Walmart Canada Triples Its Tesla Semi Orders

The Tesla Inc. (NASDAQ: TSLA) all-electric semi is expected to begin production soon, especially now that Tesla has revealed the company's new battery technology.

Now it looks like Walmart Inc (NYSE: WMT) in Canada is increasing its order of the Tesla Semi to 130 trucks. The announcement comes alongside Walmart's $3.5 billion investment over the next five years to grow its business, while also achieving zero emissions by the year 2040.

"Tripling our reservation of Tesla Semi trucks is part of our ongoing effort to innovate the business and prioritize sustainability," said John Bayliss, Senior Vice-president, Logistics and Supply Chain, Walmart Canada.

Benzinga's Take: This is great news for Tesla and Walmart. Support from a large company gives Tesla attention to other potential customers, who may follow in Walmart's steps. The Tesla Semi is also expected to cost significantly less over its lifetime than a traditional diesel semi.

The Tesla Semi is expected to have a range of 500 miles at highway speed with a full load.

Photo courtesy of Tesla