Logistics provider Convoy, in an effort to provide only the safest carriers in its network, has applied both machine learning and automation to qualify safe drivers. ...
Sitting on approximately $27 billion in cash and enjoying robust economic growth during the COVID-19 pandemic — with second-quarter sales expected to grow more than 27% — Amazon.com Inc (NASDAQ: AMZN) is rumored to be on the acquisition hunt. One often mentioned target is iconic retailer Macy's Inc (NYSE: M). Another is J.C. Penney (Pink: JCPNQ).Both have faced their share of struggles in recent years as more consumers shift to online buying, and with the pandemic shutting large portions of the economy, plenty of retailers are forecasting dire financial years, giving a company like Amazon and its cash-powered room to maneuver.What would Amazon want with a struggling retailer? Jeff Bezos' goliath likely sees what others, including Macy's, are seeing: opportunity.Macy's Chief Executive Officer Jeff Gennette told J.P. Morgan that he sees about $10 billion of potential opportunity "up for grabs right now." Macy's, too, has explored possible acquisitions in the past year,...
Workhorse Group Inc. (NASDAQ: WKHS) can begin ramping up production of its composite-body electric delivery van now that it has met federal safety standards.Production of the C-Series 1,000- and 650-cubic-foot vans is trickling through assembly at Workhorse's plant in Union City, Indiana. Workhorse has about 1,100 orders pending with United Parcel Service (NYSE: UPS) and others. It expects to build 300-400 trucks this year absent supply chain issues.Workhorse successfully completed Federal Motor Vehicle Safety Standards (FMVSS) testing for its C650 and C1000. The tests had been delayed by complications related to the COVID-19 pandemic. "With this late-stage milestone certification now behind us, we remain well-positioned to execute on our production timeline for the remainder of the year," CEO Duane Hughes said in a statement.Shares Surging Separately, Workhorse's share price continued surging Tuesday, closing up 18.24% at $7. Shares traded at $2.46 on June 2.The stock of the Loveland, Ohio-based company, which designs...
Having pulled ahead in the race to develop a software-based vehicle operating system, U.S. electric car pioneer Tesla faces a new challenge from an alliance of German luxury carmaker Daimler and U.S. computer graphics specialist Nvidia. Daimler and Nvidia unveiled a deal on Tuesday to develop and equip the German company's Mercedes-Benz cars with a next-generation chip and software platform that could eventually be used to help vehicles drive by themselves. The move is a response to Tesla's ability to integrate custom designed chips with thousands of lines of code, which has allowed the Silicon Valley-based company to develop new features faster than its competitors....
