Tesla will unveil electric lorry in September

Tesla's stock stood at $304.77 a share, up $7.93 or 2.7%, in Thursday afternoon trading on Wall Street, giving the firm a market value of $49.2 billion.

Guillen had previously been in charge of Daimler's Cascadia semi truck program, which makes him particularly qualified to lead an electric truck program since he not only has experience with trucks, but he was also more recently the program director of Tesla's Model S. So, Tesla is seemingly keeping itself busy - in June we should have the Model 3, then in September the semi-truck. Musk also said the company plans to unveil a pickup truck in 18 to 24 months.

Tesla's rise reflects a belief in the market that it embodies the future of the industry and has a firmer grip than traditional players on technologies that will inject autonomous features into driving. "Seriously next level", Musk said in a tweet. However, Lutz believes that every electric auto maker sells vehicles at a loss as upside pricing are limited which puts a ceiling on the price.

The decision to release an EV pickup truck makes sense in the United States market, where the three most popular cars sold are all pickups.

In response to a question about when fans may see the completed version of the Model 3 sedan, scheduled for delivery to the first pre-order customers later this year, Musk simply answered "July".

The automaker recently raised $1.2 billion and had previously raised $1.5 billion in May previous year to fund its upcoming Model 3.

The company is the second most valuable automotive company in the country with a market cap of $50.3 billion, which is $500 million below General Motors Company (NYSE:GM) and its market cap of $50.8 billion.

Jackson credited Musk for building a "cult-like following" - more than 300,000 people pre-ordered the Model 3 -but he said that selling cheaper vehicles wouldn't alleviate its cost issues. Skeptics say Tesla's growth targets are unrealistic.

Proponents believe Tesla's stock rally and high valuation are justified based on long-term expectations for growth.

The appreciation in Tesla's share price come even as the electric vehicle maker encounters hurdles in its ambitious efforts to increase production levels.

  • Zachary Reyes