Tesla is hardly the only player in the nascent electric truck market — as Bloomberg notes — as big companies like Daimler and Cummins are moving toward commercialization.

Why electric trucks matter: Trucks, especially big rigs, are a small percentage of vehicles on the road but use lots of oil. (Check out the chart below, reconstructed from the International Energy Agency's new World Energy Outlook 2017.)

Expand chart

Data: IEA World Energy Outlook 2017, OECD/IEA; Chart: Andrew Witherspoon / Axios

In what amounts to IEA's base case (a model of existing and officially announced policies), oil demand for trucking swells to 20 million barrels per day in 2040, led by that sharp increase you see in diesel demand for heavy-duty freight.

  • It's one reason, though hardly the only one, why IEA does not forecast a peak in global crude oil demand through the end of their analysis period in 2040.

The bottom line: Widespread deployment of electric heavy-duty trucking — alongside other alternative fuels and stronger fuel efficiency mandates for diesel-powered rigs — could alter the trajectory of oil demand in coming decade if Musk and other players can make it cost-effective.

Go deeper: Check out a preview of Tesla's electric truck, which is scheduled to be unveiled today.

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Deutsche Bank pays New York $150 million for dealings with Jeffrey Epstein

Photo: Stephanie Keith/Getty Images

Deutsche Bank has agreed to pay the state of New York a $150 million penalty for "significant compliance failures" related to its dealings with now-dead convicted sex offender Jeffrey Epstein, the State Department of Financial Services announced Tuesday.

Why it matters: Deutsche Bank "failed to properly monitor account activity conducted on behalf of the registered sex offender despite ample" public information about Epstein's criminal history, according to regulators. It's the first time any financial institution has been penalized for its dealings with Epstein.

FBI director says China aims to become "world's only superpower"

FBI Director Christopher Wray speaks to the media during a news conference at FBI Headquarters on June 14, 2018 in Washington, DC. Photo: Mark Wilson/Getty Images

FBI Director Christopher Wray gave a speech today at the Hudson Institute in Washington, D.C. in which he laid out "more detail on the Chinese threat than the FBI has ever presented in an open forum."

Why it matters: China's increasingly aggressive behavior under General Secretary Xi Jinping is ringing alarm bells in the U.S.

45 mins ago - Health

Trump administration invests $2 billion in coronavirus drugs

A Novavax researcher prepares to test the vaccine. Photo: Andrew Caballero-Reynolds/AFP via Getty Images

The Department of Health and Human Services and Department of Defense have awarded $1.6 billion to Novavax and $450 million to Regeneron Pharmaceuticals as part of the federal government's efforts to speed up the development of coronavirus treatments.

The bottom line: Federal scientists are holding out hope that these companies' treatments, along with other vaccines in development, will snuff out the spread of the coronavirus.