|Bid||0.00 x 1300|
|Ask||0.00 x 1300|
|Day's Range||44.09 - 44.30|
|52 Week Range||17.09 - 45.25|
|Beta (5Y Monthly)||1.90|
|PE Ratio (TTM)||N/A|
|Earnings Date||Jun 02, 2021 - Jun 07, 2021|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Oct 24, 2001|
|1y Target Est||44.50|
Navistar (NAV) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
Self-driving truck startup TuSimple filed on Tuesday to become a public company. It is seeking to sell at least $100 million in shares. It could sell as much as $1 billion in stock depending on investors' appetite. Tu Simple filed its paperwork confidentially with the Securities and Exchange Commission (SEC) in December. The SEC completed its review, clearing the way for TuSimple to list on the NASDAQ Global Select Market under the ticker TSP as soon as next month. The filing left blank how many shares would be issued and at what price. A company spokesperson declined comment on the amount the company is seeking to raise. Morgan Stanley (NYSE: MS), Citigroup (NYSE: C) and J.P. Morgan (NYSE: JPM) are lead book-running managers for the proposed offering. TuSimple chose to go public through a traditional initial public offering. It passed on the popular reverse merger with a special purpose acquisition company (SPAC). SPACs have been snapping up pre-revenue electrification startups. They now are setting their sights on self-driving car and truck companies. A total of 58.9 million private shares would be converted. Sun Dream Inc., an affiliate of Chinese tech firm Sina Corp. is the top shareholder with 31 million shares. Sun Dream is an affiliate of Chinese tech firm Sina Corp. led by TuSimple board chairman Charles Chao. Cofounders Mo Chen, TuSimple's executive chairman, and Xiaodi Hou, chief technology officer, own 14.4 million and 13.4 million shares, respectively. Truck maker Navistar International Corp. (NYSE: NAV) holds 10.2 million shares. Chen and Hou each own 50% of Class B voting shares. TuSimple, started in 2015, is based in San Diego and Shanghai. It claims more than 240 core technology patents. TuSimple Holdings lost nearly $178 million in 2020. The company had $301.8 million in cash and equivalents as of Dec. 31. Go-to-market details The SEC filing revealed several go-to-market details, including TuSimple's goal to expand its autonomous freight network (AFN) throughout the continental United States by 2024. Forty-three states allow L4 autonomous semi-truck testing. Of those 24 states allow L4 autonomous semi-truck commercial deployment, according to TuSimple. "We are currently mapping roadways at a pace of over 250 miles per week," the company said in its SEC filing. Truck Talk is new every Friday. Subscribe here. TuSimple's 50 self-driving trucks currently haul freight on dedicated routes in Arizona, New Mexico and Texas. They generated $1.8 million in revenue in 2020. TuSimple also is testing 20 trucks with its software in China, covering 153,000 miles in logistics scenarios in Lin-gang Special Area of Shanghai. TuSimple is planning to test its system in Europe on a Scania truck traveling hub to hub between two Swedish cities. The trucks are equipped with Level 4 autonomous technology, which means they can operate without human involvement in most situations. TuSimple has a safety driver and an engineer on its runs today. With 2.8 million accumulated miles, It plans to go "driver out" this year. TuSimple plans to have revenue-sharing agreements with its ecosystem partners — among them major carriers like Schneider National (NYSE: SNDR), U.S. Xpress (NYSE: USX) and Werner Enterprises (NASDAQ: WERN). "We believe that our unmatched partnership network creates a significant and sustainable competitive advantage, especially as we work with shippers, carriers, and railroads to strategically locate our AFN terminals near their distribution centers," TuSimple's filing said. "In addition, carriers, shippers, and railroads will have the opportunity to significantly improve their operating margins by participating in our AFN as users and commercial partners, creating a powerful network effect." Mass production with Navistar in 2024 Tu Simple also has partnerships with Volkswagen AG's truck holding company TRATON Group and Navistar, which soon will be part of TRATON following a $3.7 billion merger approved March 2. Navistar and TuSimple have taken 5,700 nonbinding reservations for the Level 4-equipped truck that Navistar plans to mass produce beginning in 2024. Deliveries will be based on customer specifications. Carrier-owed fleets can pay TuSimple a per-mile, usage-based fee for access to TuSimple Path, which consists of onboard autonomous driving software, a cloud-based autonomous operations oversight system, HD digital route mapping support and emergency roadside assistance. Lower overall freight costs mean an expected payback period of less than one year on their upfront incremental capital investment to purchase a purpose-built Level 4 autonomous semi-truck. Trucks financed through third-party fleet asset owners will serve asset-light users. Related articles: Self-driving truck technology startup nears stock offering VectoIQ, US Xpress leaders included on TuSimple's executive advisory board Are SPACs redirecting blank check love to self-driving truck startups? Click for more FreightWaves articles by Alan Adler. See more from BenzingaClick here for options trades from BenzingaMedically Necessary: The Fake Vaccine Supply Chain Threatens The Real ThingTRATON Goes (Almost) All In On Truck Electrification© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Volkswagen AG's (OTC: VWAGY) TRATON Group, which soon will be the parent of Navistar International Corp. (NYSE: NAV), will spend $1.9 billion on truck electrification by 2025. Some of that money could help Navistar advance early battery electric and hydrogen fuel cell programs. TRATON earlier committed to spend $1.2 billion on electric mobility by mid-decade. "TRATON is setting a clear focus on electric trucks," TRATON CEO Mattias Gründler said in a press release Monday. "This transition will not happen overnight. It will be gradual, sustainable and in line with the required network [infrastructure] expansion." As it increases investment in battery-electric and fuel cell commercial vehicles, TRATON will trim spending on traditional powertrains. Less than one-fifth of product development dollars will be spent on conventional drives. Consistent with Volkswagen electrification play The moves are consistent with TRATON's parent Volkswagen, which said last week it will build six gigafactories in Europe by 2030 to make batteries for electric cars. VW said in November it would spend $86 billion on electrification over the next five years. Get Truck Talk in your inbox every Friday. Subscribe here. Electric vehicles will make up about 10% of TRATON's Scania brand in Europe by 2025. Half of its MAN subsidiary's new buses will be battery electric by 2025. Half of Scania's vehicles will be powered by electricity by 2030. Sixty percent of MAN delivery vehicles and 40% of its heavy-duty trucks will use zero-emission technologies by then, TRATON said. TRATON did not mention Navistar in its release. Its $3.7 billion takeover approved by Navistar shareholders on March 2 is undergoing regulator approvals. Could Navistar programs get a boost? Navistar and TRATON cooperate on powertrain development. An electric truck will be among the first vehicles built in a new Navistar plant in San Antonio scheduled to begin production in spring 2022. Navistar is also planning electric versions of its IC buses. Navistar will build a medium-duty electric truck based on its MV Series. It has a fuel cell demonstration program with Cummins Inc. (NYSE: CMI) to make a heavy-duty hydrogen-powered truck for Werner Enterprises (NASDAQ: WERN). In a recent four-way collaboration with General Motors Co. (NYSE: GM) and a privately held hydrogen supplier, OneH2, Navistar trucks will be retrofitted with fuel cells that J.B. Hunt Transport (NYSE: JBHT) will use on dedicated routes in 2024. Once Navistar is under TRATON's umbrella, some of TRATON's dedicated electrification money could help Navistar scale the program. TRATON CEO skeptical about fuel cells But fuel cell trucks have a major drawback compared to battery-electric powertrains — just one-quarter of the energy produced is used to power the truck. The rest is lost in making the hydrogen, Gründler said. "TRATON's main focus is on battery-electric trucks," he said. "Most of the time, pure electric trucks will outperform their hydrogen counterparts as the more cost-efficient and eco-friendly solution for trucks, especially long-haul trucks." On that, other truck makers disagree. For example, TRATON competitors Daimler Truck and Volvo Group formed a joint venture to make hydrogen-powered fuel cell trucks in the second half of the decade. The argument for fuel cells is that long recharging times for battery electric trucks make them less ideal for over-the-road trucking. They are best suited to local and regional hauling where return-to-base overnight charging saves money. And it all but eliminates range anxiety, the fear of being stranded with a dead battery. Gründler contends the profitability of electric trucks and amortization of their costly batteries is tied to constant, heavy use. Fuel cells, he said, are appropriate where hydrogen from renewable sources, such as wind, is plentiful and cheap. Related articles: Navistar, GM and J.B. Hunt collaborate on fuel cell trucks Navistar will build electric trucks at new plant in Texas Shareholders greenlight Navistar $3.7B merger with TRATON Click for more FreightWaves articles by Alan Adler. See more from BenzingaClick here for options trades from BenzingaInside The Now-booming Business Of Building Container ShipsRailroad Megamerger Could Be Boon For Shippers© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.