Tesla, Inc. (NASDAQ: TSLA) shares rose as much as 3.3 percent on Thursday as investors are confident on the upcoming Model 3 cars as well as two new models in the near future.
Tesla CEO Elon Musk on Tuesday provided details about its electric semi-truck and Model Y crossover during Tesla’s annual meeting in Mountain View, California. He said the semi-truck will be unveil in late September this year and the Model Y are planned to unveil as soon as late 2019. The company is also preparing to produce the Model 3 next month.
Shares of Tesla has gained nearly 6 percent since the annual meeting on Tuesday and was up more than 70 percent year-to-date. The market cap of Tesla has surpassed Ford Motor Co. and General Motors Co. and become the most valuable automaker in the U.S.
Musk said that the production of Model Y will be based on a new platform and new factory. The electric vehicle company has its production of Model S, X and 3 in the factory in Fremont, California. He said the company made a mistake by building Model X based on the Model S platform.
"It would have been better to just design an SUV the way an SUV should be designed. Design a sedan, the way a sedan should be designed. Otherwise, you would just try to shoehorn something that doesn't make sense," Musk said.