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FEDEX CORPORATION

(FDX)
  Report
Delayed Nyse  -  04:00 2022-09-30 pm EDT
148.47 USD   -2.52%
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FedEx Continues Advancing Fleet Electrification Goals with Latest 150 Electric Vehicle Delivery from BrightDrop

07/21/2022 | 11:04am EDT

MEMPHIS, Tenn. - FedEx Corp. (NYSE: FDX) recently announced it has received its first 150 electric delivery vehicles from BrightDrop, the technology startup from General Motors (GM) decarbonizing last-mile delivery.

This marks a critical milestone for FedEx as the company plans to transform its entire parcel pickup and delivery (PUD) fleet to all-electric, zero-tailpipe emissions by 2040, and comes just months after BrightDrop's commercialization of the Zevo 600 as the fastest vehicle to market in GM's history.

"At FedEx, we have ambitious sustainability goals, and our phased approach to vehicle electrification is a crucial part of our roadmap to achieve carbon neutral global operations," said Mitch Jackson, Chief Sustainability Officer, FedEx. "In just under six months, we've taken delivery of 150 BrightDrop Zevo 600s for our parcel pickup and delivery fleet. In today's climate of chip shortages and supply chain issues, that's no ordinary feat and a true testament to the collaboration between FedEx and BrightDrop."

The first 150 BrightDrop Zevo 600s were delivered throughout Southern California to FedEx Express, a subsidiary of FedEx Corp. and one of the world's largest express transportation companies. Powered by GM's Ultium Platform, the Zevo 600 is designed for last-mile deliveries, with an estimated range of up to 250 miles on a full charge. This is part of a larger agreement between FedEx and BrightDrop that will see FedEx incorporate 2,500 total Zevo 600s across FedEx operations over the next few years.

"This shows how BrightDrop is delivering sustainable solutions at scale to customers today, and we couldn't be happier to be part of FedEx's sustainability journey," said Travis Katz, president and CEO of BrightDrop. "Our Zevo 600 has been a record-setting vehicle from the start. From a record-setting time to market, to delivering one of the largest fleets of electric delivery vans on the road today, BrightDrop is showing the world what sustainable delivery looks like."

To support the new vehicle technology, FedEx is building charging infrastructure across its vast network of facilities, including the more than 500 charging stations the company has already installed across California. FedEx is also actively working with utility companies to help evaluate and determine the capacity needed for electrical grids to support such charging infrastructure and is investing to expand on-site generation and procurement of renewable energy in its facilities.

"For FedEx to successfully achieve our sustainability goals, it will require collaboration across the public, non-profit and corporate sectors," said Jackson. "Our ongoing collaboration with BrightDrop is a perfect example of what is possible when two organizations come together and work toward achieving similar goals in pursuit of a better world."

In 2003, FedEx was the first delivery company to use hybrid vehicles for pickup and delivery and, in 1994, the company used its first electric vehicle - an acid battery-powered vehicle in California. To complement the company's efforts to reduce its environmental impact in its own operations, FedEx has been a vocal advocate for improved fuel efficiency standards and policies to support the commercial deployment of alternative-fuel vehicles.

For more on sustainability at FedEx, please visit fedex.com/sustainability

About FedEx Corp.

FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenue of $92 billion, the company offers integrated business solutions through operating companies competing collectively, operating collaboratively and innovating digitally under the respected FedEx brand. Consistently ranked among the world's most admired and trusted employers, FedEx inspires its nearly 550,000 employees to remain focused on safety, the highest ethical and professional standards and the needs of their customers and communities. FedEx is committed to connecting people and possibilities around the world responsibly and resourcefully, with a goal to achieve carbon-neutral operations by 2040. To learn more, please visit fedex.com/about.

About BrightDrop:

BrightDrop is a new business reimagining the commercial delivery and logistics industry for an all-electric future. Its portfolio of electric vehicles, smart containers, and software are designed to decarbonize last-mile deliveries and reduce congestion for a smarter, more sustainable future. BrightDrop is a wholly owned subsidiary of General Motors. For more information, visit gobrightdrop.com.

Tweet me: .@FedEx announced it has received its first 150 electric delivery vehicles from @brightdrop, the technology startup from General Motors (GM) decarbonizing last-mile delivery. Read the release: https://bit.ly/3AwgOYp

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(C) 2022 M2 COMMUNICATIONS, source M2 PressWIRE

Stocks mentioned in the article
ChangeLast1st jan.
FEDEX CORPORATION -2.52% 148.47 Delayed Quote.-42.60%
GENERAL MOTORS COMPANY -3.52% 32.09 Delayed Quote.-45.27%
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Financials (USD)
Sales 2023 94 730 M - -
Net income 2023 3 577 M - -
Net Debt 2023 16 015 M - -
P/E ratio 2023 10,8x
Yield 2023 3,10%
Capitalization 38 635 M 38 635 M -
EV / Sales 2023 0,58x
EV / Sales 2024 0,55x
Nbr of Employees 446 000
Free-Float 75,6%
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Mean consensus OUTPERFORM
Number of Analysts 30
Last Close Price 148,47 $
Average target price 203,19 $
Spread / Average Target 36,9%
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Managers and Directors
Rajesh Subramaniam President, Chief Executive Officer & Director
Michael C. Lenz Chief Financial Officer & Executive Vice President
Frederick Wallace Smith Executive Chairman
Robert B. Carter Chief Information Officer & Executive VP
Susan C. Schwab Independent Director
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