UPS Inc. and the Teamsters union reached a tentative five-year contract Tuesday morning, averting, at least for now, a possible Aug. 1 strike that could have crippled the U.S. economy. Under the agreement, 7,500 full-time Teamsters jobs will be created and 22,500 open positions will be filled, according to a Teamsters statement. Existing full- and…
Another quarter, another record performance for Paccar Inc. The medium- and heavy-duty truck and engine maker reported a 70% increase in second-quarter profits and a 24% increase in sales. It delivered 51,900 trucks across its Kenworth, Peterbilt and DAF Trucks brands. Here are key numbers from Paccar’s second-quarter results reported Tuesday: Record net sales and…
The adoption of electric vehicles has grown at a rapid pace over the last decade, and it doesn’t look like it’s slowing down anytime soon. In the U.S., there are now some 3 million electric vehicles on the road and 135,000 public EV chargers, according to a White House briefing. Over the next decade, it’s…
Surge Transportation, a digital freight brokerage founded in 2016 by Omar Singh and based in Jacksonville, Florida, has filed for Chapter 11 bankruptcy protection in the Central District of Florida, according to filings. Thirteen of its top 20 creditors are factoring companies that pay small carriers. Officials at Surge told FreightWaves that the company is…
Published on July 24 regarding the ongoing Yellow Corp. potential crisis, this report analyzes the current state of the freight market based on critical insights from our SONAR platform. All insights are provided by FreightWaves’ Craig Fuller, Founder and CEO, and Zach Strickland, Head of Freight Market Intelligence. The report’s key topics include:• Yellow Corp,…