Hennessy Capital

Truck Tech: Rush hour edition

Truck Tech logo on blue background

Rusty Rush not only operates more truck dealerships than anyone on the planet, he also knows technology. And he has opinions on just about everything. So, buckle up. It’s Rush hour. 

Also this week, TuSimple and Plus have rumored suitors, and Nikola is going to the ATM but not the one at the bank on the corner.

The world according to Rusty Rush

Rusty Rush, president, chairman and CEO of Rush Enterprises, is one of those people you could listen to all day. His down-home Texas twang and affable...

https://www.freightwaves.com/news/truck-tech-rush-hour-edition

Canoo gets lifeline from Walmart in electric delivery van deal

Blue Canoo lifestyle delivery vehicle on blue background

Startup electric vehicle maker Canoo Inc., which said as recently as May there was “substantial doubt” about its survival. It appears safe for the moment thanks to Walmart’s purchase of 4,500 of its lifestyle delivery vehicles.

The announcement Tuesday morning before the opening bell on the Nasdaq sent Canoo (NASDAQ: GOEV) shares soaring. It more than doubled in price before falling back to a 53%, gain, closing at $3.63 Tuesday.

Walmart signed a definitive agreement with Canoo for its LDV with an...

https://www.freightwaves.com/news/canoo-gets-lifeline-from-walmart-in-electric-delivery-van-deal

SPAC merger collapses for autonomous trucking software developer Plus

Hennessy Capital Acquisition Corp. and autonomous trucking software developer Plus canceled their planned SPAC merger on Monday, a breakup telegraphed in recent weeks by Hennessy’s claim that regulations from outside the United States — likely China — were too big a hurdle to clear.

The termination is effective immediately given that Monday was the “outside date” for the business combination to go into effect. It was unclear whether HCIC shareholders who invested in Hennessy’s initial public...

https://www.freightwaves.com/news/spac-merger-collapses-for-autonomous-trucking-software-developer-plus

Endangered SPAC? Public trading path for Plus could be in jeopardy

Signs are flashing red for the business combination of autonomous trucking software developer Plus getting to the finish line of its $3.3 billion SPAC merger with Hennessy Capital Acquisition Corp. V.

A Sept. 27 Securities and Exchange Commission filing by HCIC (NASDAQ: HCIC)

declares it unlikely the merger will conclude by the “outside date” of Nov. 8. Plus will not comment on the timing of the closing of the business combination.

Competitor Aurora Innovation expects to conclude its SPAC business...

https://www.freightwaves.com/news/endangered-spac-public-trading-path-for-plus-could-be-in-jeopardy

Coming attractions: 2 autonomous trucking companies begin trading in November

Aurora Innovation and Embark Trucks expect to conclude their business combinations in early November with shell companies created to bring the autonomous trucking software startups to the public markets.

Filings with the Securities and Exchange Commission show Aurora would begin trading Nov. 4 and Embark on Nov. 9. Aurora and Embark merged with special purpose acquisition companies within weeks of each other in June and July.

The SPAC sponsor of a third autonomous trucking company, Plus, on Sept....

https://www.freightwaves.com/news/coming-attractions-2-autonomous-trucking-companies-begin-trading-in-november

Plus delivering autonomous systems in China after equipping Amazon trucks in US

After equipping some Amazon long-haul trucks with its autonomous software in the U.S. earlier this year, autonomous trucking startup Plus is making initial deliveries to First Auto Works (FAW), China’s largest truck manufacturer and its joint venture partner.

China’s first production units are technically high-autonomy Level 4, but they have been repackaged to operate under human supervision with fewer features.

Unlike the upfitting of the software and hardware on the Amazon (NASDAQ: AMZN)...

https://www.freightwaves.com/news/plus-delivering-autonomous-systems-in-china-after-equipping-amazon-trucks-in-us

Exclusive first ride: Plus autonomous truck is a gentle giant on the highway

CUPERTINO, Calif. — So what is it like when a robot is doing the driving of a fully loaded Class 8 heavy-duty truck?

Really smooth. Really well mannered. And the sense that surrounding traffic is oblivious to the likely future of trucking, at least of this hourlong ride on several northern California freeways on a sunny afternoon in early July.

Freightwaves accepted an invitation from startup autonomous trucking software maker Plus to experience the current state of its Level 4 software retrofit...

https://www.freightwaves.com/news/exclusive-first-ride-plus-autonomous-truck-is-a-gentle-giant-on-the-highway

Amazon paying $150M for 20% stake in Plus and buying 1,000 trucks

Amazon Inc. (NASDAQ: AMZN) is purchasing 1,000 trucks with high-autonomy software from startup Plus in a deal giving the e-commerce giant a 20% stake in the company.

Hennessy Capital Investment Corp. V (NASDAQ: HCIC), the special purpose acquisition company (SPAC) sponsoring Plus for public trading, disclosed Amazon Logistics as the purchaser in a Securities and Exchange Commission 8-K filing on Monday.

The deal was described in the Plus investor deck but did not name the customer. FreightWaves...

https://www.freightwaves.com/news/amazon-paying-150m-for-20-stake-in-plus-and-buying-1000-trucks

Embark Trucks hauling HP printers as it grows autonomous partner network

HP Inc. (NYSE: HPQ) will begin shipping computer printers from Los Angeles to Phoenix on supervised autonomous semis from Embark Trucks. HP is the newest addition to a network of Embark is growing to better understand shipper needs.

In the beginning, HP will move just one truck a week, “with additional opportunities to expand as additional lanes and opportunities are identified,” Jessica Kipp, HP’s global head of logistics, told FreightWaves. “We look forward to working with our logistics...

https://s29755.pcdn.co/news/embark-trucks-hauling-hp-printers-as-it-grows-autonomous-partner-network

SPAC rumor mill churns over autonomous truck software developer Plus

Self-driving truck software startup Plus is reportedly in talks to merge with the same investor group that brought public electric vehicle startup Canoo Inc. (NASDAQ: GOEV), school bus maker Blue Bird Corp. (NASDAQ: BLBD) and flatbed logistics specialist Daseke Inc. (NASDAQ: DSKE).

Rumors of the Cupertino, California-based startup aligning with a special purpose acquisition company (SPAC) have circulated for months. Bloomberg reported Friday that Plus is in talks with Hennessy Capital Investment...

https://s29755.pcdn.co/news/spac-rumor-mill-churns-over-autonomous-truck-software-developer-plus

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