Tesla rockets past $1,000 milestone

Shares of Tesla revved past $1,000 a share for the first time on Wednesday.

The result of that stock price catapult: Tesla is now the world's second most valuable car company.

The stock surge came after CEO Elon Musk told staff in a memo seen by Reuters that it was time to ramp up production of the not-ready-for-sale Tesla Semi commercial truck.

Even though the memo was light on details and did not specify a time frame for the pick-up in manufacturing, investors were reassured by a tweet from Elon Musk. When asked on Twitter if the report of the leaked Semi truck production email was accurate, Musk replied: Yes.

Musk first revealed plans for the Semi truck in 2017 and said it would go into production in 2019 but later moved that schedule to 2021.

That's not the only reason for a run-up in the stock. Anticipation is running high that Musk will soon unveil battery technology that could deliver longer life, lower costs and better range for future Tesla vehicles.

Traditional automakers like General Motors, Ford and Mercedes-Benz owner Daimler have tried to mimic Tesla’s success by pouring billions into electric car models, but none so far have been able to dim the cult status that surrounds the Tesla brand. And so investors have rewarded Tesla with a hefty premium. Tesla has a market cap that is more than double General Motors and Ford combined, even though it sells far fewer total cars per year.