Shares of small-capitalization, Swedish trucking firm Einride soared early Tuesday after the company announced plans for "the world's largest Tesla Semi deployment."
The Tesla Semi truck was introduced back in 2017. Hundreds have been built, with mass production starting this year. Eventually, Tesla wants to build 50,000 a year at a plant in Nevada.
Einride plans to deploy 500 trucks over the next 24 months with the vehicles "fully financed" by third parties. The trucks will haul freight for Amazon.com and "extend Einride's electric freight network and platform across freight corridors in California, Texas, New Jersey, Illinois and Georgia," according to a news release.
Einride stock was up more than 18% in premarket trading at $7.30, while S&P 500 futures were down 0.5%.
Electric semi trucks have been a challenge for the transportation industry. Batteries are heavier than gas tanks and diesel, sacrificing towing capacity, and charging infrastructure is also a concern. A Tesla Semi can go up to 500 miles on one charge and can recharge from 0% to 60% in about 30 minutes. Electric trucks, however, can offer fuel savings in the right use case, typically shorter haul applications.
Einride, for instance, is supporting Amazon's "middle-mile" network with electric trucks. Those vehicles aren't driving across the country.
Along with the Tesla news, Einride reported first-half 2026 results. Sales were $27 million, up 26% year over year. Sales in the second half of the year are expected to grow 60% to 75% year over year, with more Amazon business coming online. There isn't a Wall Street consensus to compare numbers to. Einride doesn't have analyst coverage, according to FactSet.
The company is small. Coming into Tuesday trading, shares were down 43% this year, leaving Einride with a market value of less than $1 billion.
Still, it has big plans to grow using Tesla technology.
Tesla stock was down 1.2% in premarket trading. It wasn't getting a bump from Semi truck news. Investors remain focused on AI opportunities, including robo-taxis and robots, wrote Baird analyst Ben Kallo in a Tuesday note.