ChargePoint Holdings is laying off more than 200 employees – 15% of its workforce – in its second downsizing this year. The manufacturer of electric vehicle chargers cut 12% – about 198 jobs – from its global workforce in January.
ChargePoint has been making inroads into commercial trucking and vehicle connectivity. But the financial picture of the company that went public during the SPAC frenzy remains bleak. ChargePoint shares are down more than 35% year to date through Thursday..
The latest downsizing followed disappointing second-quarter earnings. Revenue of $108.5 million was down 28% from $150.5 million in the prior year’s same quarter. The Q2 net loss was $68.9 million, down 45% from $125.3 million a year ago.
Are ChargePoint’s financial results near the bottom?
But there may be some cause for cautious optimism.
“We believe the company is approaching a bottom on financial results,” Oppenheimer analyst Colin Rusch said in a research note following ChargePoint’s earnings call Thursday. “With spending adjustments and resources on hand we believe the company has sufficient liquidity to reach breakeven even if its timeline extends to [fiscal year] FY27.”
The slowdown in electric vehicle adoption may have delayed some Q2 orders that dinged revenue. ChargePoint expects those orders – and the money from them – to come in next year.
interim CFO Mansi Khetani said on the call that fleet growth should account for about a third of ChargePoint’s revenue over time. Subscription revenue should rise as more its installed charger base grows.
Volvo denies Mexico plant is payback for UAW strikes
Volvo Group denies the announcement of a new $700 million assembly plant in Monterrey, Mexico, is payback to the United Auto Workers for three crippling strikes at Volvo and Mack Trucks plants in recent years.
Labor issues had no bearing on the location of the new plant, Volvo Group North America spokesman John Mies said in an email.
“The plant will provide additional capacity to support the growth plans of both Volvo Trucks and Mack Trucks in the U.S. and Canadian markets, and support Mack truck sales in Mexico and Latin America,” Mies said.
“Adding production in Mexico will deliver logistical efficiencies for supporting sales to the southwestern/western regions of the U.S., and to Mexico and Latin America. It also provides a mature supply and production ecosystem that will complement the U.S. system and increase the resilience and flexibility of the Group’s North American industrial footprint.”
That is pretty much what Volvo said in its news release announcing the plant in Monterrey. But memories of lost production at the Volvo Trucks North America plant in Dublin, Virginia, in 2021 and the Mack plant in Lower Macquarie, Pennsylvania, in 2019 and 2023 likely remain fresh.
They are the only final assembly facilities for Volvo in North America. The Monterrey plant opens in 2026 before the current UAW contracts at VTNA and Mack expire. The ability to produce trucks in Mexico reduces the risk of future labor-fueled production disruptions for the Sweden-based company.
Virginia and Pennsylvania remain North America production focus
The plan to build in Mexico was announced in April. Volvo has consistently said its plants in Virginia and Pennsylvania remain the focus of North American production. The company recently completed a $400 million expansion in Dublin.
(Photo: Volvo Group)
At the Mack plant, where the most recent strike occurred, UAW Local 677 said the April announcement was “a slap in the face for all of us.” Local union leadership said it had been working closely with local and state government officials to build a state-of-the-art plant in the Lehigh Valley.
Heartier fuel cells for heavier tasks
Seed-stage startup Celadyne Technologies is working with General Motors to develop and produce more durable fuel cells for heavy-duty applications.
GM, which has more than a half-century of experience in fuel cell development, is pursuing heavy-duty applications for its Hydrotec fuel-based systems with off-road mining truck manufacturer Komatsu and severe service truck developer Autocar.
electric drive mining truck. (Image: Komatsu)
Celadyne’s Dura technology makes fuel cells more durable. It uses advanced cells that keep membranes thin, let protons move quickly, and stop gasses and ions from moving too much.
Money for the project comes from a Department of Energy program that put $47 million into 16 green projects. GM declined to discuss the program.
Volvo Trucks pushes electric range to 373 miles on a single charge
Energy-dense batteries remain elusive, but longer driving ranges between chargings are happening through technologies like electronic axles. Volvo Trucks says its next European FH Electric model can travel 373 miles on a single charge.
The longer range will allow fleets to operate electric trucks on interregional and long-distance routes. That will allow a full working day of driving without having to recharge. The new Volvo FH Electric goes on sale during the second half of 2025.
“Our new electric flagship will be a great complement to our wide range of electric trucks,” Roger Alm, Volvo Trucks president, said in a news release. “It will be a great solution for transport companies with a high annual mileage on their trucks and with a strong commitment to reduce CO2.”
The e-axle in the FH Electric creates space for greater onboard battery capacity. More efficient batteries, a further improved battery management system and overall powertrain efficiency also contribute to the extended range.
Volvo Trucks has eight battery-electric models in its portfolio covering city and regional distribution, construction and waste management. Volvo has delivered more than 3,800 electric trucks to customers in 46 countries.
Briefly noted …
Karin Rådström will become the first woman to lead a major trucking OEM when she becomes CEO of Daimler Truck Oct. 1, succeeding Martin Daum.
The name of the truck is now the name of the dealerships. Velocity EV has rebranded itself as Rizon USA to handle sales and service of the Class 4-5 electric trucks imported from Mitsubishi Fuso in Japan,which is majority owned by Daimler Truck.
Applied Intuition and Japan’s Isuzu Motors have formed a strategic partnership to develop Level 4 autonomous over-the-road trucks for Japan.
Separately, Isuzu Commercial Truck of America has started production of its first Class 5 electric truck, the NRR EV, in Michigan.
Once envisioned as a stand-alone electric commercial vehicle brand, BrightDrop vans will be sold under GM’s Chevrolet brand, a better head-to-head matchup with the surging Ford Pro brand.
Bollinger Motors is adding 20 TEC Equipment Inc. dealerships in California, Oregon and Washington for its B4 electric chassis, which goes into production Sept. 16.
Truck Tech Episode No. 81: Fleets need a warm blanket to get ready for electric transition
Your last chance to nominate candidates for the FreightTech 25 is today. And the clock is ticking on this discount offer for tickets to the Future of Freight Festival in Chattanooga in mid-November. That’s where the FreightTech 25 winners will be announced.
That’s it for this week. Thanks for reading and watching. Click here to subscribe and get Truck Tech delivered to your email on Fridays. And catch the latest episodes of the Truck Tech podcast and video shorts on the FreightWaves YouTube channel.Send your feedback on Truck Tech to Alan Adler at aadler@firecrown.com.