Technology

Cummins Inc. (NYSE:CMI) Takes Lead Over Tesla Inc (NASDAQ:TSLA) After Unveiling Its AEOS Electric Truck

The race for electric trucks seems to have kicked into high gear and Cummins Inc. (NYSE:CMI) has taken an early lead over Tesla Inc (NASDAQ:TSLA) after unveiling its new AEOS electric truck.

Cummins unveiled its modern marvel of an 18,000-pound electric truck on Tuesday. The company made a mark with the truck as the first ever all electric truck with zero emissions. The truck which was built by Roush can travel up to 100 miles on a single charge. The company stated that it was designed for local deliveries since courtesy of its limited 100-mile capacity. Tesla had announced that it was working on such a truck but it looks like Cummins was working quietly and has taken the lead over the popular electric car manufacturer.

Cummins is now one of the numerous automotive manufacturers that have been working on electric trucks. The company’s new truck that was unveiled on Tuesday is a prototype called AEOS. It is powered by a 145 kWh battery that takes only hour to charge using a 140 kWh charger. Despite being launched this year, the AEOS electric truck is expected to go into production in 2019. The company hopes that it will have lowered the charging time to roughly 20 minutes by then.

“There are more technologies coming into economic relevance than we’ve seen in my career, ever. This is what we do. We feel we do better when technologies are shifting,” stated Thomas Linebarger, the CEO of Cummins.

The company also plans to unveil an extended range version of the engine that will be powered by an efficient diesel engine which will offer a range of up to 300 miles. Cummins also revealed that it does not plan to build trucks but will rather supply the fully integrated battery system. It will also purchase the battery cells from an unknown provider. The launch of the AEOS truck comes just a few weeks before the anticipated launch of Tesla’s own electric semi-truck. The company announced in June that it would venture into the production of powertrains for buses in 2019.

Cummins stock closed the latest trading session on Tuesday at $157.79.

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