As Tesla stock soars, Elon Musk hints at another big move for the EV maker - USA TODAY

Nathan Bomey USA TODAY

Published 8:18 AM EST Feb 5, 2020

Tesla CEO Elon Musk hinted that his electric vehicle company may build a factory in Texas.

In a teaser of sorts, Musk mysteriously tweeted a question with a poll early Wednesday: "Giga Texas?"

The choices: "Hell yeah" or "Nope."

Tesla's plants in Nevada and Shanghai go by the name "gigafactory," which is a play on the word "gigawatt" in reference to the batteries the plants manufacture for the company's electric vehicles. Tesla's plants in Fremont, California, and Shanghai also assemble vehicles.

It was not immediately clear how serious Musk is about the possibility of building a factory in Texas. But he has been known to make significant announcements on Twitter, where he has some 31 million followers.

Tesla representatives did not immediately respond to a request seeking comment.

As of 7:50 a.m. Wednesday, some 79% of about 180,000 poll respondents had voted in favor of a plant in Texas, while 21% voted no. The poll is not scientific.

Tesla shares skyrocket: Tesla stock price surges past $700 as Argus Research boosts its target to $808

Tesla earnings: Tesla posts profit, says Model Y electric SUV is coming sooner than expected

While building automotive factories from scratch is typically a costly endeavor, it's looking a lot more doable for Tesla these days after a tremendous run for the company's stock.

The shares have more than doubled this year, closing at $887.06 on Tuesday, up nearly 14% for the day after topping out at $968.99 in intraday trading.

Just a week earlier, the stock was trading in the $500s. In December, it was in the $300s, and in October it was in the $200s.

Investors are apparently exuberant over the company's outlook after it posted a second straight quarterly profit, opened the plant in China and reported strong demand. The company also said its new Model Y SUV is starting production several months ahead of schedule.