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Tesla's Elon Musk says company's semi truck coming in September

Tesla's Elon Musk says company's semi truck coming in September

Although little is known about the semi truck, you can expect it to feature an all-electric powertrain and Musk has said the team "has done an wonderful job", so there's likely some next-generation technology heading its way. Musk tweeted Thursday that a Tesla semi truck is just months away and work is ongoing on an electric pickup truck as well. Its lower-cost Model 3 electric vehicle is due out by the end of this year.

Tesla's board is a who's who of Musk affiliates and family members - it includes Kimbal Musk, the CEO's brother, and Brad Buss, who served as chief financial officer at SolarCity, a solar panel provider Tesla acquired a year ago.

The Otto division of Uber Technologies Inc. has been developing heavy-duty semi trucks with self-driving capabilities.

Observers were quick to note that Tesla's stock price saw a bump after Musk's tweet.

With more and more companies and businesspeople coming onboard with the idea of electric vehicles, Tesla could see massive prospects for growth.

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

Tesla stocks shot up by 2.74 percent or $8.14 to $304.98 after the tweet series.

Bloomberg reported that Jackson, the head of America's biggest dealership group, said the relative value of Tesla and General Motors Co.is headed for a correction with GM being undervalued.

In terms of market capitalization, Tesla has overtaken General Motors to become the most valuable vehicle manufacturer in the United States. Tesla delivered fewer than 80,000 vehicles previous year and has only reported two profitable quarters in its short history.

Among the most hotly anticipated products announced by Tesla is the Model 3, a mid-range battery electric EV which many believe could corner, as well as expand this market.

According to the carmaker it by now has orders for more than 400,000 of the Model 3, which will be sold around $35,000, and has said it will accomplish production of 500,000 by 2018, a speed many analysts are not sure it will attain. The shares closed down 3.8 percent at $296.84 in Wednesday's trading on Nasdaq, however. Earlier this week, Tesla briefly became the largest US automaker by stock market value, surpassing General Motors Corp.

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