Tesla is falling after Daimler front runs its electric semi (TSLA)

tesla semi possible

Tesla shares are down more than 3% on Wednesday.
Mitsubishi FUSO, a unit of Daimler, unveiled a new electric semi-truck concept that could rival Tesla's planned truck.

Tesla shares are down 3.34% on Wednesday after Daimler showed off an electric heavy duty truck concept that could compete with Telsa's future semi truck.

The truck was unveiled at the Tokyo Motor Show by Mitsubishi FUSO, a Daimler unit. The company did not provide details about a potential release date.

The truck will have a range of 220 miles on a single charge and is fully electric. Tesla's new truck is expected to have a range of about 200-300 miles.

Tesla plans to announce its new semi-truck on November 16 after several delays. The company has had to focus on its production ramp up for its Model 3, which is way behind the company's expected production numbers.

Mitsubishi FUSO already has a smaller electric on the market which is capable of ranges up to 80 miles, called the FUSO eCanter.

Tesla is up 51.62% this year.