Elon Musk tweeted that PepsiCo will receive the first fleet of Tesla’s electric semi-trucks this December. Musk’s tweet comes after multiple changes in the timeline due to part shortages. After the prototype was unveiled in 2017, PepsiCo reserved 100 of the vehicles in its quest to reduce fuel costs and fleet emissions. The electric semi is expected to cost $180,000 but qualifies for tax break up to $40,000 under a Senate-approved US subsidy program. Source.
VENTURE CAPITAL IN FREIGHT TECH
Chicago-based MVMNT announces a $20 million Series A round. The company has been giving free TMS software to brokerage companies. So what compelled Andreessen Horowitz (a VC legend), Abstract Ventures, M25, and industry angels to invest? The company makes money using its “brokerage in a box” software as a distribution vehicle for other services. They offer freight factoring, insurance, phones, and surety bonds. CEO Michael Colin says they have plans to expand into other financial services. MVMNT is re-envisioning the traditional TMS by combining the powers of advanced technology with deep industry knowledge. Source.
TOO MANY SHIPS – NOT ENOUGH DEMAND
Coming off the biggest boom in global shipping, we’re seeing a massive influx in new container ships, with more on order. But the surge in cargo demand seen in 2021-22 has taken a steep plunge. The current container ship order book breaks previous records at 7.1 million twenty-foot equivalent units (TEUs). With an additional 2.34 million TEUs to be delivered in 2023. The experts are still unsure whether the market will be able to adjust to the incoming capacity. Carriers have a few strategies to explore: letting these ships idle, scrapping older non-eco-friendly ships, or allowing current ship leases to expire. We’ll have to wait and see how much of an impact these strategies will have on the overcapacity. Source.
THE DRIVERLESS FUTURE
In partnership with Loblaw Companies, Gatik trucks are on the streets of Toronto – without a human in the driver’s seat – making history in Canada as the first to conquer such a feat. The pair are delivering express grocery orders in Gatik’s multi-temperature box trucks. Gatik appears to have other expansions just on the horizon. They’ve established partnerships with major players like Pitney Bowes in the Dallas market, Isuzu, Cummins, and Goodyear. Source.
We polled our followers on LinkedIn, asking, “How long will it take for governments to allow 53-foot trucks to be driverless on the road?” Respondents weren’t in agreement on whether or not we’ll be seeing empty cabins driving the highways any time soon. You can chime in for yourself over on the original post.
ARE YOU GOOD AT METH?
Agents at the El Centro Sector of the US/Mexico border stopped a suspicious 2015 Freightliner for a secondary inspection on September 30th. During the search, a canine unit alerted to the trailer, where officers found and tested 110 vacuum-sealed packages stowed inside three large duffle bags. The substances inside the packages tested positive for methamphetamine. Estimates put the street value of the 233.9-pound bust at over $500,000. The driver, a 50-year-old Mexican national, was arrested at the scene. Source.
STAY THE F**K IN LOGISTICS
Last week, the FreightCaviar Team attended a party hosted by CDL 1000 at the JOC.com Inland Distribution Conference. Rod Blagojevich, the former Governor of Illinois, gave great advice to anyone in logistics considering a career in politics. Click here to watch the clip. 😂
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