Tesla (NASDAQ: TSLA) stock surged in intraday trading after the EV giant released new updates about its eagerly awaited electric Semi truck project.
Tesla (TSLA) provided a significant update on its long-awaited electric semitruck project on Monday, a venture that has seen multiple delays since its debut by CEO Elon Musk in 2017.
Speaking at the Advanced Clean Transportation (ACT) Expo, Tesla executive Dan Priestley confirmed that the Tesla Semi is on track for production-spec deliveries to customers by 2026 and shared new details on its range and payload capacity.
Priestley announced,
“We’re building a factory in Nevada that is being ramped in 2026 for customer deliveries and ramping to an eventual target capacity of 50,000 units a year.”
Meanwhile, the Tesla Semi is undergoing pilot testing with PepsiCo’s FritoLay division. Priestley disclosed that PepsiCo would receive an additional 50 trucks for its fleet, expanding the pilot program, which is currently testing approximately 35 trucks.
Tesla Semi Specifications
During his presentation, Priestley detailed the specifications of the Tesla Semi. The long-range model will have a range of up to 500 miles with a vehicle weight of 23,000 pounds. The standard-range truck will be capable of 300-mile trips with a vehicle weight of 20,000 pounds. In real-world testing, Tesla Semis have completed long-range runs of 250 and 520 miles with a gross vehicle weight, including cargo, of up to 82,000 pounds, the maximum allowed by law.
Priestley emphasized the efficiency of the trucks, stating,
“[The trucks] could do more than 1000 miles in a 24-hour period; fast charging enables that.”
He also noted that the Semi test fleet has accumulated 3.5 million test miles, with trucks being used to deliver batteries from Nevada to Tesla’s main plant in Fremont under extreme weather and mountainous conditions.
Other Developments at Tesla
This update on the Tesla Semi comes amidst other significant developments at Tesla (NASDAQ: TSLA). The company has placed renewed emphasis on its robotaxi program and accelerated the development of its low-cost Model 2 car. Additionally, Tesla is making strategic cuts across the business, particularly within its Supercharger unit.
Tesla shareholders are also preparing to vote on Musk’s proposed pay package, potentially worth tens of billions, at the company’s annual meeting on June 13.
Tesla (NASDAQ: TSLA) Stock Movement
On Tuesday, TSLA stock surged 6.66%, closing at $186.60, marking a 5.10% increase for the week. The trading volume was 115,266,512 shares, significantly higher than the average daily volume of 97.49 million.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
