Elon Musk says Tesla ready to start ‘volume production’ on semi truck

Tesla shares spiked more than 5 percent in early morning trading Wednesday after Elon Musk signaled that he’s gearing up for mass production of his hotly-anticipated semi truck.

Musk said in an internal memo that it was time to bring the Tesla Semi to “volume production.” He did not specify a timeframe for production, but noted that “production of the battery and powertrain will take place at Giga Nevada,” according to Reuters.

“It’s time to go all out and bring the Tesla Semi to volume production,” Musk wrote. “It’s been in limited production so far, which has allowed us to improve many aspects of the design.”

Tesla unveiled its plans for a an electrically charged big-rig hauler for commercial use way back in 2017. It said the truck would come with a price tag of just $150,000 for the 300-mile range version and $180,000 for a model that can go 500 miles on a single charge.

The electric automaker’s website claims that the all-electric hauler will save companies $200,000 in fuel costs over the lifespan of the truck.

The truck’s announcement was met with excitement, with UPS reserving 125 vehicles, while PepsiCo ordered 100.

Shares of Tesla were up 5.1 percent in pre-market trading, on track to open at $940.67.