Keeping It Simple

[eastunder]

TSLA cpps 185.87
Open gap up at 147.26
(+33.53% off 139.09)

Tesla (TSLA) provided a significant update Monday on its long-in-the-tooth project to develop electric semitrucks, which has experienced a series of delays since CEO Elon Musk debuted the rig back in 2017.

The company confirmed its Tesla Semi remains on track for production-spec deliveries to customers by 2026 while offering more details on range and payload capacity for the EV truck.

Speaking at the Advanced Clean Transportation (ACT) Expo in Las Vegas, Tesla exec Dan Priestley said, "We're building a factory in Nevada that is being ramped in 2026 for customer deliveries and ramping to eventual target capacity to 50,000 units a year."

Currently, the Tesla Semi is in pilot testing with PepsiCo’s FritoLay division. Priestley said PepsiCo would be receiving an additional 50 trucks in its fleet for the pilot program. The company is currently testing approximately 35 trucks.

Tesla stock rose as much as 4.5% on Tuesday.