Embark Trucks, an autonomous truck software developer sponsored by SPAC, expects to exceed its first-year revenue target based on 14,200 bookings collected from partner carriers such as Knight-Swift and Anheuser-Busch.
This booking is more than double the 6,775 bookings reported by competitor TuSimple Holdings for the autonomous International LT Class 8 truck being developed at Navistar in the second quarter. TuSimple received a $ 500 deposit for each booking. Embark also has a fully refundable $ 500 deposit. Financially invested partners are exempt.
Embark’s bookings covering 2024-2028 are non-binding, but when converted to contracts, Embark will exceed its first-year revenue target of $ 876 million.
Embark’s Universal Interface software is compatible with Freightliner, Volvo, Peterbilt, and International tracks. It is intended for 2024 unmanned driving on a given route in Sun Belt, selected by potential customers. The Embark Driver will operate in the mainland United States in 2024 and 2025 and will expand to 48 neighboring states in 2026.
Embark has moved to a fleet that allows you to specify one of four major brands using the Embark Driver software, and has established a partnership of key components that enable integration through collaboration with. Cummins, ZF When NVIDIA..
“Finite unit set”
“Suppliers of major Embark Universal Interface components such as sensors, computing and interfaces can initially offer only a finite set of units, and OEMs can initially integrate only a large number of tracks,” said Sam Abidi, Embark. Business Development Director told Freight Waves.
“We want to put this limited capacity in our hands. Early fleet partner The most suitable person to take advantage of it. “
Early partners with priority access include Knight-Swift Transportation, Werner Enterprises, Anheuser-Busch InBev, computer manufacturer HP, Mesilla Valley Transportation and Bison Transport. According to investor data on June 23, boarding will require 6,500 trucks with an average of 360,000 miles of autonomous driving in 2024.
If you purchase a truck with Embark software, you are expected to have 10 billion billable Embark Driver miles in its lifetime. Embark will need 2.4 billion billable miles in 2024 to reach its revenue goals. Miles sold with a subscription will be charged at 31 cents and 38 cents, depending on travel time.
“Improve your driving job”
“Early adoption of Embark technology in key segments of the network is a powerful case, with the goal of providing drivers with significant safety enhancements and ultimately improving their driving work. It can be used as a tool to work on, “says Dave. Knight-Swift CEO and Boarding Advisory Board member.
Knight-Swift is $ 200 million private to Public Equity (PIPE), part of a pending merger between Embark and Northern Genesis Acquisition Corp. II, a special purpose acquisition company established to merge with startups. He is also an investor in investment. Northern Genesis has previously completed a SPAC merger with Canadian electric bus and truck maker Lion Electric.
“Our management worked closely with Embark to weigh the unique benefits of speed, cost and sustainability against the operational and technical hurdles of lane-level deployments. Knight-Swift can accurately prioritize the network segments that this technology can offer the most. Value and place reservations against this plan, “said Jackson.
Reservation of the Embark Driver software followed strategic planning, operational evaluation, and autonomous commercial transportation, Embark said in a press release.
Billions of miles analyzed
Embark and its partners analyzed billions of miles over millions of loads at the lane level to determine the incremental benefits that autonomous trucks can offer across cost savings, speed, sustainability, and safety.
For example, 600 miles of autonomous driving can save you a lot more than a 500 mile trip. This can be completed within 11 hours of operation allowed by federal time service guidelines. To complete the additional 100 miles, a human driver will need a mandatory 10-hour break, which will eventually take 22 hours.
Autonomous trucks traveling 600 miles improve fuel efficiency by saving fuel, delivering faster load and eliminating idling at night.
“With these bookings, Embark offers a competitive advantage to fleet partners who have spent their time and energy preparing for their first deployment,” said Alex Rodrigues, CEO of Embark.
“In just a few years, partners will be able to operate with next-generation products that are safer, more efficient and sustainable, and grow their business with autonomous trucks while retaining the workforce of existing drivers. You can. Route, “Rodriguez said.
https://www.freightwaves.com/news/embark-trucks-tallies-14200-prelaunch-reservations-for-driverless-software Embark Trucks aggregates 14,200 pre-launch reservations for self-driving software