Tesla shares fall after long-anticipated semi-truck launch

Tesla (D.S.L.A) unveiled its long-awaited Semi, an 18-wheel long-distance electric freighter, on Thursday evening after first announcing it five years ago. Tesla stock traded lower in early Friday trading.




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On Thursday, Tesla held an event at its Nevada battery factory to celebrate the Semi’s first deliveries.

The Tesla Semi has been in production for five years. First announced in 2017, and now expected to begin deliveries, the first Tesla Semi trucks will go PepsiCo (PEP) in California. Pepsi ordered 100 EVs when Semi was first announced.

CEO Elon Musk did not specify how much the 18-wheeler will cost. According to Tesla, it can recharge up to 70% of its range in half an hour and travel from zero to 60 miles per hour in 20 seconds at 500 miles per hour.

The EV company says it can achieve that 500-mile range while hauling 82,000 pounds of cargo.

In 2017, Tesla announced that a semi truck with a range of 500 miles would cost $180,000. New typical 18-wheeler semi-trucks cost around $80,000-$200,000, depending on grades 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 shares fell 2% in early Friday trading Premarket trading. Shares of DSLA rose before the day’s close on Thursday. The stock rose 7.7% to 194.70 on Wednesday.

Despite the five-year build-up, several key specifications of the Tesla Semi, such as effective range with inventory, price tag, and more, are still unclear. Investors and analysts will look to Thursday for key information, including price and payment timing.

Tesla Megacharger has reportedly received construction approval for PepsiCo’s Modesto, Calif., facility.

Musk has also signaled plans to build a long-haul truck-charging network.

Tesla stock: New EVs pushed back

Tesla produces four electric vehicles: the luxury Model S sedan and Model X SUV, and the Model 3 sedan and Model Y crossover.

Additional models — the Roadster, Semi and Cybertruck (an EV pickup truck) — have been pushed back several times. Musk says the Cyberdrug is on track for “initial” production in mid-2023, with mass production expected to begin by the end of 2023, according to a Reuters report.

Shipping the first new semi would mark a victory in a year in which the EV industry has largely been a failure. There are stock prices 50% reduction by 2022, when the company joined the S&P 500, it retreated to levels near its . Demand in China has slowed, prompting a pullback. Musk’s recent acquisition of Twitter has also negatively impacted Tesla stock.

The EV giant is offering a $3,750 discount on Model 3 and Model Y vehicles delivered in the U.S. in December, Electrek reported Thursday.

Tesla stock fell in November, but has advanced 6.5% so far this week.

Follow Kit Norton on Twitter @kidnorton For added security.

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