Tesla logo. (Photo = Yonhap news)

 

[Alpha Biz= Reporter Kim Sangjin] After announcing plans to expand production of its electric semi-truck, the "Semi," Tesla's stock surged by over 6% on Monday.

In New York trading on the 21st (local time), Tesla's stock closed at $186.60, up 6.66% from the previous session, marking its highest level in about three weeks since April 29th ($194.05).

Tesla's stock had recorded a decline of about 30% earlier this year, but with the day's increase, the year-to-date decline narrowed to about 25%.

The rise in stock price on the day was attributed to Tesla's announcement the previous day detailing plans to increase production of the Semi truck. Elon Musk, Tesla's CEO, initially pledged to start production of the Semi truck in 2019 but continuously postponed the schedule due to technical limitations with batteries for large trucks. It wasn't until December 2022 that Tesla delivered its first Semi truck to the beverage company PepsiCo.

Tesla has faced difficulties in mass-producing the Semi truck due to battery issues and other challenges.

Additionally, Tesla is currently conducting performance tests with PepsiCo on about 35 Semis, and PepsiCo has agreed to receive an additional 50 trucks.

Furthermore, Tesla announced that the long-range Semi will be able to carry up to 23,000 pounds (10.4 tons) and travel up to 500 miles (805 km).

 

 

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