Ford Motor Co.

Paccar, Daimler, Volvo get bulk of $127M in SuperTruck 3 funding

Truck manufacturers Paccar Inc., Daimler Trucks North America and Volvo Group North America snagged the lion’s share of $127 million in federal SuperTruck 3 money to pursue advanced battery-electric and fuel cell electric truck projects.

Funding also went to automakers General Motors Co. and Ford Motor Co. to develop Class 4-6 medium-duty projects. In total, the Department of Energy awarded $199 million to fund 25 projects to help put cleaner cars and trucks on the road.

When originally announced...

https://www.freightwaves.com/news/paccar-daimler-volvo-get-bulk-of-127m-in-supertruck-3-funding

Rivian files for what could be the 4th-largest IPO of the decade

Rivian files for IPO, electric vehicle maker seeks $80B valuation

Amazon-backed electric vehicle maker Rivian confirmed Friday it has filed paperwork for an initial public offering, aiming to sell on the Nasdaq under the symbol “RIVN.” The placeholder value of the IPO is $100 million. 

The public capital raise is being led by a syndicate that includes power players Morgan Stanley, Goldman Sachs and JP Morgan.

According to the filing, the EV maker is still far from profitable, losing $994 million in the first six months of 2021 and over $1 billion in 2020.

“We...

https://www.freightwaves.com/news/rivian-files-for-what-could-be-the-4th-largest-ipo-of-the-decade

BrightDrop and GM sibling Cruise Automation talking about driverless delivery

General Motors siblings BrightDrop and Cruise Automation are talking about how driverless technology could fit with commercial vehicles like the electric vans BrightDrop will begin delivering to FedEx in December.

“Cruise is starting on ride-share, but they have investment from Walmart,” BrightDrop CEO Travis Katz told FreightWaves in an interview at the Advanced Clean Transportation Expo last week in Long Beach, California.

“Walmart is in the delivery business so you can imagine their ideas...

https://www.freightwaves.com/news/brightdrop-and-gm-sibling-cruise-automation-talking-about-driverless-delivery

Electric pickup truck maker Lordstown Motors taps former Icahn executive as CEO

Longtime automotive supplier executive Daniel Ninivaggi will take over as CEO at struggling Lordstown Motors Corp. (LMC), where legal, financial and production woes contribute to the company’s repeated declaration that it might not be in business a year from now.

The startup still plans to begin limited production of its Endurance commercial electric pickup next month at a former General Motors plant in the northeast Ohio city from which it took its name. LMC hopes the vehicle can gain a...

https://www.freightwaves.com/news/electric-pickup-truck-maker-lordstown-motors-taps-former-icahn-executive-as-ceo

Workhorse cries foul in screed against Postal Service award to Oshkosh

Workhorse Group claims the U.S. Postal Service treated it shabbily and never intended to consider its bid for new mail trucks while allowing Oshkosh Truck Corp. to switch its proposed vehicle and lobby to win the multibillion-dollar contract despite a nondisclosure agreement.

Those are among the highlights of a 58-page partially redacted filing Workhorse made public Tuesday in its attempt to overturn the contract that the Postal Service awarded in February to Oshkosh (NYSE: OSK).

The surprising...

https://www.freightwaves.com/news/workhorse-cries-foul-in-screed-against-postal-service-award-to-oshkosh

Top Lordstown Motors executives out as SPAC-backed startup teeters

The top two executives at Lordstown Motors Corp. (NASDAQ: RIDE) are out following an internal investigation that found some truth to short seller Hindenburg Research’s allegations of phony preorders for the company’s planned commercial electric pickup trucks.

The departures of founder CEO Steve Burn and Chief Financial Officer Julio Rodriguez followed last week’s “going concern” filing with the Securities and Exchange Commission that the startup may not survive the year without additional money...

https://www.freightwaves.com/news/top-lordstown-motors-executives-out-as-spac-backed-startup-teeters

Lightning strike: Lordstown Motors might not survive the year

Electric pickup truck startup Lordstown Motors Corp. (NASDAQ: RIDE) might not survive the  year unless it raises more money, the company said Tuesday, declaring it is in danger of remaining a “going concern.”

After a recent runup in its stock price on the fringe of a meme stock rally, Lordstown shares plummeted 16.2% in late trading Tuesday following the disclosure of amendments to its annual report filed with the Securities and Exchange Commission (SEC).

Since going public in a business...

https://www.freightwaves.com/news/lightning-strike-lordstown-motors-might-not-survive-the-year

FreightWaves Flashback: Ford reduces in-transit damage by 70%

FreightWaves Classics articles look at various aspects of the transportation industry’s history. If there are topics that you think would be of interest, please send them to [email protected].

The many industries that make up the world of freight have undergone tremendous change over the past several decades. Each week, FreightWaves explores the archives of American Shipper’s nearly 70-year-old collection of shipping and maritime publications to showcase interesting freight stories of...

https://www.freightwaves.com/news/freightwaves-flashback-ford-reduces-in-transit-damage-by-70

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

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