The Daily Dash is a quick look at what’s happening in the freight ecosystem. In today’s edition, we highlight TuSimple’s plans to become a public company, the Postal Service’s plan for the next 10 years and more.
The High Five
1. Self-driving truck startup TuSimple filed to become a public company. It is seeking to sell at least $100 million in shares — and could sell as much as $1 billion in stock depending on investors’ appetite. A company spokesperson declined comment on the amount the company is seeking to raise. Alan Adler’s story: Self-driving truck startup TuSimple files for public ownership
2. The U.S. Postal Service unveiled its long-awaited 10-year reorganization plan that includes an expansion of parcel delivery services that have become the tail that wags the postal dog. The parcel expansion, which has been branded USPS Connect, is projected to generate $24 billion in new net revenue by 2030. Mark Solomon has the details: Postal Service puts parcels at head of line in reform plan
3. BorgWarner Inc. plans to grow its electric vehicle revenue from less than 3% to about 45% of its top line by 2030. The Tier 1 supplier will shed existing businesses worth up to $4 billion to get there. “Now is the time to move away from a balanced propulsion strategy and accelerate our shift towards electrification,” said Frédéric Lissalde, president and CEO of BorgWarner. Alan Adler with more: BorgWarner plans 15X growth in electrification revenue by 2030
4. Uber’s decision on March 17 to reclassify approximately 70,000 Uber Rides drivers in the U.K. as “workers” — a step closer to what U.S. businesses would consider employees and away from the independent contractor category — was not unexpected, but it leaves plenty of unanswered questions for the rideshare community on both sides of the Atlantic. Brian Straight’s feature: Will US Uber drivers benefit from UK reclassification decision?
5. With barely six months behind her as president and CEO of the Transportation Intermediaries Association, Anne Reinke has a major goal: to “amplify” advocacy at TIA. “The pandemic did a lot of things for a lot of people, but one of the unintended consequences is that it made the supply chain somehow known and understood better,” she said during FreightWaves’ 3PL Summit. John Gallagher on the keynote speaker: ‘Cat is out of the bag’ on supply chain importance