Photo: YouTube Screenshot/Embark Trucks
A combination of a shortage of truckers, congestion at the port, and positive e-commerce trends have left a gap, creating an opportunity for the autonomous trucking industry. Alex Rodrigues, Embark Trucks CEO, said investors are beginning to understand the need for autonomous trucking, and there is a likelihood that it will revolutionize the logistics industry.
Embark Trucks has just finalized its SPAC merger of $5 billion even though early investors redeemed nearly 30 million shares that have set back the autonomous trucking company by $300 million.
In an interview with CNBC, the 26-year-old CEO said the industry is at an inflection point. It has started affecting everyday people.
“When people can’t get their Christmas present, the need for a solution is more urgent,” Rodrigues said.
Founded in 2016, Embark Trucks specializes in tech support for autonomous trucks. The company can convert current fleets into autonomous fleets. The company doesn’t develop its own trucks but instead partners with truck manufacturers and carriers.
Embark is the most recent autonomous trucking company going public in 2021. It has also set its eyes to open NASDAQ and will begin trading on Thursday making Rodrigues the youngest public company CEO in America.
Based on the information on the company’s website, their autonomous trucking technology can improve fleet fuel efficiency by up to 10% reducing delivery time by up to 40%. As a result, overall revenue per truck can increase by 300%.
Embark is expecting to raise around $614 million and an additional $200 million from private investors such as America’s largest trucker, Knight-Swift Transformation Holdings, along with venture capital firms Tiger Global and Sequoia.
According to a five-year forecast done by Wedbush, commercial autonomous vehicles will spend about $750 billion. Embark has already partnered with industries looking to reduce supply chain spend including AB InBev, Budweiser, DHL, Werner Enterprises among others.
In an interview with CNBC, the 26-year-old CEO said the industry is at an inflection point. It has started affecting everyday people.
“When people can’t get their Christmas present, the need for a solution is more urgent,” Rodrigues said.
Founded in 2016, Embark Trucks specializes in tech support for autonomous trucks. The company can convert current fleets into autonomous fleets. The company doesn’t develop its own trucks but instead partners with truck manufacturers and carriers.
Embark is the most recent autonomous trucking company going public in 2021. It has also set its eyes to open NASDAQ and will begin trading on Thursday making Rodrigues the youngest public company CEO in America.
Based on the information on the company’s website, their autonomous trucking technology can improve fleet fuel efficiency by up to 10% reducing delivery time by up to 40%. As a result, overall revenue per truck can increase by 300%.
Embark is expecting to raise around $614 million and an additional $200 million from private investors such as America’s largest trucker, Knight-Swift Transformation Holdings, along with venture capital firms Tiger Global and Sequoia.
According to a five-year forecast done by Wedbush, commercial autonomous vehicles will spend about $750 billion. Embark has already partnered with industries looking to reduce supply chain spend including AB InBev, Budweiser, DHL, Werner Enterprises among others.
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