Tesla Set to Unveil Electric Semi Truck on Thursday Even before the race for fully-autonomous cars — those that can actually drive themselves from point A to B without passenger intervention — have been won by the nation’s automakers, a battle is brewing to see who can produce the first driverless truck.
Seen as highly disruptive to the global economy, which is worth an estimated $30 billion, Tesla (TSLA) wants to take lead in the commercial transport market. And on Thursday investors will get a chance to see how realistic the company’s ambition might be. CEO Elon Musk on Sunday tweeted that an unveiling will take place Thursday and will be broadcasted on the company’s site.
The consummate sales agent, Musk, who had previously called the vehicle a "beast" and "unreal," on Sunday added that the sight of the electric semi truck "will blow your mind clear out of your skull and into an alternate dimension.”
Tesla, which has been putting self-driving technology into electric trucks, until recently has been only testing prototypes. Not much has been shared about the vehicle beyond soft mentions in April and September. Morgan Stanley analysts Ravi Shankar and Adam Jonas noted in September noted that Tesla could force other truck manufacturers to play catch up and come up with their own commercial truck plans.
The industry that has also attracted interest from Alphabet’s (GOOG , GOOGL) Waymo and Uber, among others. But Musk, who has had to postpone the unveiling on multiple occasions, now believes the company is ready for primetime, calling the truck “seriously next level.” His confident words has re-ignited Tesla stock, which rose more than 4% Monday.
Autonomous technology enthusiasts believe the long-haul trucking industry can benefit immensely from these trucks. Aside from the cost savings that can be realized in terms of fuel charges, self-driving electric trucks will also allow drivers to rest more, and thus attract more driving candidates. Tesla’s battery-powered rig is said to have a driving range of 200 to 300 miles on a single charge, according to Reuters.
While that driving range would be much smaller than trucks operating on conventional diesels, which can travel up to 1,000 miles on a single tank of fuel, fleet operators such as Scott Perry, an executive at Miami-based Ryder, are willing to give Tesla time to develop longer-range technology. “I’m not going to count them out for having a strategy for longer distances or ranges, but right out of the gate I think that’s where they’ll start,” said Perry, according to Reuters.
After disappointing the Street recently with not only reporting a wider-than-expected third-quarter loss, the company also pushed back its previous production targets for its highly-anticipated mass-market Model 3 vehicle, Musk has gotten investors excited again. Now, to the extent that the truck’s unveiling on Thursday’s will “blow my mind,” that remains to be seen.
https://www.nasdaq.com/article/tesla-tsla-set-to-unveil-electric-semi-truck-on-thursday-cm876847