Tesla’s Long-Awaited Semi Truck Ships Today: What Investors Should Know
Tesla, Inc. TSLA will host an event for the first deliveries of its Semi truck on Thursday.
What Happened: The invite-only event is scheduled to be held at Teslas Nevada Gigafactory. Beverage giant PepsiCo. PEP is expected to take the first deliveries of the all-electric heavy-duty truck. The attendees were chosen by a random draw from among shareholders.
pic.twitter.com/2Ylnmh97Oz Tesla (@Tesla) November 16, 2022
Tesla announced the Class 8 truck in 2017 and early indications suggested it could be launched by 2019. The launch schedule was pushed back and the intervening COVID-19 years resulted infurther delays.
After announcing in early October that the Semi will begin shipping on Dec. 1, Musk tweeted in late November that the Tesla team just completed a 500-mile drive with a Tesla Semi weighing in at 81,000 pounds.
Tesla team just completed a 500 mile drive with a Tesla Semi weighing in at 81,000 lbs! Elon Musk (@elonmusk) November 27, 2022
According to information available on Teslas website, the Semi can accelerate from zero to 60 miles per hour in 20 seconds when fully loaded, and per mile, energy consumption is less than two kilowatt-hours. It has an estimated range of 500 miles. The powertrain comprises three independent motors on the rear axles.
Charging with electricity is about 2.5 times cheaper per mile than refueling with diesel. Tesla promises fuel savings of up to $200,000 within the first three years of ownership. During the third-quarter earnings call, Musk said the company is planning to ramp up Semi production to 50,000 units by 2024.
See also:Elon Musk Says 'Upgraded' Neuralink Brain Chips To Be Placed In Humans In 6 Months: Updates From Show & Tell Event
Commenting on the event, Tesla bull and Future Funds Gary Black said he expects Pepsi to take delivery of five to 10 trucks. The 50,000 units the company is modeling for 2024 will add 50 cents to earnings per share, he added.
The fund manager also said Musk could confirm Cybertrucks final design and shed further light on what he previously termed as an epic fourth quarter.
The IRA Benefit: The bipartisan Inflation Reduction Act that was passed in mid-August allows a tax credit of $40,000 or 30% of the total cost of heavy-duty, commercial vehicles weighing over 14,000 pounds. With the subsidy, Tesla Semis pricing will become more affordable than the list price of $180,000 for the 500-mile range variant. The company is also working on a 300-mile range version.
When the Semi launches, it will go up against Nikola Corp.s NKLA Tre BEV trucks. The company produced 75 Tre and delivered 63 of those dealers in the third quarter.
Price Action:In premarket trading on Thursday, Tesla shares were rising 0.58% to $195.83, while Nikola was slipping 0.76% to $2.6, according to Benzinga Pro data.
Photo: Courtesy of Tesla
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