Market Overview

Tesla's Stock Closes At All-Time High As Musk Pushes Semi, Employees Reportedly Test Positive For COVID-19

Tesla's Stock Closes At All-Time High As Musk Pushes Semi, Employees Reportedly Test Positive For COVID-19

What Happened? Last month, Tesla Inc (NASDAQ: TSLA) battled with the state of California to reopen its factory in Fremont amid the coronavirus (COVID-19) pandemic. After much deliberation, the state allowed the factory to resume operations.

CEO Elon Musk has not been shy displaying his anger for the stay-at-home orders. In May, Musk appeared on Joe Rogan's podcast and discussed his skepticism of COVID-19 deaths.

"I know zero people who died, but I know a lot of people that got it," Musk said at the time.

What's New? On Tuesday morning, The Washington Post reported that two employees at Tesla's Fremont plant tested positive for COVID-19. On Tuesday night, a Tesla employee told Electrek four workers tested positive.

Benzinga has reached out to Tesla for comment on the matter. 

"There were no known workplace-related infections of county residents associated with Tesla, said county spokeswoman Neetu Balram, according to The Post's report. "During the prior week if a person tested positive and they were not a resident of Alameda County, it’s possible we would not have that case reported to us." 

Tesla has not made any remarks about closing the plant that reopened in mid-May.

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Why It’s Important: Tesla's year-to-date rally has accelerated in recent trading sessions. In the last five trading days, the stock has moved up more than $100 a share.

Earlier this week, the China Passenger Car Association reported that Tesla sold over 11,000 cars in the month of May. On Wednesday, Musk said it's time to bring the Tesla Semi commercial truck to “volume production,” according to a Reuters report quoting an email.

With the possibility of a second wave of COVID-19, the production levels of Tesla's Fremont facility will be in question, but investors don't appear to be too concerned right now.

Tesla's stock closed Wednesday at a new all-time high of $1,025.05 per share.

Related Links:

Musk Says It's Time To Ramp Production Of Tesla Semi

Tesla's Journey To $1,000 In 2020


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