Electric vehicle (EV) maker Tesla (NASDAQ:TSLA) is on track to deliver its first fully-electric semitrailer truck to beverage behemoth PepsiCo (NASDAQ:PEP) in December this year. After months-long delays and struggles with part shortages and battery supply constraints, Tesla seems to be ready to enter the trailer market soon.
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CEO Elon Musk announced the delivery on his Twitter (NYSE:TWTR) handle yesterday, stating, “Excited to announce start of production of Tesla Semi Truck with deliveries to Pepsi on Dec 1st!” Musk also reiterated that the truck will have a driving range of 500 miles and will be super fun to drive.
Although there were no specifics about the price range and number of deliveries, Twitter users responded with equal cheer to welcome the “beast.”
Musk revealed the semitrailer in 2017, with initial plans to start deliveries in 2019. Then again, in January this year, Musk stated they would start production of these trucks in early 2023. However, the unexpected announcement has surprised both Musk fanatics and Tesla enthusiasts. During the launch, Musk had mentioned that the semitrailer would require five times more batteries than a car but wouldn’t be priced as dearly.
Is Tesla Stock a Buy, Sell, or Hold?
On TipRanks, TSLA stock has a Moderate Buy consensus rating. This is based on 18 Buys, six Holds, and five Sells. The average Tesla price forecast of $306.15 implies 28.6% upside potential to current levels. Meanwhile, the stock has lost 40.5% so far this year.
