FedEx Fuels Harbinger’s $160M Raise While Einride Goes Public in New Wave of Electric Trucking Bets

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initial order for 53 of its EVs.More from Sourcing JournalDHL Profits Rise Despite 32% US-Bound Air Freight Volume DropAppeals Court Reinstates Yellow's $137 Million Lawsuit Against Teamsters Over 2023 BankruptcyFAA Grounds All MD-11 Planes After Fatal UPS CrashAt the same time, Swedish-based autonomous trucking technology company Einride is preparing to go public via a SPAC at a valuation of $1.8 billion, following in the footsteps of autonomous trucking company Kodiak AI just two months ago.For FedEx, the investment reflects the shipping giant’s ongoing network transformation and resulting need for larger-capacity pickup and delivery vehicles as it continues to optimize its network and routes.“Any vehicle that holds up to our rigorous on-road testing and offers state-of-the-art safety features with lower total cost of ownership is win-win for drivers and for our business,” said Paul Melander, senior vice president of safety and transportation at FedEx in a statement. “As we work toward a goal to electrify the entire FedEx pickup and delivery fleet by 2040, this trifecta of performance, price and operational resilience is what we need to be able to continue to scale.”Harbinger designs and manufactures stripped chassis, which consist of a vehicle’s foundation and major systems without the outer shell, at its headquarters and production plant in Garden Grove in Orange County, Calif. These chassis are then sent to other delivery truck manufacturers to complete the build of the truck.Since it started manufacturing in January, Harbinger has made about 400 vehicles. The company expects to produce about 3,000 vehicles next year.The production is escalating even as the freight market has been contracting, with more trucking capacity exiting the industry in 2025. Sales of medium-duty trucks were down roughly 10 percent through September of this year compared with the same period last year, according to data from research firms FTR Transportation Intelligence and Omdia.In particular, the commercial electric truck space hasn’t been fruitful. Just last month, General Motors ended production of its BrightDrop electric vans after four years. FedEx was a customer. And while Rivian has supplied roughly 25,000 electric vans to Amazon, the company has yet to find another major customer. 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