Tesla shares rose about 1.3% on Thursday, April 30, to $377.56, driven by a production milestone for its long-awaited electric truck, the Tesla Semi. The move contrasted with heavy losses among other tech majors, as Nvidia, Meta, and Microsoft all fell sharply. The S&P 500 gained 0.4%, while the Dow Jones Industrial Average rose 1.3%.
The first Tesla Semi rolled off the company’s high-volume production line on Wednesday. The vehicle, first unveiled in 2017, is an all-electric truck designed for long-haul freight and can travel approximately 500 miles on a single charge. Tesla plans to ramp up production this year, with long-term ambitions of up to 50,000 units annually, a notable share of the roughly 500,000 semi-trucks sold each year in the US and Europe.
Higher crude oil prices, driven by the Iran conflict, have improved the relative economics of electric trucks. Diesel costs for a traditional truck can reach around $100,000 annually, while electricity could reduce those costs by 40% to 70%. The Tesla Semi is expected to cost around $290,000, a premium over traditional trucks but potentially offset by long-term fuel savings.
Despite the positive news, the stock remains down about 14% year-to-date and has faced pressure due to slower-than-expected progress in AI initiatives, such as the robotaxi service and humanoid robot program. Tesla launched its robotaxi service in Austin, Texas, in June but has been slow to expand to other cities. The company’s capital expenditure is set to more than double this year to over $20 billion, with investments in autonomous vehicles, humanoid robots, battery production, and lithium supply.
On Friday, May 1, Tesla shares edged up 1.22% to $386.69, extending modest gains after the stock posted its first monthly advance of the year. However, investor sentiment remains constrained by slow AI progress. The company’s European sales showed signs of recovery, with registrations rising sharply in France, Denmark, and the Netherlands in April. The rebound follows two consecutive years of declining sales in the region.
