Lorry Trans

Main Menu

  • Home
  • Trucking
  • Cargo
  • Shipping Transport
  • Air Freight
  • Capital

Lorry Trans

Header Banner

Lorry Trans

  • Home
  • Trucking
  • Cargo
  • Shipping Transport
  • Air Freight
  • Capital
Trucking
Home›Trucking›(HCIC), (TSP) – Autonomous Trucking Company Plus Announces SPAC Agreement: What Investors Need to Know

(HCIC), (TSP) – Autonomous Trucking Company Plus Announces SPAC Agreement: What Investors Need to Know

By Michael K. Davidson
May 10, 2021
0
0



A company hoping to disrupt the massive tractor-trailer market announced a SPAC deal on Monday, with plans to launch self-driving trucks in 2021.

The SPAC agreement: Additionally, formerly known as Plus.ai, announced a PSPC deal with Hennessy Capital Investment Corp V (NASDAQ: HCIC).

The deal values ​​the company at an enterprise value of $ 2.47 billion and includes a PIPE of $ 150 million.

Plus’s shares will trade as “PLAVV” on the NYSE if the merger is approved. The current shareholders of HCIC will own 13% of the new company.

About More: Plus is working on low-cost, mass-production ready Level 4 autonomous driving technology for the long-haul trucking industry. The company believes it can cut costs and increase margins with its proprietary full stack level 4 software.

Plus uses radar and LiDAR for 360 degree detection systems.

The company plans to launch its PlusDrive autonomous driving solution in 2021 with its partner FAW, the world’s largest heavy truck manufacturer. The companies will team up to mass-produce the FAW J7L3.

Plus SL4 is expected to increase fleet operating profits by 30% to 70%. The company cuts costs and can reduce carbon emissions.

Related Link: Exclusive: TuSimple CEO on Autonomous Semi-Trailers, Competition and IPO

Growth projections for Plus: Plus is targeting an autonomous long-haul trucking market worth an estimated $ 1.2 trillion in the United States and China. Globally, the company targets a global freight market valued at $ 4 trillion.

In the trucking industry, there is a shortage of drivers and a high turnover of drivers. Rising insurance costs and low margins have also led to growing demand for future self-driving trucking capabilities. Two-thirds of the costs of the trucking industry are made up of labor and fuel.

“Self-driving trucking is going to change the world,” Plus said in his presentation.

Partnering with FAW in China gives Plus a large customer base.

In the United States, Plus has partnered with one of the largest private truck fleets for 1,000 unnamed units.

More financial: Plus has over 7,800 units pre-ordered from existing customers.

Plus forecasts revenue of $ 16 million for fiscal 2021 and $ 250 million for fiscal 2022. The company expects revenue of $ 1 billion by fiscal 2023.

Plus plans to deliver 3,144 units in fiscal 2021 and 3,878 in fiscal 2022.

By 2025, Plus plans to have a 7% market share in the self-driving trucking market.

Rivals TuSimple Holdings (NASDAQ: TSP), Waymo, and Cruise are valued at $ 8.1 billion, $ 30.75 billion, and $ 30 billion, respectively.

HCIC price action: Shares of Hennessy Capital Investment Corp V were down 0.95% to $ 9.90 at last check.

Courtesy photo.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.



Related posts:

  1. Electric vehicle expansion plan includes trucking
  2. Trucking on the sidelines of cannabis deregulation
  3. SRTC Trucking Students Learn to Monitor Human Trafficking | Local News
  4. PSPC merger of Plus marks the transition from autonomous trucking to public procurement
Tagstrucking industryunited states

Recent Posts

  • Cargo Handling Equipment Market Size, Scope and Forecast
  • Latest news on the Russian-Ukrainian war: live updates
  • Webcast: In a post-lockdown world, these strategies offer exposure to the transport rebound
  • Payday Loan Service: Market Growth Expected to Increase Significantly from 2022 to 2028
  • Deliveree is smoothing out Southeast Asia’s bumpy logistics landscape – TechCrunch

Archives

  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021

Categories

  • Air Freight
  • Capital
  • Cargo
  • Shipping Transport
  • Trucking
  • Terms and Conditions
  • Privacy Policy