Tesla (NASDAQ:TSLA) shares soared following a significant update on Monday regarding the progress of its electric semitruck project, which has faced delays since CEO Elon Musk introduced the concept in 2017.
The company affirmed that its Tesla Semi remains on schedule for production-spec deliveries to customers by 2026, providing more insights into the truck’s range and payload capacity.
Speaking at the Advanced Clean Transportation (ACT) Expo in Las Vegas, Tesla executive Dan Priestley revealed, “We’re constructing a factory in Nevada set to be operational by 2026 for customer deliveries, with an eventual target capacity of 50,000 units annually.”
The Tesla Semi is currently undergoing pilot testing with PepsiCo’s FritoLay division. Priestley announced that PepsiCo would integrate an additional 50 trucks into its fleet for the pilot program, bringing the total to approximately 85 trucks currently under evaluation.
Tesla stock surged by as much as 4.5% on Tuesday in response to these updates.
During the presentation, Priestley outlined the specifications of the Tesla Semi, stating that the long-range variant will offer a range of up to 500 miles with a 23,000-lb vehicle weight. At the same time, the standard-range model will support 300-mile trips with a 20,000-lb vehicle weight.
Real-world testing with PepsiCo demonstrated the Tesla Semis’ capabilities, with successful long-range runs of 250 and 520 miles, carrying a gross vehicle weight of up to 82,000 lbs, the maximum legal limit.
Priestley emphasized the trucks’ potential to cover over 1000 miles within 24 hours, facilitated by fast charging capabilities.
In total, the Tesla Semi test fleet has accumulated 3.5 million test miles, with Tesla utilizing the trucks for various logistical operations, including transporting batteries from Nevada to its main facility in Fremont across challenging terrains and extreme weather conditions.
These updates on the Tesla Semi program coincide with a series of strategic shifts within the company, including a renewed focus on the robotaxi initiative, plans to expedite the development of the low-cost Model 2 vehicle, and organizational restructuring, particularly in its Supercharger division.
Additionally, Tesla shareholders are poised to vote on Elon Musk’s proposed compensation package, potentially valued at tens of billions of dollars, ahead of the company’s annual meeting on June 13.
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