• 3 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 6 minutes Why is Strait of Hormuz the World's Most Important Oil Artery
  • 8 minutes OPEC is no longer an Apex Predator
  • 12 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 2 hours Did Saudi Arabia pull a "Jussie Smollett" and fake an attack on themselves to justify indiscriminate bombing on Yemen city population ?
  • 2 hours Canada's Uncivil Oil War : 78% of Voters Cite *Energy* as the Top Issue
  • 32 mins California Threatens Ban on ICE Cars
  • 15 hours China Downplays Chances For Trade Talks While U.S. Plays ‘Little Tricks’
  • 20 hours Solar Industry Lays Claim To The 2020s; Kicks Off The Solar+ Decade
  • 20 hours "We cannot be relying on fossil fuels to burn as an energy source at all in our country" - Canadian NDP Political Leader
  • 2 days DUG Rockies: Plenty Of Promise, Despite The Politics
  • 1 day Iran v USA the perfect fire triangle
  • 1 day U.S. and Turkey
  • 18 hours Shell ‘to have commercial wind farms’ by early 2020s
  • 2 hours Global Warming Making The Rich Richer
  • 7 days How can Trump 'own' a trade war?
  • 2 days Dear journalists: say "climate crisis" not "climate change"
No, The Oil Glut Hasn’t Disappeared

No, The Oil Glut Hasn’t Disappeared

Weaker than expected oil demand…

The IEA's Dire Warning For Energy Markets

The IEA's Dire Warning For Energy Markets

Global energy investment “stabilised” at…

Musk Shocks Tesla Stock After “Tesla Semi” Announcement On Twitter

Elon Musk

Tesla CEO Elon Musk’s announcement of an upcoming electric truck caused the company’s shares to jump by three percent on Thursday, according to a new report by Reuters.

"Tesla Semi truck unveil set for September. Team has done an amazing job. Seriously next level," Musk said in a tweet. "Pickup truck unveil in 18 to 24 months," he added in the next post.

Tesla stocks shot up by 2.74 percent or $8.14 to $304.98 after the tweet series. The value of the car manufacturer’s stock has shot up 41 percent to record levels so far in 2017, making the Silicon Valley company a close competitor with General Motors for the biggest American automaker title.

Long-term investors see value in Tesla’s stock because the company is a first-mover in the commercial electric car game in the United States. Making the cars successful requires investments in charging stations and educational campaigns for consumers.

Skeptics of the company’s program say that Tesla’s growth targets are too high and that other firms’ hybrid models compete intensely with the Model 3 sedan.

Related: IEA: Oil Markets Are Balancing At A Rapid Pace

According to data from March, Model S Sedans represented 13,450 of the Tesla orders fulfilled so far, while the Model X sports utility vehicle represented 11,550. The company said it expects ship as many as 50,000 Model S and Model X’s in the first six months of 2017, and current figures show that it’s on track to meet the goal, though delivery figures from the last quarter of 2016 were particularly weak.

At this stage, Tesla Inc.’s production costs are high. To compensate, it has raised a total of $1.2 billion in fresh capital this year by selling common shares and convertible notes, with the sum exceeding the company’s target from earlier this week to raise $1 billion.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News