Tesla Shares Hit All-Time High on News of Smaller Model Y for Europe

Shares of Tesla have again reached an all-time high, closing the Friday trading day at $1,544.65 per share, after reaching a record $1,548.92 for the day. Tesla was up 10.78% for the day after CEO Elon Musk said the company would be building a smaller Model Y for Europe.

Responding to a tweet from Tesmanian writer @EvaFoxU, about Volvo registering a Model Y in Sweden, Musk replied, “Berlin Model Y is the one to watch. That is a revolution in automotive body engineering (finally).” Tesla is currently building a new Gigafactory in Berlin, Germany.

Someone else asked Musk, “Model Y is still too big for some cities in Europe. What about smaller European style hatchback?”. The CEO responded, “Probably a good one to design & engineer in Germany”.

When asked if it would be from a “single or two piece frame cast”, Musk responded with “even more”.

When asked if this new Model Y would have full body casting, Musk responded with an ‘eyes’ emoji, suggesting he couldn’t elaborate.

“Are you sticking to modules or going straight from cell to pack?” asked another user. Musk again responded with the ’side eyes’ emoji, suggesting he wouldn’t be able to say anything more. Clearly, Tesla has bigger plans to expand its electric vehicle offering at its upcoming Berlin factory.

The news of yet a smaller Tesla hatchback for Europe sent TSLA shares soaring on Friday, after only being up around 1% during the morning. Tesla continues to expand its Model Y production, set next for its factory in Shanghai later this year and eventually at Giga Berlin, currently under construction.