Rocky Mountain Trucking LLC

Electric automaker Tesla (NASDAQ: TSLA) aims to build 50,000 units of the Semi all-electric Class 8 truck by 2024, with production taking place at the company’s factory in Sparks, Nevada.

The announcement came during Tesla’s third-quarter earnings call Wednesday. The Austin, Texas-based company reported $1.05 in adjusted earnings per share and revenue of $21.45 billion.

Adjusted earnings per share beat Wall Street analysts’ expectations of 99 cents per share, but Tesla missed revenue forecasts of $21.96 billion.

Tesla CEO Elon Musk said the company expects significant production of the long-delayed Semi electric truck to begin shortly.  

“It takes about a year to ramp up production. We’re tentatively aiming for 50,000 units in 2024 for the Semi in North America,” Musk said during the earnings call.

Tesla also revealed the Semi was listed as a vehicle under “early production” in its Nevada factory in the company’s Q3 2022 Update Letter released Wednesday.

On Oct. 6, Musk tweeted that production of Semi had begun and PepsiCo would receive the first deliveries on Dec. 1.

Tesla announced the launch of the Semi in 2017 and said the Class 8 truck would go into production by 2019. However, the program suffered repeated delays, including supply chain issues and the departure of a key executive.

PepsiCo subsidiary Frito-Lay is in line to receive the first trucks. Tesla has already installed a Mega Charger on Frito-Lay’s distribution site in Modesto, California.

During the earnings call, Musk said he expects to be on hand for the first Semi truck deliveries.

“This is a max load heavy truck, with no sacrifice to cargo capacity and 500-mile range with cargo,” Musk said. 

TeslaQ3/22Q3/21Y/Y % Change
Total revenue$21.45B$13.75B56%
Automotive revenue$18.69B$12.1B55%
Number of vehicles built365,923237,82354%
Number of vehicles delivered11,00416,658(34%)
Earnings per share$1.05$0.6269%
Tesla third-quarter earnings snapshot.

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