Trucking

Tesla’s Q1 revenue falls 9% amid mass layoffs in California, Texas

Tesla CEO Elon Musk said the company will accelerate the launch of less expensive EV models after its profits and revenue under performed for the third consecutive quarter.

“The EV adoption rate globally is under pressure, and a lot of other auto manufacturers are pulling back on EVs and pursuing plug-in hybrids instead,” Musk said during an earnings call with analysts Tuesday after the market closed. “We believe this is not the right strategy, and electric vehicles will ultimately dominate the...

https://www.freightwaves.com/news/teslas-q1-revenue-falls-9-amid-mass-layoffs-in-california-texas

EXO closes Chattanooga office to focus on managed transportation tech

Open-deck transportation marketplace EXO Freight closed its Chattanooga, Tennessee, office Tuesday, laying off 19 employees, including a few from its spot brokerage team in Royal Oak, Michigan, who were mainly operations-focused, co-founder and CEO Kurtis Tryber told FreightWaves.

Tryber said it was an intentional move by the company to pivot from covering unprofitable spot market freight through its brokerage to utilizing its specialized marketplace and fintech solutions for managed...

https://www.freightwaves.com/news/exo-closes-chattanooga-office-to-focus-on-managed-transportation-tech

Heartland Express books another net loss

Heartland Express said a prolonged period of soft freight demand, excess truck capacity and cost inflation were the reasons for a $15.1 million net loss in the 2024 first quarter.

On Tuesday, the North Liberty, Iowa-based truckload carrier reported a 19-cent-per-share loss for the period, 7 cents worse than the consensus estimate and 35 cents worse year over year (y/y). This was the company’s third straight net loss when excluding one-time gains from the sale of real estate. (It booked $25.6...

https://www.freightwaves.com/news/heartland-express-books-another-net-loss

Forward Air taps Ceva unit head as next CEO

Forward Air has named former Ceva Logistics unit head Shawn Stewart as its new CEO effective this coming Sunday. The announcement follows the ouster of former leader Tom Schmitt, which orchestrated a controversial merger with Omni Logistics that finally closed in January after months of litigation.

Stewart brings nearly 30 years of leadership experience in transportation and logistics to Forward (NASDAQ: FWRD). He held various leadership roles at global logistics provider Ceva, mostly recently...

https://www.freightwaves.com/news/forward-air-taps-ceva-unit-head-as-next-ceo

Universal Transit: Pioneering AI to transform auto transportation

Universal Transit, a groundbreaking company founded by three innovative friends in New Jersey in 2020, is on a mission to revolutionize the auto transportation sector. 

With aspirations to raise $1.2 million through regulation crowdfunding (Reg CF) on Republic, this startup is not merely aiming to alter the landscape of car shipping; it’s actively leading the charge. The auto shipping industry, despite its significant worth, has largely remained untouched by modernization.

Universal Transit CEO...

https://www.freightwaves.com/news/universal-transit-pioneering-ai-to-transform-auto-transportation

Ryder’s Q1 reflects weak trucking market, but performance boosts stock

Ryder’s quarterly earnings showed signs of the weak truck market, but its emphasis on other segments of the company besides its flagship fleet rental activities continued to bear fruit.

The bottom line is that Ryder’s non-GAAP earnings per share of $2.14 exceeded consensus expectations by 43 cents, according to SeekingAlpha. Its revenue of $3.1 billion exceeded consensus by $40 million. However, the $2.14 EPS came in 67 cents lower than the corresponding figure of 2023’s first quarter.

Investors...

https://www.freightwaves.com/news/ryders-q1-reflects-weak-trucking-market-but-performance-boosts-stock

Semi-Stow rebrands as Outpost, raises $12.5M

Commercial vehicle parking and storage provider Semi-Stow announced Tuesday it has rebranded itself to Outpost and has raised $12.5 million in Series A funding led by GreenPoint Partners with participation from Speedwagon Capital Partners.

The United States currently has approximately 313,000 truck parking spaces for a populace exceeding 3.5 million active drivers. This translates to about one spot for every 11 drivers. This shortfall creates a scenario in which over 70% of drivers break federal...

https://www.freightwaves.com/news/semi-stow-rebrands-as-outpost-raises-12-5m

Borderlands Mexico: U.S. agricultural imports from Mexico at $8B in 2024

Mexico recorded $9.06 billion in agricultural exports during the first two months of the year, according to the country’s Ministry of Agriculture and Rural Development (SADER) and the Bank of Mexico.

The total represents a 9% year-over-year increase from the same period in 2023. The U.S. accounts for almost 90% of Mexico’s export marketplace, importing about $8.1 billion during the first two months of 2024, followed by Canada and China.

Top agricultural and beverage exports from Mexico in January...

https://www.freightwaves.com/news/borderlands-mexico-u-s-agricultural-imports-from-mexico-at-8b-in-2024

The importance of post-accident procedures in the supply chain

Getting into an accident is never on the to-do list, but it happens – a lot. On average, a truck crash occurs in the U.S. every 15 minutes. As summer weather rolls around and more passenger cars are on the road, the risk of a driver getting into an accident increases drastically. Drivers who know what to do in the event of an accident can make all the difference. 

There are a few key steps to follow once an accident occurs. The first and foremost is to contact local authorities, request...

https://www.freightwaves.com/news/the-importance-of-post-accident-procedures-in-the-supply-chain

Sentencing of attorney in Louisiana truck accident scam delayed again

The one attorney involved in the Louisiana staged truck accident scheme who was indicted and subsequently pleaded guilty still does not know his fate.

Danny Keating was to be sentenced Thursday in the U.S. District Court for the Eastern District of Louisiana, but it has been postponed.

Sentencing has also been put on hold for Damian Labeaud, the on-the-ground ringleader who choreographed the collisions between cars full of individuals and (mostly) trucks.

Keating’s sentencing is now set for July...

https://www.freightwaves.com/news/sentencing-of-attorney-in-louisiana-truck-accident-scam-delayed-again

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