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Tesla stock jumped 643.70% last year and has added approximately 112.84% in the past three months.
After closing yesterday’s trading session at $864.16, down 2.14%, Tesla Inc (NASDAQ: TSLA) stock had dropped approximately 6% further in the pre-market. The increased volatility in Tesla stock may be a result of several market aspects among them, the recent retail traders’ frenzy. Besides, Tesla CEO Elon Musk announced during the Q4 earnings results that the company is set on all engineering works to deliver the awaited Tesla Semi truck. However, Musk noted that the production capacity is currently limited by the scarce availability of battery cells.
“The main reason we have not accelerated new products – like for example Tesla Semi – is that we simply don’t have enough cells for it,” Musk said. “If we were to make the Semi right now, and we could easily go into production with the Semi right now, but we would not have enough cells for it.”
Apparently, the Tesla semi would use five times battery cells a car would require but the price would not be five times. Hereby making it not economically viable but rather find an alternative solution as the production continues.
“A Semi would use typically five times the number of cells that a car would use, but it would not sell for five times what a car would sell for, so it kind of would not make sense for us to do the Semi right now,” Musk said. “But it will make sense for us to do it as soon as we can address the cell production constraint.”
Tesla Stock Ahead of Semi Truck Production
In addition to the Tesla semi-truck, Musk revealed through his Twitter page that the Plaid Model S will begin to ship next month. Notably, the Plaid Model S will be the first production car ever to achieve zero to sixty miles per hour in less than two seconds.
Through the release of new models in the market, Tesla is not only widening its scope of products but also increasing the competition in the electric vehicle industry.
With a reported market capitalization of approximately $837.08 billion and 947.9 million shares. The company is well-positioned to take the electric vehicle industry to the next level as the global economy recovers from the ongoing coronavirus pandemic.
Tesla stock enjoyed one of the financial years during the height of the coronavirus pandemic. Notably, TSLA stock jumped 643.70% last year and has added approximately 112.84% in the past three months. As the company opens a new financial year market, investors remain optimistic the company can hit a trillion-dollar industry and possibly surpass Apple Inc (NASDAQ: AAPL).