electric delivery vans

Breaking: Rivian IPO could rival value of Ford

Electric vehicle maker Rivian said it will start trading as a public company on the Nasdaq Stock Market next week under the ticker symbol RIVN at a valuation greater than $60 billion.

The news was first reported by The Wall Street Journal, which said a definitive value would be disclosed in a Securities and Exchange Commission filing expected later Monday. The publication said the value would be in the “low-$60s-billon range.”

If Rivian goes public at that valuation, it would rival current...

https://www.freightwaves.com/news/breaking-rivian-ipo-could-rival-value-of-ford

Workhorse executive housecleaning continues with ouster of CFO and COO

Workhorse Group CEO Rich Dauch has jettisoned the company’s chief financial officer and chief operating officer, his latest housecleaning moves as he seeks to fix production, product and processes at the electric truck manufacturer.

The latest departures follow a recall of the only 41 C-1000 electric delivery vans the company has manufactured. Dauch has halted the production of more vans while engineering changes are made.

The safety defect, which has yet to appear on the National Highway Traffic...

https://www.freightwaves.com/news/workhorse-executive-housecleaning-continues-with-ouster-of-cfo-and-coo

Workhorse reviews electric van designs, distances itself from Lordstown Motors

Workhorse Group delivered 14 electric delivery vans to customers in the second quarter but it is going back to the drawing board to figure out how to add more cargo capacity before it resumes ramping up production.

In many ways, the Workhorse (NASDAQ: WKHS) earnings report for the April to June period resembled previous quarters — a tale of delays and supplier issues.

After ousting CEO Duane Hughes in favor of former Delphi Technologies CEO Rick Dauch, the Cincinnati-based company said it is...

https://www.freightwaves.com/news/workhorse-reviews-electric-van-designs-distances-itself-from-lordstown-motors

Electric Last Mile Systems’ first-day stock spike doesn’t last long

Electric Last Mile Systems goes public

Shares of Electric Last Mile Systems (NASDAQ: ELMS) jumped as much as 10% in early morning trading on Monday after the electric vehicle maker made its public trading debut following its merger with special purpose acquisition company (SPAC) Forum Merger III Corp.  

Despite the early jump, though, the stock quickly dropped to $10.42 per share in late Monday morning trading. The stock opened at $11.10 per share. It was expected to have a valuation of about $1.4 billion at open. Forum Merger III,...

https://www.freightwaves.com/news/electric-last-mile-systems-early-stock-spike-doesnt-last-long-on-first-trading-day

Short squeeze? Workhorse Group stock again a retail trader plaything

Until a reversal on Friday, the share price of Workhorse Group (NASDAQ: WKHS) had been skyrocketing, adding 59% to its value in the past two months.

Nothing is happening in the business to drive such appreciation. If anything, the clock is ticking before competitors in the electric delivery van space catch and overtake Workhorse, which struggles with myriad production issues.

As a meme stock like retailer GameStop Corp. (NYSE: GME) and more recently AMC Entertainment Holdings (NYSE: AMC),...

https://www.freightwaves.com/news/short-squeeze-workhorse-group-stock-again-a-retail-trader-plaything

Merchants Fleet orders 12,600 GM BrightDrop electric vans

BrightDrop, the new General Motors (NYSE: GM) subsidiary creating an ecosystem of electric light commercial delivery vans and connected pallets, will sell 12,600 of its EV600 vans to Merchants Fleet.

Merchants Fleet describes itself as the nation’s fast-growing fleet management company. It will take delivery of the vans beginning in early 2023. BrightDrop’s first customer, FedEx Express (NYSE: FDX), will receive the first of 500 vans it has ordered by the end of this year.

“Merchants Fleet is...

https://www.freightwaves.com/news/merchants-fleet-orders-12600-gm-brightdrop-electric-vans

The Daily Dash: Civil penalties set for drug/alcohol violations; what happened to ‘Shipageddon’?

The Daily Dash is a quick look at what is happening in the freight ecosystem. In today’s edition, the U.S. Department of Transportation has issued a final rule that would set the rates for civil penalties for Drug & Alcohol Clearinghouse violations. Plus, the holiday shipping season was not as bad as many feared, and California’s governor proposes $1.5 billion to fund clean trucks and buses.  

Costly violations

Truck drivers violating provisions within the Drug & Alcohol Clearinghouse could face...

https://s29755.pcdn.co/news/the-daily-dash-civil-penalties-set-for-drugalcohol-violations-what-happened-to-shipageddon

Workhorse gets big electric truck order, but can it deliver?

Workhorse Group Inc. (NASDAQ: WKHS) booked its largest order of electric last-mile delivery vans to date. But the order is contingent on Workhorse being able to fulfill it.

Pride Group Enterprises, which operates 17 retail and rental truck locations in the U.S. and Canada, ordered 6,320 vans for delivery between this July and 2026 — five times the backlog Workhorse has for its C-650 and C-1000 battery-powered composite-body vans.

Slowed by a COVID outbreak at its factory in Union City, Indiana,...

https://s29755.pcdn.co/news/workhorse-gets-its-biggest-electric-truck-order-but-can-it-deliver

The Daily Dash: FMCSA eases CDL restrictions; Schneider boosts pay

The Daily Dash is a quick look at what is happening in the freight ecosystem. In today’s edition, federal regulators have issued a final rule to ease restrictions for drivers seeking to obtain a commercial driver’s license. Plus, Schneider has boosted driver pay again and Navistar reports lower sales and earnings in what is likely its final earnings report as an independent company.

FMCSA issues rule to ease requirements to obtain a CDL

Federal regulators issued a final rule Thursday to make it...

https://s29755.pcdn.co/news/the-daily-dash-fmcsa-eases-cdl-restrictions-schneider-boosts-pay

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