Einride to Deploy 500 Tesla Semis for Amazon and Other Customers
Einride is buying 500 Tesla Semis, marking the largest deployment of the electric truck to date. SEC filings reveal that Amazon (learn more) owns a significant piece of Einride, holding warrants for approximately 12% of the company’s shares, which vest as Amazon purchases freight services.
Key Points:
- Order Details: Einride announced the order through its Saga AI fleet platform. The deployment is expected to triple the size of Einride’s electric truck fleet over the next 24 months.
- Amazon’s Role: Einride expects significant revenue growth, forecasting up to a 73% increase in second-half revenue year-over-year due to "the Amazon ramp and other deployments."
- Business Model: Einride doesn’t sell trucks directly; instead, it buys and finances them, hires drivers or contracts carriers, builds charging infrastructure, and hauls freight for a fee using its Saga software.
- Financing: A third party is financing the purchase of the Tesla Semis.
"This deployment is yet another proof point that we can execute at the scale our customers demand," stated Roozbeh Charli, Einride’s CEO.
Background:
- Einride listed on Nasdaq in June with a $1.35 billion valuation.
- It currently operates around 200 electric trucks for clients like Heineken and PepsiCo.
- In April, Amazon first partnered with Einride to add 75 electric trucks to its Relay freight network.