Tesla Stock Pops After Company Reveals New Details, Deliveries For Its Semitruck Program | Old North State Wealth News
Connect with us

US News

Tesla stock pops after company reveals new details, deliveries for its semitruck program

Published

on

Tesla (TSLA) provided a significant update Monday on its long-in-the-tooth project to develop electric semitrucks, which has experienced a series of delays since CEO Elon Musk debuted the rig back in 2017.

The company confirmed its Tesla Semi remains on track for production-spec deliveries to customers by 2026 while offering more details on range and payload capacity for the EV truck.

Speaking at the Advanced Clean Transportation (ACT) Expo in Las Vegas, Tesla exec Dan Priestley said, “We’re building a factory in Nevada that is being ramped in 2026 for customer deliveries and ramping to eventual target capacity to 50,000 units a year.”

Currently, the Tesla Semi is in pilot testing with PepsiCo’s FritoLay division. Priestley said PepsiCo would be receiving an additional 50 trucks in its fleet for the pilot program. The company is currently testing approximately 35 trucks.

Tesla stock rose as much as 4.5% on Tuesday.

In his presentation, Priestley said the company’s long-range Semi would have a range of up to 500 miles with a 23,000-lb vehicle weight.

Its standard-range truck would be capable of 300-mile trips with an unladen 20,000-lb vehicle weight.

In real-world testing with Pepsico, Tesla Semis performed long-range runs of 250 and 520 miles with a gross vehicle weight including cargo of up to 82,000 lbs, the maximum allowed by law.

“[The trucks] could do more than 1000 miles in a 24-hour period; fast charging enables that,” Priestley said.

All told, the Semi test fleet has accumulated 3.5 million test miles, Priestley said, with Tesla also using the Semi to deliver batteries from Nevada to its main plant in Fremont in extreme weather and mountainous regions.

These new details regarding the Tesla Semi come amid a series of shifts at the company, including a renewed emphasis on the company’s robotaxi program, plans to accelerate development of its low-cost Model 2 car, and cuts across the business, notably in its Supercharger unit.

Tesla shareholders are also set to vote on Musk’s proposed pay package, potentially worth tens of billions, ahead of its June 13 annual meeting.

Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.

Click here for the latest stock market news and in-depth analysis, including events that move stocks

Read the latest financial and business news from Yahoo Finance



Read the full article here

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending

Copyright © 2022 ONSWM News. Content posted on the Old North State Wealth News page was developed and produced by a third party news aggregation service. Old North State Wealth Management is not affiliated with the news aggregation service. The information presented is believed to be current. It should not be viewed as personalized investment advice. All expressions of opinion reflect the judgment of the authors on the date the articles were published. The information presented is not an offer to buy or sell, or a solicitation of any offer to buy or sell, any of the securities discussed.