Tesla Inc.'s (NASDAQ:TSLA) Semi trucks are gaining traction with major customers, even though mass production hasn't begun. The company reportedly has secured its third significant client from the S&P 500.
Costco Joins the Roster? On Monday, Tesla investor and influencer Sawyer Merritt shared a post on Twitter featuring a video of a Tesla Semi emblazoned with the Costco Wholesale Corp. (NASDAQ:COST) logo in Santa Cruz, California. It remains unclear whether the Semi is undergoing testing or has been purchased by the retail giant. Costco has not yet responded to Benzinga's request for comment
Tesla semi at Costco in Santa Cruz. Driver loved the drive over highway 17. And down it! pic.twitter.com/0oVWnFNQY8
— Joaquin (@Joaquin03114400) May 7, 2024
Following 2 Giants: This development comes close on the heels of another Tesla Semi sighting, this time with Walmart Inc. (NYSE:WMT) branding at an undisclosed U.S. location. Walmart has placed a large order for Tesla Semis, but the number of delivered units remains unknown.
PepsiCo Inc. (NASDAQ:PEP) confirmed to Benzinga in January that they currently operate 36 Tesla Semis across their Frito-Lay facility in Modesto, California, and their beverage facility in Sacramento, California. Earlier this year, Pepsi also said that the Tesla Semi achieved a test milestone of exceeding 1,000 miles in a single day.
Why It Matters: During its first-quarter earnings call, Tesla stated that Semi deliveries are expected to begin in late 2025 and continue into 2026. The company also anticipates increased Semi production with the expansion of Gigafactory Nevada.
Tesla's Vice President of Vehicle Engineering, Lars Moravy, confirmed that the engineering phase of the Semi is nearing completion, paving the way for high-volume production.
Photo courtesy: Tesla