🇬🇧🧑💻🚛 Failure for UK EV, FreightWaves Media Madness, & FMCSA Proposal
Good morning! ☀️
Welcome back to the 'Workday Dash'—your daily dose of the latest news with a splash of the supply chain on top, served with a side of sizzle.
Today, we've got hot-off-the-press updates for you: Arrival's electric journey takes a bumpy turn, FreightWaves Media's got some new moves on the dance floor, and the FMCSA is stirring the pot with potential CDL tweaks. Let's dive in. ☕️
“The road to success and the road to failure are almost exactly the same.”
EV | Startup | Finance
EV Startup Arrival Faces Delisting and Financial Struggles Amidst Promising Beginnings
Arrival, the UK startup once hailed as an EV trailblazer with its micro-factories producing delivery vans for companies like Uber and UPS, is now in dire straits. It got booted off Nasdaq this week due to delays in posting financial results and failure to file a remediation plan and hold an annual shareholder meeting.
After announcing a 50% workforce cut last year, Arrival secured a $50 million investment lifeline two months ago, but its value plummeted to $20 million when delisted. The company is exploring emergency funding or possibly bankruptcy.
Arrival's journey has been rocky since going public in 2021 via a SPAC. Despite initial backing from Hyundai, Kia, and UPS, the startup struggled with cash burn, multiple CEO changes, and layoffs. Even merger attempts failed. Nasdaq had warned the company in 2022 for low share prices but didn't delist it then.
Arrival's shares have fallen nearly 95% this year, casting doubt on its plans to begin delivery van production.
Read more about this at Electrek >
WHY IS THIS IMPORTANT FOR MY INDUSTRY?
This news shows the tough road that an electric vehicle startup like Arrival can face. Arrival initially got the world excited with its idea of making EVs in small factories and teaming up with big shots like Uber and UPS. But now, Arrival's in hot water. It's a reality check for EV startups, especially those aiming at commercial transport. We in the industry need to keep an eye on this because it sheds light on the bumpy path some EV solutions might hit.
This situation also reminds us that in the EV world, money matters, and delivering on promises is a must.
🔥 OUR HOT TAKE?
Arrival's fall from grace is a stark reminder that the EV hype can quickly turn into a reality check. While Arrival's struggles may be seen as a cautionary tale, they also raise questions about the broader EV landscape. Are these startups overpromising and underdelivering? Can they really compete with established players in the trucking and logistics world?
FreightWaves | Media | Divest
FreightWaves Media Arm Evolves into Firecrown
FreightWaves, known for providing global intelligence to the supply chain industry, is making a strategic shift by divesting its media business to concentrate solely on its high-frequency global intelligence data service, SONAR.
The media arm of FreightWaves will continue under the ownership of Craig Fuller, who will merge it with FLYING Media Group (FMG), a platform serving the aviation and marine industries. This move ensures that FreightWaves media will remain a source of global supply chain news and information, closely collaborating with SONAR for data and market intelligence.
As part of this transaction, FLYING Media Group will rebrand itself as Firecrown. All FreightWaves media assets, including FreightWaves.com, FreightWavesTV, and American Shipper, will move to Firecrown while retaining their distinct identities. This transition opens up opportunities for collaborative coverage across supply chain, aviation, and marine sectors on topics like the economy, technology, regulation, and sustainability.
Read more about this at FreightWaves >
WHY IS THIS IMPORTANT FOR MY INDUSTRY?
This is a big signpost pointing to how media companies are changing gears to serve our industry better. It's a bit like watching your favorite TV show switch networks - you want to know where you can get your updates.
With FreightWaves' media crew joining forces with FLYING Media Group under the new name Firecrown, there's a chance for more teamwork. That means we might see some cool collaborations.
🔥 OUR HOT TAKE?
FreightWaves' decision might raise eyebrows. While it's clear that data is the future and SONAR is taking center stage, one could argue that they're ditching a valuable aspect of their business. The media isn't just about news; it's about storytelling, analysis, and providing a platform for industry voices.
Craig Fuller's move could be seen as a double-edged sword. On one hand, it maintains continuity in the media landscape, but on the other, it's a reminder that FreightWaves sees more potential in data than in media.
FMCSA | CDL | Flexibility
FMCSA Proposes CDL Requirement Changes to Increase Flexibility
The Federal Motor Carrier Safety Administration (FMCSA) is gearing up to make some changes to Commercial Driver's License (CDL) requirements, aiming to add more flexibility to the process. They're planning to publish these proposed changes soon, and once they do, the public will have 60 days to share their thoughts on them.
So, what's on the table? First, they're considering letting CDL applicants take their skills test in a state that isn't their home state. This could speed things up, especially if another state has shorter waiting times for the test.
They're also thinking about allowing those with a commercial learner's permit who have passed the skills test to drive commercial vehicles on public roads without needing a qualified CDL holder in the passenger seat.
Additionally, they might get rid of the rule that forces applicants to wait at least 14 days after getting their commercial learner's permit to take the skills test.
Lastly, they want third-party knowledge examiners to meet the same training, certification, and record-check standards as state knowledge examiners.
Read more about this at Landline >
WHY IS THIS IMPORTANT FOR MY INDUSTRY?
What's cool is that it could make life easier for people trying to get their CDLs and for the state agencies handing them out. It might become less of a hassle to become a trucker - if they let you take your CDL skills test in a state where it's quicker to get it done, that's like hitting the fast-forward button on hiring. And with the trucking industry often referencing being short on drivers… that's a big deal. It could help companies fill those empty seats in the cabs.
🔥 OUR HOT TAKE?
This may sound good on paper, but what happens to consistency? Each state might have its own take on the skills test, leading to a bit of a “Wild West” situation. Then there's the removal of the 14-day waiting period after getting a learner's permit. Speeding things up might seem like a great idea, but what about learning and practicing? Some things just can't be rushed.
Now, we get it, change can be a good thing, but these changes might be like trying to fix a leaky faucet. Sure, it might work… but you could also end up with a flooded kitchen. Let's hope these proposals don't create more problems than they solve.
Daily Riddle:
I'm the key to a world on wheels,
Without me, your driving dreams are concealed.
I'm a license that lets you steer with glee,
Tell me, what am I, from A to Z?
Feb 1 Answer: climate change
The Workday Dash is an aggregation of articles regarding the transportation logistics, trucking, and supply chain industries for November 22, 2024, from iLevel Logistics Inc.