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Tesla Inc (NASDAQ:TSLA) has announced a timeline for the production of its electric semi-truck, with the first vehicles expected to roll out from a new factory by 2026.
What Happened: During the company’s first-quarter earnings call on Tuesday, Lars Moravy, Vice President of Vehicle Engineering, revealed the plans for the Tesla Semi.
Moravy stated that the engineering for the semi-truck is being finalized to enable high-volume production, drawing from the company’s fleet and pilot fleet experiences, including those with PepsiCo (NASDAQ:PEP). The construction of a factory in Reno has already commenced.
Moravy said that the first “external customers” are expected in 2026.
The Tesla Semi is a fully electric semi-truck with advanced safety features, a long range, and a spacious interior designed for maximum visibility.
Why It Matters: The Tesla Semi has been making significant strides in recent times. In January, PepsiCo revealed that its Tesla Semi had covered over 1,000 miles in a single day, demonstrating the truck’s capabilities and efficiency.
In April, Tesla’s Senior Manager of Semi truck engineering, Dan Priestley, endorsed the Environmental Protection Agency’s (EPA) stricter Phase-3 emission standards for heavy-duty vehicles, asserting that the Tesla Semi is ready to replace diesel trucks.
Despite disappointing Q1 results, Tesla’s stock surged after the company announced plans to accelerate the launch of new models. This includes the Tesla Semi, which is now set to enter production ahead of schedule.
Price Action: According to the data from Benzinga Pro, Tesla shares are currently priced at $144.61, reflecting a 1.80% increase from Tuesday's closing price. Notably, in after-hours trading, the stock surged by 13.38%. However, despite these fluctuations, Tesla's shares have experienced a year-to-date decline of 41.79%.
Image Via Shutterstock
Editor’s Note: The headline of this article has been updated for clarity and accuracy.
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