Flexport, a supply chain logistics startup, has announced its acquisition of Convoy’s assets. The deal will see Flexport restore Convoy’s trucking logistics services for customers in the coming weeks. While the purchase price has not been disclosed, Flexport CEO Ryan Petersen referred to it as “modest.” Some team members from Convoy’s core product and engineering team will also join Flexport. Convoy, a digital freight network, had reached a valuation of $3.8 billion earlier this year.
Key Takeaway:
Flexport has acquired Convoy’s assets and plans to restore its trucking logistics services. Revel has discontinued its e-moped sharing service and will focus on its EV ride-hail service. The UAW, after successful negotiations with GM and Stellantis, intends to target Toyota, Tesla, and battery factories in future labor agreements.
Mopeds:
Revel, the electric moped sharing company, has decided to discontinue its e-moped services in New York City and San Francisco. The company, which started with around 70 shared mopeds in Brooklyn in 2018 and grew to nearly 6,000 across different cities, will now focus on its EV ride-hail service and building EV charging hubs. The decision comes after a decline in ridership and the challenges of operating a shared micromobility business in the US.
UAW targeting Toyota and Tesla:
The United Autoworkers (UAW) union, after clinching tentative agreements with GM and Stellantis, has set its sights on Toyota and Tesla. UAW President Shawn Fain has raised concerns about Toyota’s decision to raise wages for non-union workers, and the union plans to direct its efforts towards both automakers, along with joint venture battery factories in the emerging Battery Belt. The UAW has achieved significant victories in its bargaining agreements with the Big Three automakers, securing record pay raises and investments in plants.
