Watch the Tesla Semi speed around a race track in a new testing video

Tesla Semi
Tesla says the Semi will enter

  • Tesla shared a clip of its upcoming big rig speeding around a race track on Sunday.
  • Tesla is set to start delivering the Semi this year.
  • The carmaker said its truck will have a range of 500 miles and a 0-60-mph time of five seconds.
  • See more stories on Insider’s business page.

Tesla has been promising to roll out its first electric big rig, the Semi, for years now. And the truck may be nearly ready for prime time, judging by a new testing video Tesla shared on Sunday.

On Sunday, Elon Musk’s automaker tweeted a video of a pre-production Semi speeding around a race track with the caption, “Semi on the track.” In the clip, the vehicle can be heard emitting a jet-engine-like whirring sound as it banks a corner.

Tesla claims the Semi can hit 60 mph in 20 seconds with an 80,000-lb load. Without a trailer in tow, the Semi can hit 60 mph in a blistering five seconds, Tesla said when it revealed the truck in 2017. The truck is powered by four independent motors on the rear axles.

Read more: How to land an interview at Amazon’s white-hot self-driving startup, according to its hiring director

The Semi costs an estimated $150,000 for the model with a 300-mile range. A 500-mile-range truck is expected to cost around $180,000, Tesla says. Businesses can reserve a Semi for $20,000.

Since 2017, Tesla raked in thousands of reservations from major companies like PepsiCo, Walmart, and Anheuser-Busch – along with shippers like FedEx, DHL, and UPS – but it has yet to deliver a single truck. It’s unclear how many reservation holders, if any, have canceled their orders in the interim.

The carmaker has delayed production multiple times, and now plans to begin manufacturing the Semi this year.

As it gears up to deliver its first tractor trailers, Tesla has appointed a new head of its heavy trucking division. Jerome Guillen, formerly Tesla’s president of automotive, took the reins of the project on March 11, according to a regulatory filing.

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Tesla names new head of trucking division as the company nears its first Semi deliveries

Tesla Semi
Tesla plans to start delivering the Semi in limited numbers this year.

  • Jerome Guillen, formerly Tesla’s president of automotive, will head up its trucking division.
  • The change was announced in a regulatory filing dated March 11.
  • Tesla unveiled its class 8 truck, the Semi, back in 2017 and says deliveries will begin this year.
  • See more stories on Insider’s business page.

Elon Musk’s new title of “Technoking” isn’t the only leadership change happening at Tesla. As of Thursday, the company has a new head of its trucking division.

In a regulatory filing dated March 11, the electric automaker said it had appointed Jerome Guillen, who had served as Tesla’s president of automotive since 2018, to lead the division.

Guillen has worked at Tesla in various leadership roles since 2010, according to his LinkedIn profile. Starting in January 2016, he assumed the role of vice president of trucking and programs, leading the Tesla Semi project.

The move comes as Tesla prepares to deliver its first Semi trucks later this year.

Read more: It’s time to retire comparisons between Apple and Tesla, once and for all

“As Tesla prepares to enter the critical heavy trucks market for the first time, Mr. Guillen will now leverage his extensive background in this industry to focus on and lead all aspects of the Tesla Semi program,” the company said in the filing.

Tesla unveiled the Semi, a battery-powered class 8 truck, in 2017 to much fanfare. But its production has been postponed several times since. Tesla initially eyed 2019 for the first deliveries and later pushed production to 2020 and finally to 2021.

During a conference call in January, Musk said Tesla could theoretically start producing Semi trucks at any time, but that it doesn’t have enough batteries to put in them. Still, Tesla plans to start building Semis in limited numbers this year.

It has racked up thousands of preorders for the $150,000-$200,000 truck from shipping giants like Walmart.

Tesla also said Guillen will lead the deployment of the “related charging and servicing networks” for the Semi.

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SPAC NextGen Acquisition jumps 40% after report of deal to take EV truck maker Xos public

Xos UPS truck.
Rendering of Xos UPS truck.

  • Shares of SPAC NextGen Acquisition Corp. jumped as much as 40% on Monday afternoon after reports of a potential deal with EV truck maker Xos.
  • NextGen Acquisition was founded by ex-Goldman Sachs banker George Mattson and ex-Carlyle Group chairman Gregory Summe.
  • The group raised $375 million in an IPO last November and have been looking for an industrial or healthcare-related partner to take public since.
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SPAC NextGen Acquisition Corp. jumped as much as 40% on Monday before paring gains after a Reuters report suggested the company is in talks to take the EV truck-maker Xos Trucks public.

According to Reuters sources, the special purpose acquisition company is in discussions with investors about raising financing for the deal and an agreement could be announced as earlier as this month.

Insider’s request for comment from Xos and NextGen went unanswered, and the companies declined Reuters’ request from comment.

NextGen was formed by ex-Goldman Sachs banker George Mattson and ex-Carlyle Group chairman Gregory Summe, who raised $375 million in an IPO back in November. The company has been looking for a partner to take public ever since, and with EVs booming, Xos is a solid option.

Read more: Credit Suisse says to buy these 16 ‘highest-conviction’ stock picks that are set to outperform despite the market’s contrarian view

Xos, previously known as Thor, creates state-of-the-art electric commercial vehicles that focus on reducing operating costs for clients. It boasts its own operating system and customers like UPS and the cash handling company Loomis, among others.

The reported deal between NextGen and Xos takes advantage of two of the most popular trends in the markets today: SPACs and EVs.

A special purpose acquisition company, or SPAC, is a ‘blank-check’ firm that doesn’t have any business operations of its own. Rather, SPACs goal is to merge with private companies using funds from their initial public offerings (IPOs). This allows the private company to skip the burdensome regulatory procedures that can slow a public offering.

In the past, SPACs were a rare phenomenon not usually seen in the markets, however last year saw a boom in SPAC offerings. In fact, 219 SPACs raised $73 billion in proceeds in 2020, representing a year-over-year jump of 462% which outpaced traditional IPOs by $6 billion.

High profile companies that have gone public via SPACs include Virgin Galactic, DraftKings, and Nikola.

Xos competitor Proterra also announced it has a SPAC deal in the works with Chamath Palihapitiya’s ArcLight Transition Corp. last month. That deal valued the newly combined entity at $1.6 billion.

Read more: A wealth management research chief shares 6 stock-market sectors to buy as the country reopens and the economy experiences its ‘best single year of GDP growth since 2000’

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