Per Electrek,
Tesla
TSLA
recently clinched a new contract for supplying 10 electric semi-trucks and two Megachargers with roughly $2 million in the U.S. government support.
The Tesla Semi was unveiled in 2017, the production of which has been delayed a number of times since then. It was first supposed to hit the market in 2019. Still, this has not stopped the U.S.-based auto giant from taking reservations with large deposits for the electric truck.
Currently, there are several government incentive schemes trying to help enhance the electrification of heavy-duty trucks. This has aided a company to secure the funding needed for acquiring the Tesla Semi trucks.
Reportedly, MHX Leasing LLC, a California-based logistics company, has secured $1.9 million for acquiring 10 Tesla Semi class 8 trucks, and $560,000 for purchasing two overhead electric cranes form the Mobile Source Air Pollution Reduction Review Committee (MSRC).
The MSRC provides funding for clean transportation on California’s Southern coast.
The deal also includes Tesla deploying two Megachargers at MHX’s Fontana distribution facility in California, for charging these vehicles. The Megacharger is Tesla’s latest charging solution for its Tesla Semi with a capacity expected to exceed 1 MW.
Notably, in order to standardize the Megacharger, Tesla has been working with CharIN, an industry association behind the CCS standard, to build High Power Charging for Commercial Vehicles (HPCCV).
New prototypes (the first new ones in three years) for Tesla semi-electric trucks have been recently produced by the automaker. This indicates that the production of the semi-truck is likely to commence this year.
However, last week Tesla CEO Elon Musk dismissed the speculation and tweeted that the company will not be able to achieve any significant volume production of the semi-truck until next year due to battery constrains.
Tesla is one of the leading names in the electric landscape. Although electric cars occupy a small portion of the global automobile market, Tesla has acquired a substantial market share within this niche segment. With Model 3 sedan being its flagship vehicle, Tesla has established itself as a leader in the electric vehicle (EV) segment.
Along with Model 3, Model Y is also boosting Tesla’s prospects. The company is on track to ramp up the Model Y capacity at both Gigafactory Texas and Berlin, with deliveries likely to begin this year from both locations. Significant construction progress for Gigafactory 4 in Berlin and Gigafactory 5 in Austin are underway, with production from both plants estimated to start this year.
Tesla, peers of which include
General Motors
GM
,
Ford
F
and
Honda Motor Company
HMC
, currently carries a Zacks Rank of 3 (Hold). You can see
the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Notably, shares of the company have skyrocketed 483.3% in the past year compared with the
industry
’s rally of 301.9%.
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