Ford at $45 billion.

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