Plus: LAPD busts a $3.9M cargo theft ring, Nuvocargo and UPS expand in North America, U.S. moves to ease rules for self-driving trucks, Funny Freight Friday, and more.
Funny Freight Friday: Same thing.
The market’s brutal, sure, but for freight agents with the right tools, it’s prime hunting season. Here’s how they’re making it work.
Knight-Swift boosts assets with the $808m acquisition of U.S. Xpress, poised to reshape the logistics industry landscape and market dynamics.
The Knight-Swift's acquisition of U.S. Xpress has officially closed, marking the end of the latter's five-year stint as a publicly-traded company. The $808 million deal, which was effectively sealed as U.S. Xpress delisted its stock from the NYSE, is set to significantly boost Knight-Swift's assets, adding approximately $2.2 billion in revenue and around 7,200 tractors and 14,400 trailers. The truckload carrier Knight-Swift now anticipates an annual run rate close to $10 billion post-acquisition.
However, despite the strategic fit and expected bolstering of Knight-Swift's capacity and revenue, the market reaction has been subdued, with the company's stock price showing a marginal decline since the announcement of the deal. This consolidation could influence industry dynamics, potentially triggering similar mergers or acquisitions as competitors adjust to the new landscape.
Source: Freight Waves
Throughout my whole life, my father was involved in trucking, first working for his father and then bootstrapping his own trucking company to become one of the largest.
— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) July 3, 2023
Those days are officially over. It was a great run. https://t.co/aLGDWmbD60
Today we sat down with Karolina Plecha, a truck driver living in Norway. She shares insights on life on the road, the future of electric vehicles, and what she does to prepare for unpredictable weather conditions.
Is this trucker a criminal or just a hustler trying to stay in the game? It depends on how you look at it.
Nikola Corporation, once valued at $30 billion and hailed as the future of EV trucking, has filed for Chapter 11 bankruptcy. The company’s stock plummeted 40% today, marking a staggering 99% decline from its 2020 peak of $1,977 per share to just $0.45.
CtrlChain carriers cut admin time by 95%, process paperwork 80% faster, and get paid 4x quicker. See what’s new in 2024—and what’s coming next in 2025!
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