transportation SPACs

Carnage grows among transportation startups

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In the world of electric vehicle and autonomous trucking startups, the picture of winners and losers...

https://www.freightwaves.com/news/carnage-grows-among-transportation-startups

Embark Trucks laying off 70% of employees, winding down business

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Embark Trucks laid off 70% of its workers on Friday and may liquidate. The first autonomous trucking...

https://www.freightwaves.com/news/embark-trucks-laying-off-70-of-employees-winding-down-business

How Kodiak Robotics avoided FOMO in staying private

The meltdown of transportation SPAC valuations is unrelenting. Here’s the story of one thriving autonomous trucking developer that stayed out of the rush-to-go-public frenzy.

Kodiak Robotics’ peace of being private

One autonomous trucking developer ignored the FOMO (fear of missing out) on the SPAC frenzy of 2020 and 2021. With valuations cratering for most companies that went public via special purpose acquisition companies, Kodiak Robotics is looking pretty smart. 

It is hiring strategically...

https://www.freightwaves.com/news/how-kodiak-robotics-avoided-fomo-in-staying-private

Truck Tech: ‘Don’t ask, don’t tell’ edition

TuSimple told federal officials about the crash of one of its supervised autonomous trucks and temporarily grounded its fleet. But it neglected to inform its partner, Navistar. Meanwhile, the incident led rival Torc Robotics to make some changes to its own self-driving truck processes.

Was meaning to say something…

Much ado about something has been made of the TuSimple supervised autonomous truck crash in April in Arizona. No one was hurt, but the unintended sharp left turn across a lane of...

https://www.freightwaves.com/news/truck-tech-dont-ask-dont-tell-edition

Truck Tech: Summer jobs edition

Truck Tech logo on blue background

Layoffs get the headlines but a surprising number of electrification startups are adding employees even as they try to raise more money. Volvo is using two dealerships and a five new charging points to create a corridor in California. And the Diesel Technology Forum graphically shows once again that fossil fuels are still king in commercial transportation.

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Electrification startups are hiring

Record-hig...

https://www.freightwaves.com/news/transportation-startups-still-hiring-even-as-layoffs-get-the-attention

Truck Tech: ArcLight’s next act edition

Blue Truck Tech logo

Don’t tell ArcLight Capital Partners that clean energy transport companies are out of favor. The SPAC sponsor of electric bus and charging infrastructure developer Proterra is investing $50 million in electric trucks as a service near Los Angeles International Airport while preparing for a shareholder vote next week on taking renewable natural gas developer Opal Fuels public.

Investing after SPACs

With one SPAC complete and another up for shareholder vote next week, ArcLight Capital Partners is...

https://www.freightwaves.com/news/truck-tech-arclights-next-act-edition

Electric Last Mile Solutions files for bankruptcy liquidation

ELMS van in middle of street at dusk

Battery-electric delivery van startup Electric Last Mile Solutions (ELMS) has filed for bankruptcy liquidation, ending a long slide that included insider trading, an SEC investigation and a bear market that is pummeling newly public transportation companies.

“Unfortunately, there were too many obstacles for us to overcome in the short amount of time available to us,” Shauna McIntyre, interim CEO and president, said in a press release.

In an 8-K filing Sunday with the Securities and Exchange...

https://www.freightwaves.com/news/electric-last-mile-solutions-files-for-bankruptcy-liquidation

Truck Tech: Down Under charging edition

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Electric vehicle fast chargers are  critical to keeping power-hungry commercial trucks that run on battery power moving. Australia’s Tritium built its first direct-current fast charger a decade ago. Now, it is growing its U.S. presence. Tesla is taking hefty deposits for its battery-powered Semi, and Volvo Truck is sharing a guidebook  from its LIGHTS electrification project in California.

An Aussie solution to electric truck charging

The success of electric trucks rides on the ability to avoid...

https://www.freightwaves.com/news/truck-tech-down-under-charging-edition

Transfix sees record results ahead of public listing

Transfix firing on all cylinders ahead of public listing

Digital freight platform Transfix announced fourth-quarter growth in key financial metrics Tuesday. Full-year 2021 provided the company with many milestones, including record financial results.

Total revenue increased 37% year-over-year in the quarter to $87 million. The result pushed the top line 60% higher for full-year 2021 to $296 million. Adjusted gross profit in the quarter increased 5% to $6.1 million. The adjusted gross profit margin was down 220 basis points to 7% as third-party truck...

https://www.freightwaves.com/news/transfix-sees-record-results-ahead-of-public-listing

Truck Tech: SPAC shenanigans edition

This week, Electric Last Mile Solutions becomes another data point for those who argue shady dealings are a byproduct of SPAC mergers; Hyliion recruits another all-star board member but investors would rather see hybrid truck contracts generating revenue; and Paccar extends its deal for Meritor’s integrated electric powertrain.

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The shady side of SPACs

The stock shenanigans that took down the top two...

https://www.freightwaves.com/news/truck-tech-spac-shenanigans-edition

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