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Tesla Rival Geely Reportedly Set to Launch Electric Semi by 2024

Geely’s commercial vehicle group, Farizon Auto, will reportedly launch electric-truck models in 2024, targeting markets including North America.

Chinese automaker Geely GELYF reportedly plans to launch its new heavy duty electric truck, designed for the global market, by 2024, the Shanghai company told cable news network CNBC on Monday.

Geely’s commercial vehicle group, Farizon Auto, is planning to roll out the new Homtruck in 2024 with an eye on international markets, including Europe, Korea, Japan and North America, Farizon Auto Chief Executive Mike Fan told CNBC in an interview.

The big rig Homtruck will have different power options including methanol hybrid and pure electric, CNBC reported. 

Methanol-powered batteries are a technology Geely has been investing in for some years and some of its models currently have this power option. 

Farizon told CNBC the Homtruck’s batteries can also be swapped out, which cuts down on the need to charge.

Geely said the Homtruck will be able to use some partially autonomous driverless features. And for longer journeys, trucks will be able to communicate with each other to maintain safe speed and distance.

Shares of Geely at last check edged 2.1% lower at $3.2.

A global semiconductor chip shortage due to sanctions imposed on Chinese tech companies has hurt automakers worldwide. 

The industry also fears the shortage could get worse in the move toward electric vehicles, which require more chips in comparison to regular cars.

Tesla  (TSLA) - Get Free Report has delayed the production of its semi truck until 2022, citing limited availability of battery cells. 

Production plans for its new electric Semi truck went into low gear because the special battery cells the truck needs are in short supply.