Tesla unveiled its long awaited Semi, a 18-wheeler long-haul electric freight hauler, Thursday evening, after it was first announced five years ago. Tesla stock angled lower Friday before closing slightly up.
On Thursday, Tesla held an event at its Nevada battery factory, celebrating the first deliveries of the Semi.
The Tesla Semi has been five years in the making. First announced in 2017, and with deliveries now expected to begin, the first Tesla Semi trucks will go to PepsiCo in California. Pepsi placed its order for 100 EVs when the Semi was first announced.
CEO Elon Musk did not specify how much the 18-wheeler costs. The Semi is capable of traveling an estimated 500 miles per charge, accelerating from zero to 60 miles an hour in 20 seconds and recharging up to 70% of its range in half an hour, according to Tesla.
That 500-mile range can be achieved while hauling 82,000 pounds of freight, according to the EV giant.
In 2017, Tesla announced a Semi truck with a 500-mile range would cost $180,000. New conventional 18-wheeler semi-trucks are priced around $80,000-$200,000, depending on estimates and models.
"If you're a truck driver and you want the most bad-ass rig on the road, this is it," Musk said Thursday.
Tesla stock edged down 1.4% Friday before closing up 0.08% during market trading. TSLA shares had jumped up Thursday before ending the day level. The stock had closed Wednesday at 194.70, up 7.7%.
There are reports that Tesla Megacharger has a construction permit for PepsiCo's Modesto, Calif., facility.
Musk has also signaled there are plans to build out a long-haul truck-charging network.
CFRA senior equity analyst Garrett Nelson wrote Friday the firm forecasts strong demand for the Tesla Semi.
"We are bullish on demand for the Semi as TSLA moves forward with ramping production of the truck to 50K units in 2024, seeing considerable appetite from large corporations seeking to reduce their carbon footprints," Nelson wrote.
Tesla Stock: New EVs Pushed Back
Tesla produces four electric vehicles: the luxury Model S sedan and Model X SUV as well as the Model 3 sedan and Model Y crossover.
Additional models — the Roadster, Semi and Cybertruck (an EV pickup truck) — have been pushed back multiple times. Musk says the Cybertruck is on track for "early" production mid-2023, with a Reuters report saying mass production will start at the end of 2023.
Shipping out the first new Semis would mark a win, in a year during which the EV giant has largely been a loser. Share prices have shed around 50% in 2022, retreating back to levels near when the company joined the S&P 500. The pullback has taken place as demand in China has softened. Musk's recent purchase of Twitter also appears to have had a negative impacted Tesla stock.
The EV giant is also giving out $3,750 discounts in December on Model 3 and Model Y vehicles delivered in the U.S., Electrek reported Thursday.
Tesla stock dropped off in November, but has advanced around 6.5% so far this week.
Please follow Kit Norton on Twitter @KitNorton for more coverage.
