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Tesla stock soars above $1,000 as Musk vows to “go all out” for Semi

Enlarge / The Nikola Two truck drives out on the stage at an April 2019 event. (credit: Megan Geuss)

Tesla’s stock price soared above $1,000 on Wednesday. The rise pushed the company’s valuation to around $190 billion—within striking distance of the world’s most valuable valuable car company, Toyota, at $215 billion.

Tesla’s stock surge comes a week after one of Tesla’s leading electric vehicle rivals, Nikola, debuted its stock on public markets. Like Tesla, Nikola is building all-electric vehicles. But there are a couple of big differences. First, while Tesla initially focused on passenger cars, Nikola will initially sell trucks along with off-road vehicles and a jet ski. Second, while Tesla cars run on batteries, Nikola is focusing on fuel cells—though some vehicles will have a battery option.

Nikola’s first week on the stock market has been strong, with the stock price nearly doubling to reach Wednesday’s closing price of $65. This makes Nikola worth nearly $30 billion—on par with Ford—before it has shipped its first vehicle.

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