Trucking Equipment News

Japanese truck maker Hino gets 1st American president and chairman

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The U.S. unit of Japanese manufacturer Hino Trucks has appointed its first American-born president...

https://www.freightwaves.com/news/japanese-truck-maker-hino-gets-1st-american-president-and-chairman

Cummins posts record 2022 results as it integrates Meritor business

Cummins Inc. posted strong fourth-quarter results and it set records in several financial metrics in 2022 as the engine maker integrated billions of dollars of acquisitions including taking over Meritor Inc.

Revenue of $7.8 billion in the last three months of 2022 was 32.2% above Q4 of 2021. It topped analyst estimates by $590 million, according to investor site Seeking Alpha.

Not counting the Meritor business and related integration costs, net income for the quarter was $644 million, or $4.52...

https://www.freightwaves.com/news/cummins-posts-record-2022-results-as-it-integrates-meritor-business

Class 8 truck orders take a timeout in January

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Class 8 truck orders fell year over year in January for the first time since August, but OEMs...

https://www.freightwaves.com/news/class-8-truck-orders-take-a-timeout-in-january

Wabash Q4, full-year revenue, operating income hit records

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A long-term trailer supply agreement with J.B. Hunt Transport and another, unannounced multiyear...

https://www.freightwaves.com/news/wabash-q4-full-year-revenue-operating-income-hit-records

Why the used trucks pricing bubble finally burst

After leaking for several months, the air is nearly evacuated from the used truck pricing bubble as increased production of new trucks allows fleets to finally trade their aging iron.

Prices at auction are about 25% higher than the last pre-pandemic peak, according to J.D. Power Valuation Services. At the peak of the pricing bubble, used trucks sold for as much as149% more than they did before COVID hit in March 2020.

The depreciation grew heavier in December. A lot of auctions and sellers...

https://www.freightwaves.com/news/why-the-used-trucks-pricing-bubble-finally-burst

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

December trailer orders 2nd highest on record

Trailer manufacturers posted 57,300 orders in December, the second-highest monthly intake since ACT Research began tracking in 1996. The volume appeared to be a catch-up after OEMs blocked many orders from April to August because they lacked pricing visibility.

“I cannot speak for other OEMs. However, our higher booking in December was driven by the later opening of the order books as we awaited required quoting information from the supply base,” Sean Kenney, chief sales officer for Hyundai...

https://www.freightwaves.com/news/december-trailer-orders-2nd-highest-on-record

Outrider raises $73M to scale autonomous distribution yard business

Outrider Inc., which transforms hazard-filled distribution yards into near-touchless automated operations, has raised $73 million in a Series C funding round.

It plans to use the money to complete final capabilities and safety mechanisms. It also plans to grow from its 175 employees by hiring more engineers domestically and in Europe. Golden, Colorado-based Outrider also plans to scale the sales of its software package to customers. They represent more than 20% of 50,000 yard trucks operating in...

https://www.freightwaves.com/news/outrider-raises-73m-to-scale-autonomous-distribution-yard-business

Fallout from Romeo Power near collapse stings Lightning eMotors

The near failure of battery startup Romeo Power — acquired by Nikola Corp. in an all-stock deal in August — took a toll on startup electrification converter Lightning eMotors, which expects fourth-quarter revenue to fall 80% below projections.

The shortage of Romeo battery packs for the medium-duty trucks and buses that Lightning eMotors converts to run on electricity reduced its Q4 revenue projection to $4 million from $13 million to $18 million, the Loveland, Colorado-based company said...

https://www.freightwaves.com/news/fallout-from-romeo-power-near-collapse-stings-lightning-emotors

Wabash cuts multiyear trailer supply deal with J.B. Hunt

Wabash is following through on its attempt to smooth out the boom-and-bust cycles in trailer making. It has signed a multiyear supply deal with J.B. Hunt Transport that will cover 15,000 trailers over coming years.

The deal — the exact length was undisclosed — is significant. It helps Wabash reduce uncertainty surrounding customers who place orders and then cancel them when economic prospects change. OEMs historically have allowed this behavior before it orders materials.

Lafayette, Indiana-based...

https://www.freightwaves.com/news/wabash-cuts-multiyear-trailer-supply-deal-with-jb-hunt

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