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Two pieces of news from the world of transport once again have an impact on the sector.
After the bankruptcy of the historic Yellow, Proterra Inc., a manufacturer of heavy-duty electrical components, now joins. On the 7th of this month, he declared bankruptcy and published a statement.
The CEO of this company, Gareth Joyce stated in the writing that: “While our best-in-class battery and electric vehicle technologies have set an industry standard, we have faced several macroeconomic and market obstacles that have impacted our ability to efficiently scale all of our opportunities simultaneously.”
In the same statement, this company announced that it plans to recapitalize its business or sell it in order to finance operations. For now, he will continue to work as he had been doing before the bankruptcy.
UPS: less revenue
The delivery-savvy giant is looking with concern at a decline in revenue generated in the second quarter of this year. So much so that UPS cut its earnings expectations by $4 billion given the drop in package volume. A few days ago, the company reached a tentative agreement with its 340,000 union workers.
This drop in deliveries occurred in all senders. Something that had a strong impact on the shares that fell by an average of 2%.
The 9.9% decrease in average daily deliveries was slightly offset by the 3.3% increase in delivery costs per piece. A scenario that was also complicated when there was talk of a possible strike. Last month UPS reached a tentative agreement with Teamstears to avoid this strike.
Undoubtedly, a difficult year for a sector that is strongly impacted by maintenance costs, by the price of fuel and by the general amount of transportation that climbed to $2,251 per mile for the first time in its history, according to an annual report from the American Transportation Research Institute (ATRI).
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