While electric vehicle giant Tesla’s (TSLA) status as an electric vehicle giant is under fire these days, there are some signs its move to be part of the electric semi race is taking shape. Tesla recently launched a partnership effort with Pilot Travel Centers to bring charging stations to the truck stops. The move proved welcome for investors, who sent shares up fractionally in Wednesday afternoon’s trading.
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Tesla will bring its line of Semi Chargers to several Pilot stations, some of which will be active as early as this summer. Most of the stops will be along I-5, I-10, and “several major corridors where the need for heavy-duty charging is highest.” The Pilot stations that have Tesla Semi Chargers will have them in blocks of four to eight, reports note, and use the V4 cabinet charging technology to deliver power faster.
Pilot’s senior vice president of alternative fuels, Shannon Sturgil, noted, “Helping to shape the future of energy is a strategic pillar in meeting the needs of our guests and the North American transportation industry. Heavy-duty charging is yet another extension of our exploration into alternative fuel offerings, and we’re happy to partner with a leader in the space that provides turnkey solutions and deploys them quickly.”
Puzzling Name Change May Be Ahead
Tesla is also planning a move that might puzzle some car buyers, as it sets out to change the name of the Model Y, but only the base model of the Model Y. Thankfully, the name change here should prove helpful to most, as Tesla renames the Model Y Standard to the Model Y Rear-Wheel Drive. Oddly, the other model in the Model Y series, the Model Y Premium, also comes with rear-wheel drive, so the distinction might be a bit puzzling.
Tesla, meanwhile, has not confirmed the name change, so this may never actually happen. Those interested in buying a Tesla will need to check the website, or hit a dealership, to find out if the name change has gone through. Still, why Tesla suddenly feels the need to highlight a feature on the Standard so heavily is, at best, unclear.
Is Tesla a Buy, Hold or Sell?
Turning to Wall Street, analysts have a Hold consensus rating on TSLA stock based on 10 Buys, eight Holds, and six Sells assigned in the past three months, as indicated by the graphic below. After a 10.74% rally in its share price over the past year, the average TSLA price target of $406.87 per share implies 6.05% downside risk.
