Legislation and regulation affecting trucking is downshifting as the election year moves into full swing, but the most prominent lobby representing truck owner-operators is keeping the pressure on lawmakers and the administration to do right by its members. “The unfortunate reality is that this particular Congress is totally engaged in election season, and rather than focusing on some of the issues we would like to see them focus on, they’re pretty much engaged in doing what they think they need to do to retain or gain seats,” said Todd Spencer, president of the Owner-Operator Independent Dri ..read more

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The U.S. Postal Service plans to shift daily air cargo volumes to UPS before the contract with FedEx expires in September to ensure no service interruption for customers heading into the busy holiday shipping season, the agency and company officials said Tuesday.  UPS’ (NYSE: UPS) ability to leverage its integrated air-and-ground network and bypass its main sort hub in Louisville, Kentucky, will enable the integrated express carrier to better profit from transporting domestic airmail for the U.S. Postal Service than its predecessor, executives said during an earnings briefing for analyst ..read more

Tesla CEO Elon Musk said the company will accelerate the launch of less expensive EV models after its profits and revenue under performed for the third consecutive quarter. “The EV adoption rate globally is under pressure, and a lot of other auto manufacturers are pulling back on EVs and pursuing plug-in hybrids instead,” Musk said during an earnings call with analysts Tuesday after the market closed. “We believe this is not the right strategy, and electric vehicles will ultimately dominate the market. Despite these challenges, the Tesla team did a great job executing in a tough environment ..read more

Open-deck transportation marketplace EXO Freight closed its Chattanooga, Tennessee, office Tuesday, laying off 19 employees, including a few from its spot brokerage team in Royal Oak, Michigan, who were mainly operations-focused, co-founder and CEO Kurtis Tryber told FreightWaves. Tryber said it was an intentional move by the company to pivot from covering unprofitable spot market freight through its brokerage to utilizing its specialized marketplace and fintech solutions for managed transportation business needs. The Royal Oak office will stay open to focus on managed transportation. “We rem ..read more

Ryder’s quarterly earnings showed signs of the weak truck market, but its emphasis on other segments of the company besides its flagship fleet rental activities continued to bear fruit. The bottom line is that Ryder’s non-GAAP earnings per share of $2.14 exceeded consensus expectations by 43 cents, according to SeekingAlpha. Its revenue of $3.1 billion exceeded consensus by $40 million. However, the $2.14 EPS came in 67 cents lower than the corresponding figure of 2023’s first quarter. Investors cheered the numbers. At about 12:25 p.m., Ryder (NYSE: R) stock was up $11.79, an increase of 10.8 ..read more

WASHINGTON — New trucking industry-backed research finds renewable diesel (RD) fuel to be significantly less costly and more operationally effective than transitioning to battery-powered trucks. Electric vehicle purchases and electric infrastructure will cost the long-haul sector more than $1 trillion over 15 years, a study released Tuesday by the American Transportation Research Institue (ATRI) estimates. That compares with $203 billion using renewable fuel to power internal combustion engine (ICE) trucks to achieve similar decarbonization benefits, the study found. “My company quickly and s ..read more

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