Monday, January 30, 2023
FREEDOM TRUCK LINES
  • Home
  • Government
  • Business
  • Technology
  • Equipment
  • Safety
  • Fuel
  • Logistics
  • Autonomous
  • Trucker T-Shirts
No Result
View All Result
FREEDOM TRUCK LINES
No Result
View All Result
Home Autonomous

Embark Losses Widen From Research, Development Spending

jarid.dispatch by jarid.dispatch
May 12, 2022
in Autonomous
54 4
0
Embark Losses Widen From Research, Development Spending
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


[Stay on top of transportation news: Get TTNews in your inbox.]

Embark Technology Inc. saw its losses widen in the first quarter as the autonomous trucking technology company spent more of its capital on research and development.

The San Francisco-based company said its net loss widened 117% to $18.4 million compared with $8.5 million in the same quarter a year earlier. However, diluted losses per share narrowed to 4 cents from 18 cents.

Embark spent $18.7 million on research and development during Q1 compared with $6.2 million in the same period a year earlier.

As a startup, Embark does not yet have revenue. Embark doesn’t expect to have meaningful revenue until 2024, when it begins to commercialize its self-driving services and software.

It ended the quarter with $244.5 million in cash and cash equivalents. Analysts expect it to burn $125 million to $145 million of its cash this year.

In a May 10 conference call with industry analysts and investors, Embark executives said the cash is sufficient to get the company to the point where it will collect revenue.

“We have sufficient and ample runway to execute on our milestones,” said CFO Richard Hawwa, adding that the company has the flexibility to scale up and down to deal with cash needs.

CEO Alex Rodrigues said the company has achieved “a number of industry firsts” in recent months, including commencing 24-hour a day testing on Interstate 10 in Texas and demonstrating the ability of its Embark Driver technology to navigate snowy conditions successfully.

Expanding the settings in which an autonomous truck can operate is particularly important as Embark works toward the commercialization of its self-driving system, he said.

On-road testing in Montana and weather analysis showed that the Embark system worked safely in snowfall rates up to one-sixth inch per hour and with snow accumulation of 1 inch on the road over 3 hours, the company said.

“Those [are] conditions that cover the vast majority of snowy weather,” Rodrigues said.

The cornerstone of Embark’s self-driving system is what the company calls Vision Map System. It relies on sensors to understand road conditions rather than pre-loaded maps. Embark said it works better to adapt to changes in actual road environments.

Alex Rodrigues

Rodrigues

Embark is working with several partners to build out a transfer point system. Human drivers will be responsible for transporting freight over the first and last miles in and out of the highway-adjacent hubs. Autonomous trucks would then haul the freight over major trucking lanes between the transfer points.

The company said earlier in May that U.S. Xpress will add some of its terminals to Embark’s planned network. U.S. Xpress will start with two terminals in Sunbelt states that would create a high-volume lane for autonomous hauling, Rodrigues said.

Embark is working with Alterra, a real estate company, and Ryder to build its transfer point network. Alterra is identifying sites along major trucking routes that Ryder will operate as transfer points. Alterra is in the process of purchasing the first property, Rodrigues said.

Eventually, the network is set to extend from California in the west along the sunbelt through Arizona and Texas and across to Florida and North Carolina.

Embark’s strategy is to build a manufacturer-agnostic system that can be used in multiple truck brands. Carriers and shippers would pick the trucks brands they like for their fleets and would own and operate the vehicles, using Embark’s technology and network.

Embark is running several test programs and has 18 of its own trucks operating. Its initial partners also are running trucks with Embark technology.

In November, the San Francisco company became publicly traded after a merger with Northern Genesis Acquisition Corp 2. It trades under the EMBK ticker symbol. The company generally refers to itself as Embark Trucks.

 



Source link

Related articles

From barges in Venice to robots in China, packages reach their final destinations in many different ways around the world. See some of the most unique.

From barges in Venice to robots in China, packages reach their final destinations in many different ways around the world. See some of the most unique.

January 29, 2023
Diversification the key as Pilbara towns prepare for the age of mining automation and possible population impacts

Diversification the key as Pilbara towns prepare for the age of mining automation and possible population impacts

January 29, 2023
Tags: DevelopmentEmbarkLossesResearchSpendingWiden
Share76Tweet47

Related Posts

From barges in Venice to robots in China, packages reach their final destinations in many different ways around the world. See some of the most unique.

From barges in Venice to robots in China, packages reach their final destinations in many different ways around the world. See some of the most unique.

by jarid.dispatch
January 29, 2023
0

A DHL manager hands a package to a courier from a boat carrying express packages in one of the canals...

Diversification the key as Pilbara towns prepare for the age of mining automation and possible population impacts

Diversification the key as Pilbara towns prepare for the age of mining automation and possible population impacts

by jarid.dispatch
January 29, 2023
0

Automation on mine sites has been touted as a way to improve safety, efficiency and productivity but there are concerns the growth...

Is Ford Stock a Buy?

Is Ford Stock a Buy?

by jarid.dispatch
January 28, 2023
0

Ford Motor Company (F 2.71%) sold the most electric vehicles (EVs) in the U.S. last year after Tesla. While that...

Expanding Revenue Opportunities for Value Chain Participant Growth

Featuring Nissan, Foxconn, ZF, Navya, and More

by jarid.dispatch
January 28, 2023
0

DUBLIN, Jan. 27, 2023 The "Key Insights from Panel Discussions at the 14th Annual Intelligent Mobility Summit, 2022" report has...

Trucking Groups Not Pleased With Toll Hikes in Northeast States

Trucking Groups Not Pleased With Toll Hikes in Northeast States

by jarid.dispatch
January 27, 2023
0

A truck passes the headquarters of the Pennsylvania Turnpike Commission as it enters the turnpike. (Commonwealth Media Services) Toll increases...

Load More
  • Trending
  • Comments
  • Latest
Sean of the South: The Helpers

Sean of the South: The Helpers

October 1, 2022
Dry Van Report: Truckload faces headwinds as manufacturing activity slows

Dry Van Report: Truckload faces headwinds as manufacturing activity slows

April 18, 2022
Daimler Eyes Future Collaborations on Diesel Engines

Daimler Eyes Future Collaborations on Diesel Engines

October 1, 2022
Global Truck Mounted Cranes Market Size Is Expected to Reach US$ 3,769.7 Mn by 2032, Future Market Insights Inc.

Global Truck Mounted Cranes Market Size Is Expected to Reach US$ 3,769.7 Mn by 2032, Future Market Insights Inc.

August 25, 2022
Rivian’s EV Factory Constrained by Chip Shortage

Rivian’s EV Factory Constrained by Chip Shortage

0
NHTSA Opens Investigations Into Tesla Autopilot

NHTSA Opens Investigations Into Tesla Autopilot

0
After Removing 500 Containers, Ever Forward Moves Forward

After Removing 500 Containers, Ever Forward Moves Forward

0
Trucking Stakeholders Offer Advice, Caution on EPA Proposal

Trucking Stakeholders Offer Advice, Caution on EPA Proposal

0
Attorney General James Says Harlem Truck Depot May Violate State Law – Streetsblog New York City

Attorney General James Says Harlem Truck Depot May Violate State Law – Streetsblog New York City

January 30, 2023
MKT Train Depot development gives new opportunities to business owners

MKT Train Depot development gives new opportunities to business owners

January 30, 2023
Logging operations up Four Mile Road keep contractors like Tanner Shelley busy

Logging operations up Four Mile Road keep contractors like Tanner Shelley busy

January 30, 2023
Here Are All The 2024 Trucks And SUVs Worth Waiting For

Here Are All The 2024 Trucks And SUVs Worth Waiting For

January 29, 2023

Recent News

Attorney General James Says Harlem Truck Depot May Violate State Law – Streetsblog New York City

Attorney General James Says Harlem Truck Depot May Violate State Law – Streetsblog New York City

January 30, 2023
MKT Train Depot development gives new opportunities to business owners

MKT Train Depot development gives new opportunities to business owners

January 30, 2023
Logging operations up Four Mile Road keep contractors like Tanner Shelley busy

Logging operations up Four Mile Road keep contractors like Tanner Shelley busy

January 30, 2023

Categories

  • Autonomous
  • Blog
  • Business
  • Equipment
  • Government
  • Logistics
  • Safety
  • Technology

Follow Us

Find Via Tags

Analytics Autonomous Bill Billion business Car chain County Crash DAT demand Diesel Driver drivers Electric Fire food Ford Freight Fuel future Gas Growth Hydrogen Industry Logistics Market million News pickup Port Prices Report Reports Safety Sales supply Technology Tesla Transport Transportation Truck Trucking trucks vehicles

© 2021 Freedom Truck Lines

No Result
View All Result
  • Home
  • Government
  • Business
  • Technology
  • Equipment
  • Safety
  • Fuel
  • Logistics
  • Autonomous
  • Trucker T-Shirts

© 2021 Freedom Truck Lines

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In