Einride forecasts faster growth, adds 500 Tesla Semi trucks to fleet

Tesla's electric semi truck is unveiled during a presentation in Hawthorne, California, November 16, 2017

Einride AB said it expects revenue growth rate to more than double in the second half of the year and announced a deal to add 500 Tesla Semi trucks to its fleet, sending its shares soaring 17 per cent in premarket trading on Tuesday.

The Swedish freight technology company said the first Tesla Semi deployments are expected in September.

• Einride said the Tesla truck deployment will be financed through third-party funding and is expected to triple its deployed fleet to about 750 vehicles.
• The company is targeting cash-flow breakeven in 2028 and a fleet of approximately 1,500 to 2,000 trucks by then.
• It expects constant-currency revenue growth rate to more than double in the second half of 2026 from a year ago as deployments ramp up in the U.S. and Europe.
• “We’re getting to a point where we get access to the hardware in the form that we want and need and now that’s where the software comes in, to be able to deploy that hardware in an efficient way into our entire network,” CEO Roozbeh Charli told Reuters.
• With the addition of Tesla, Einride now sources from five to six truck brands including Netherlands-based DAF, Charli said.
• Einride’s revenue rose 26 per cent year-over-year on a constant-currency basis in the first half of the year, driven by higher customer volumes and fleet deployments.
• But net loss widened to SEK 1.12 billion (US$117.56 million), mainly due to one-time listing, recapitalization and share-based compensation charges linked to its Nasdaq debut.
• Einride, which listed on Nasdaq in June via a merger with a blank-check firm, develops electric and autonomous freight technology. Its shares have fallen more than 50 per cent since their debut as of Monday’s close.

(Reporting by Rashika Singh in Bengaluru and Marie Mannes in Stockholm; Editing by Vijay Kishore and Sahal Muhammed)