MikeMareen
It has been quite a long wait, but Tesla’s (NASDAQ:TSLA) electric Semi truck is about to see the light of day. The company first unveiled a concept of the Class 8 tractor in late 2017, with output expected to commence in 2019, but since then the production version has been delayed several times. Today’s event at Giga Nevada, where the Semi will be produced, will see the first electric truck delivered to Pepsi (NASDAQ:PEP), which will use the vehicles at Frito-Lay plants and beverage facilities in California.
Specs: Not too many details have been revealed over the past several years, but the Semi is expected to achieve an efficiency of less than 2 kWh per mile, and have a range of approximately 300 or 500 miles. Remaining to be seen are production targets and configurations, as well as its battery charging capabilities, software, displays and cockpit design. Other big name companies that have put down a deposit for the tractor include Anheuser-Busch (BUD), FedEx (NYSE:FDX), UPS (NYSE:UPS) and Walmart (NYSE:WMT).
When first unveiled in 2017, the 500-mile-range version of the Semi started at $180,000. While the price tag is likely a lot higher today, as an all-electric Class 8 truck, it would qualify for a tax break of up to $40K under the Inflation Reduction Act. Should the Tesla Semi (TSLA) be everything the company says it is, the vehicle could revolutionize the freight transport industry, with its cost savings on diesel fuel and a smaller carbon footprint.
The competition: Other rivals are already getting in on the game, with long-haul cargo truck makers like Daimler (OTCQB:DGTHF) and Toyota (NYSE:TM) releasing electric rigs. Volvo-owned (OTCPK:VOLVF) Renault Trucks even trolled Tesla (TSLA) in early October, with the release of its “E-Tech D” truck that was delivered to Coca-Cola (NYSE:KO). While the two models aren’t exact competitors, Renault followed up by tweeting a video teaser, “Some talk the talk. Some walk the walk. Ain’t that right, @elonmusk?”
