Tesla Inc. stock ended flat Thursday after weaving in and out of losses most of the session, as investors awaited the launch of the company’s electric commercial truck, the Semi, after years of delays.
The invitation-only event was held Thursday evening at the electric-vehicle maker’s plant outside of Reno, Nev., and CEO Elon Musk drove one of three Semis in front of a crowd at the factory.
The company aims to produce 50,000 trucks a year in 2024. Tesla did not announce a price for the Semi.
Tesla TSLA, unveiled the Semi’s prototype in 2017 and the truck was expected to enter production in 2019. After several delays, the chip shortage caused the latest postponement, with Tesla saying a year ago that production would start this year.
Musk said Thursday that the Semi has a 500-mile range when pulling an 82,000-poound load. The first trucks will go to PepsiCo. PEP, +0.84%, which inked a deal shortly after the 2017 prototype unveiling.
Tesla stock has lost 45% this year, compared with losses of around 15% for the S&P 500 index SPX, -0.09%.