eBikes & eTrucks Dazzle at CES
Picnic raises €350M, USPS struggles with EV charging, stocks diverge
Anyone getting some serious CES FOMO? With slick new products and services coming out left and right, it almost makes Vegas seem worth it… Before we show you some groovy new electric vehicles from VinFast and U Power, bone up on details on Picnic’s big fundraising haul, USPS’ EV charging drama and some stock market movements.
This week’s edition is brought to you by DisplayRide.
Today:
CES Showstoppers: VinFast and U Power
Dutch eGrocer Picnic Raises €350M
Chart Time | Stocks’ Strange Start to 2024
Learning from USPS’ Charging Troubles
VEHICLES | Little EVs Steal the Show at CES
Last year it seemed like EVs were getting way too big, cutting short their environmental benefits by requiring larger batteries and doing more damage to the road. OEM VinFast looks to reverse that trend with the news that its teeny tiny VF3 “mini-eSUV” will soon be available stateside. Sized at just 125.6 x 66.1 x 63.8 inches, it’s smaller than a Fiat 500e, but with fold flat rear seats still has decent cargo room. Boasting 125+ miles of range and an expected sub $20k price tag, this could be the perfect auxiliary delivery vehicle for urban LMD workers.
The Big Picture: VinFast had another product reveal of something even smaller than this truck: the DrgnFly ebike. Priced at $2800 with a beefy 28 mph top speed, that’s an even better solution for moving people or goods in urban environments. Other players had delivery centric EV announcements; China’s U Power unveiled a “skateboard” concept that other automakers can put their upper bodies on top of, an approach we’ve seen other startups use with mixed success. While U Power claims to have lined up Michigan’s Lumos EV to build a delivery van on the platform, the Lumos website doesn’t exactly inspire confidence that this thing will see the light of day…
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GROCERY | Netherland’s Picnic Technologies Raises €350M
Dutch online grocery startup Picnic Technologies raised €350M (~$384M) in a shot in the arm for the sector. Funders for the round include The Bill and Melinda Gates Foundation Trust and Edeka, the largest supermarket corporation in Germany. Founded in 2015, the company grew 40% last year to €1.25 billion in sales. While unspecified in the announcement, this is likely the company’s Series E, as the group raised a €600M Series D in late 2021.
The Big Picture: The company plans to use the funds to continue its expansion across France and Germany. The company’s model is purely digital and delivery focused, with grocery warehouses running behind the scenes in each city it operates in. From there, food is moved onto branded electric trucks, which drop off orders for customers.
CHART TIME | Stock Market Check In
Time for the first stock market check in for the year! While Instacart (light blue) still hasn’t reclaimed its IPO price, it’s eked out some gains since the year started. Meanwhile Uber (orange) and DoorDash (green) are on a tear, Delivery Hero (red) is hurting, and Deliveroo (purple) is treading water.
FLEET | USPS Struggles With Electrical Infrastructure
If you think managing your delivery fleet is difficult, try working for the post office! The agency’s Office of Inspector General found that “management controls over the storage of charging stations … were not effective,” as the agency struggles with damage to and theft of its EV charging equipment. For example, in Topeka, KS, $7.7k of charging station equipment was absconded with (honestly, sounds cheap!) The agency is in the midst of replacing its aging fleet, with at least 66,000 of the incoming 106,000 new vehicles mandated to be electric.
The Big Picture: Whether you’ve tried to fill up your personal EV, or manage an electric fleet, you know that charging station uptime can be an issue. While public chargers like Electrify America or EVgo often struggle with connectivity or software issues, even “dumb” chargers like in your own storage yard can fail if someone tries to rip out that valuable copper. Or less maliciously, a not-so-graceful driver might bonk a charging pylon a bit too hard, taking it out of service. These are all solvable problems; noone said there wouldn’t be some growing pains…
A Few Good Links
For you wonks: the full text of the new Employee or Independent Contractor Classification Under the Fair Labor Standards Act. Greggs to open 160 new bakeries in U.K. Walmart wants to be a “customer’s concierge.” Red Sea attacks may disrupt international logistics. DisplayRide teams up with T-Mobile. Curbivore announces 2024 Launch Partners.
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