BrightDrop revenue on track to hit $1B in 2023

BrightDrop revenue on track to hit $1B in 2023

BrightDrop says it is on track to reach $1 billion in revenue in 2023, making it one of the fastest companies to ever hit that milestone. The company also confirmed that it is set to generate up to $10 billion in revenue and reach 20% profit margins by the end of the decade.

BrightDrop launched in 2021 with a suite of products targeting last-mile delivery and fulfillment, including the BrightDrop Zevo lineup of electric delivery vans, the BrightDrop Trace eCart, and the BrightDrop Core software suite.

The revenue news comes ahead of the company’s two-year anniversary and just 11 months after breaking the record for the fastest vehicle to market in GM’s history. BrightDrop says it has received over 25,000 reservations and letters of intent from companies including Walmart, Hertz, FedEx and Verizon. In September, the company unveiled Trace Grocery, an eCart designed to improve online grocery fulfillment, and announced Kroger as the first company slated to take delivery of the units.

From the Editor: Hot Take

Everything is coming up roses for BrightDrop. Today, it’s estimated that smaller fleets make up about 75% of the market, and there’s no question the last mile delivery segment will remain a focal point as the years fly by. The recent $2.5 billion loan offered to GM will do nothing but accelerate BrightDrop’s market presence as well. Oh, and while it may come across as a borderline joke – don’t sleep on that eCart. Faster, more automated grocery fulfillment is a huge initiative for grocers this decade, and there are a heck of a lot of Krogers out there.

You May Also Like

Canoo expands EV fleet with Zeeba

The announcement is part of an existing agreement with Zeeba that awarded a total of 5,450 electric vehicles.

zeeba-canoo

Canoo Inc. added electric vehicles to the fleet of Zeeba, a national fleet management company. The announcement is part of an existing agreement with Zeeba that awarded a total of 5,450 electric vehicles, with a binding commitment of 3,000 Lifestyle Delivery Vehicle (LDV) EVs, for its national fleet.

“Our partnership with Zeeba signifies a major step forward in the electrification of commercial fleets across the United States, where EVs are the ideal use case,” Tony Aquila, investor, executive chairman, and CEO of Canoo said. “With impressive revenue growth, Zeeba has increased its number of clients by 10 times in the last two years and has a large backlog of clients waiting for Canoo vehicles. We are excited to work with a dynamic, skilled team that is expanding its national fleet.”

Denso works to improve the range of EVs in extreme temps

The collaboration with Betterfrost aims to develop a low-energy defrost and defog system for electric vehicles.

EV charging stations
Cold weather range loss and EVs: Separating fact from fiction

EVs are frequently criticized during colder months for the range loss they experience, but is this criticism valid?

EV-Cold-Weather-Range-1400
Carrier Transicold launches all-electric refrigeration unit

Carrier Transicold said the unit provides nearly 40% more cooling capacity with greater efficiency than the unit it succeeds.

Carrier-Transicold_Neos-200e_Electric-Van
Recycled Rubber Coalition white paper examines EV impact on scrapped tires

The Coalition estimates there will be a 12% increase in the number of scrap tires that will be produced as drivers transition to EVs.

Recycled-Rubber-Coalition

Other Posts

GM hires vice president of batteries

In this newly created role, GM said Kurt Kelty will be charged with GM’s battery cell strategy and a new end-to-end approach.

gm-kurt-kelty-1400
Nikola to open a HYLA refueling station in Southern California

Nikola said its Ontario station will be capable of fueling up to 40 Nikola hydrogen fuel cell electric Class 8 trucks daily.

Nikola_Hyla-refueling
USPS to install EV charging stations at Atlanta delivery center

Electrification and modernization of the Postal Service’s delivery fleet is part of the organization’s $40 billion investment strategy.

USPS-stock-fleet-charging
DTNA, Volvo launch EV infrastructure coalition

PACT’s purpose is to overcome the barriers delaying access to ZEV infrastructure and enhancing national climate policies.

PACT-Daimler-Volvo