Musk’s New Products Send Tesla Inc (TSLA) Higher

Tesla Inc (NASDAQ:TSLA) shares beat the market once again on Thursday after Elon Musk announced two new products on Twitter. Despite the NASDAQ inching lower by 0.53%, the electric vehicle company’s stock surged 2.4% after CEO Elon Musk tweeted the following: ‘Tesla Semi truck unveil set for September. Team has done an amazing job. Seriously next level’. Musk later added the tweet, ‘Pickup truck unveil in 18 to 24 months’.

Given the potential for new products to increase growth and improve sentiment, it’s not surprising that some traders bid up Tesla Inc (NASDAQ:TSLA) shares in reaction to the news. Tesla’s plans for the near future are already very ambitious with Elon Musk and Co expecting to manufacture half a million vehicles by next year. With the new planned semi-truck and pickup truck, Tesla would be expanding its line-up and would potentially have an advantage in the space with presumably some level of autonomous driving built in.

What Does The Smart Money Sentiment Say?

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According to our data, 38 elite funds were long Tesla Inc (NASDAQ:TSLA) as of the most recent 13-F reporting period, up 4 funds from the previous quarter.

The Bottom Line

Tesla Inc (NASDAQ:TSLA) rallied on Thursday due to news of a new semi-truck unveil in September and a new pick-up truck unveil in the next 18-24 months. For more reading, check out ‘11 Most Profitable Trucking Companies In America‘.

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