Tesla (NASDAQ:TSLA) will hold an event on December 1 at the Gigafactory in Nevada to commemorate the first deliveries of the all-electric Semi Class 8 truck.
Ahead of the event, Elon Musk said the Tesla (TSLA) team completed a 500-mile drive with a Tesla Semi weighing in at 81K pounds. The Class 8 entry is estimated to charge up to 70% level in 30 minutes and consumes less than 2 kWh per mile. The Semi truck is powered by four independent motors on the rear axle that can provide a 60 mph speed up a 5% grade. The drag coefficient is said to be 0.36 vs. the average truck-trailer combo coefficient of 6.08.
Tesla (TSLA) has a target to produce 50K Tesla Semi units a year in 2024. That tally would be impressive for the Class 8 market, where industry heavyweight Freightliner (DTROUY) has sold between 70K to 100K trucks a year recently.
PepsiCo (PEP) is expected to be one the first customers to received the electric truck. However, PepsiCo is not the only beverage company with a plan to use electric trucks for deliveries. Anheuser-Busch InBev (BUD) has ordered electric trucks from BYD Company (OTCPK:BYDDF) and Nikola (NKLA), as well as placing a deposit with TSLA for the Semi. Meanwhile, Coca-Cola Europacific Partners (CCEP) recently started using battery trucks from the Renault for local trips in Belgium.
What to watch: The Tesla (TSLA) event later in the week could be a catalyst for the stock if it leads to discussion on more corporate deposits and a future revenue stream. Shares of Tesla have been active in the past the day before and after product reveal events. Read about more events scheduled for next week in Seeking Alpha's Catalyst Watch.