Ryder System Inc. plans to purchase 4,000 light-duty electric vans for its rental, leasing and dedicated fleets from General Motors-owned BrightDrop by 2025, with its first order of 200 vehicles going into service this year, as it looks to meet customer EV demand and keep up with various state mandates.
FedEx saw the biggest U.S. parcel volume falloff in 2022, Pitney Bowes reported, and while overall volume last year was down by 2.2%, the pandemic bump in ecommerce helped it outpace the 2019 projection, hitting the target a year early. The CAGR for parcel volume growth from 2023-2028 is projected to be halved, from 10.8% to 5%.
The pain from pullbacks in retail and ecommerce spending is being felt across the board in logistics, delivery and shipping operations, both internal and external, with layoffs announced at a number of companies resizing in line with lowered demand. From Walmart to 3PLs, trucking, supply chain and robotics, reports continue to pour in.
Pitney Bowes came out swinging at investor Hestia Capital, which has started a proxy fight aimed at reshuffling its board and management, accusing the firm of having a vague strategy for the parcel shipping and cross-border firm, and lacking understanding of how to run a logistics business. The annual meeting will be held in May.
FedEx on Thursday released its third-quarter earnings report, upping its full-year earnings forecast as cost-cutting measures like major layoffs and air freight cutbacks take hold, even as shipping volumes globally remain challenged, boosting its stock more than 9% in after-hours trading.
Liquidity Services, a major marketplace for returned and overstock merchandise, has opened a second AllSurplus Deals location at its facility in Hebron, KY, allowing local consumers to purchase deals online, then pick them up at its warehouse. The first opened in Phoenix in 1999, and plans call for more facilities to add pick-up services.
Pitney Bowes announced a refresh of its board in a proxy statement, but it was not enough to satisfy a large stakeholder that has put forward its own slate of five outside board candidates ahead of the company’s annual meeting in May, saying wholesale changes are needed to boost performance.
The U.S. Supreme Court refused to hear a case involving FedEx which had the potential to set precedent by giving workers the right to join “collective action” lawsuits when they live outside the state where the issue arose. The worker classification issue has been heating up in recent years, including California’s controversial AB5 law.
The U.S. Postal Service has awarded Ford a contract to deliver 9,250 electric delivery vehicles, while ordering an equal number of diesel-powered Dodge Ram vans to fill its immediate needs, plus 14,000 charging stations from three separate firms. Overall, the USPS will purchase at least 66,000 EVs between now and 2028, or 62% of the total fleet.
A survey from shipping software provider Shippo showed that communication of average ecommerce shipping time is one of the top two things consumers want to see on a product or checkout page. Yet less than half of merchants provide that information to shoppers.