Musk confirms Electric semi reveal for late October

Credit Tesla

Tesla shares jumped almost 3 percent Thursday, hours after CEO Elon Musk said the company will unveil an electric semi truck in late October.

Writing in a tweet, Musk said the unveiling - and first test drives - are tentatively scheduled for October 26.

Tesla's plans for new electric vehicles were announced a year ago, with the release of the semi-truck scheduled earlier for September.

Tesla has started entering the markets and fighting business tooth and nail to bring the high-end electric vehicles to the markets into the sphere of heavy duty trucks that Elon has been promising quite past times now. He also described the semi-truck as a "beast" and "unreal".

However, that doesn't mean that Musk missed the opportunity to build up the hype around his company's new product. But the latter can travel up to 1,000 miles (1609 kilometers) on a single tank of fuel.

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It was reported last month that Tesla was planning to unveil its all-electric semi truck in September. Robert W. Baird reiterated an "outperform" rating and issued a $368.00 price target on shares of Tesla in a research report on Wednesday, July 5th. A small crossover that will share common architecture with the Model 3 is in development and due to reach the market in about two years.

Last month Tesla announced the wheels were in motion for on-road vehicle automation and it has been widely speculated this truck could feature certain automated features. And it is going to sell it in 2019 to bus operators and commercial truck-fleets.

Get ready to share the road with self-driving trucks powered entirely by batteries.

The truck will not be officially revealed in all its futuristic glory until October 26th, but Musk has given us some insight as to what features will be available in addition to a teaser photo of the big rig. As we are already mid of the month, the "tentative" date has been pushed further. The event will be taking place in Hawthorne, Calif.

Regulators in China, Europe and California are pushing auto and truckmakers to deliver a broader range of zero-emission vehicles, so Musk's timing is good. All new Tesla vehicles are now equipped with the hardware required for self-driving, and the company is close to completing the software that is needed for autonomous driving to come to fruition.

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