Tesla‘s (TSLA) long-delayed Semi truck is said to finally be going into production, while General Motors (GM) confirmed its third electric pickup truck. Tesla stock and GM stock rose.
The all-electric Semi big-rig truck was unveiled in 2017 and supposed to go into production in 2019. But battery shortages pushed back its production debut.
Electrek is now reporting that the drive axle production line is ready and the general assembly line at Tesla’s Nevada factory is going through its final debugging before starting production.
The Semi would become the first class 8 truck with an 80,000-pound capacity. It would come in two versions: a 300-mile range model and a 500-mile range version. Both would presumably require 4680 battery packs, which are not yet mass produced. The Semi would cost $150,000 for the lower-range model and $180,000 for the longer-range version.
PepsiCo (PEP) is among Tesla’s biggest Semi reservation holders with 15. Walmart (WMT) is said to be interested too.
Meanwhile, GM is gearing up to roll out a full-size, all-electric GMC pickup truck. It would be the company’s third electric pickup truck.
In April, GM confirmed it was making an electric Chevrolet Silverado. GM also plans to begin deliveries of its GMC Hummer EV later this year. GM’s new models are part of a $35 billion investment in EVs and autonomous vehicles.
Tesla’s Cybertruck is also rumored to be approaching production launch. CEO Elon Musk admitted in a tweet last week that the trapezoid-shaped pickup could flop. But he added: “I don’t care. I love it so much even if others don’t. Other trucks look like copies of the same thing, but Cybertruck looks like it was made by aliens from the future.”
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Shares rallied 2.2% to close at 660.50 on the stock market today. Tesla stock recently found support at the 40-week line on its weekly chart, and now it’s spending some time above its 10-week moving average, according to MarketSmith chart analysis.
Meanwhile, the Leaderboard stock’s relative strength line is going sideways, after declining from all-time highs in January. Its RS Rating is 76 out of a possible 99. Its EPS Rating is 73.
Tesla reports Q2 earnings late Monday. Analysts polled by Zacks Investment Research expect EPS to surge 105% to 90 cents and sales to jump 89% to $11.39 billion.
GM shares rose 3.6% to 56.15. GM stock broke out of cup base past a 63.54 buy point on June 3, but fell back below its 50-day moving average in the weeks that followed.
The Detroit-based automaker’s relative strength line took a dive in recent weeks. Its RS Rating is 86, while its EPS Rating is 74.
Among other makers of electric trucks, Ford (F) rallied 4.7% while startups Canoo (GOEV) and Workhorse (WKHS) rose 2.2% and 0.8%, respectively.
Follow Adelia Cellini Linecker on Twitter @IBD_Adelia.
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