After CEO Musk urged employees to reduce delivery costs and reports that the company will start production in Germany within the next few days, shares of the electric vehicle maker rose over 5%.
The net worth of the CEO of the electric vehicle maker jumped.
Matt Rourke/ASSOCIATED PRESS
The stock of the company is up more than 5% so far on Monday and is currently sitting at around $1,134 per share.
The news that the electric vehicle maker will soon begin production at its first European factory in Germany is a major step for the company as it looks to ramp up production capacity.
The German automotive news site Automobilwoche reported on Monday that the new manufacturing facility in the country will start production within the next few days.
Construction on the factory was delayed due to opposition from environmental activists.
The giga press, a die casting machine, is one of the new manufacturing technologies that the factory near Berlin has.
The electric vehicle maker's stock is rising on the back of a recent memo that CEO Musk sent out to employees over the weekend, in which he urged them to "focus on minimizing cost of deliveries" instead of rushing orders out to meet sales targets.
Continue watching after the ad Visit the Advertiser website.
According to Forbes, Musk is now worth more than $1 billion. The richest person in the world saw his fortune increase by $12 billion. On Monday, thanks to the stock surge, it will be at 10.
In November, Musk sold nearly $10 billion worth ofTesla stock, putting him halfway through his promise to sell 10% of his stake in the electric vehicle company.
Sales and earnings have continued to grow at a fast clip at the company. The company delivered a total of 500,000 vehicles in 2020, but has recently struggled to deliver new cars to US customers on time. The company has a market valuation of over $1 trillion, and the stock is up over 50% so far in the year.
