SPI Energy Co Ltd SPI-owned pre-production electric vehicle startup EdisonFuture Inc unveiled a solar-powered pickup truck last week at the LA Auto Show.
What Happened: EdisonFuture’s EF1-T concept pickup, which looks like the Tesla Inc’s TSLA yet-to-be launched Cybertruck, is expected to hit the market in 2025 and would be available in three variants.
The pickup is expected to have a range of 300 miles and clock 0-60 miles per hour in 6.5 seconds, with a 7,500 pounds towing capacity and a bed length of 6.5 feet, as per the company.
See Also: Elon Musk Says Cybertruck Mirrors Required By Law, But Will Be Easy To Remove
Why It Matters: A number of electric vehicle companies including Tesla, Ford Motor Co F, and Rivian Automotive Inc RIVN have been working to launch their electric pickup trucks in the market.
Tesla revealed the first version of its hotly anticipated Cybertruck in November 2019. In October, the company's CEO Elon Musk said the Cybertruck won't begin production until 2022 at the earliest and that the full ramp up probably won't happen until 2023.
Price Action: SPI Energy stock closed 12.02% lower at $6 a share on Friday.
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