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FEDEX CORPORATION

(FDX)
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FedEx : and Nuro Team Up to Advance Last-Mile Logistics with Autonomous Vehicles

06/15/2021 | 09:03am EDT

FedEx and Nuro are working together to test autonomous, multi-stop and appointment-based delivery operations in Houston, TX

FedEx Corp. (NYSE: FDX) and Nuro announce a multi-year, multi-phase agreement to test Nuro’s next-generation autonomous delivery vehicle within FedEx operations. The collaboration between FedEx and Nuro launched in April with a pilot program across the Houston area. This pilot marks Nuro’s expansion into parcel logistics and allows FedEx the opportunity to explore various use cases for on-road autonomous vehicle logistics, including multi-stop and appointment-based deliveries. The Nuro pilot is the latest addition to the FedEx portfolio of autonomous same-day and specialty delivery devices.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210615005425/en/

FedEx and Nuro announce a multi-year, multi-phase agreement to test Nuro’s next-generation autonomous delivery vehicle within FedEx operations. This pilot program marks Nuro’s expansion into parcel logistics and is the latest addition to the FedEx portfolio of autonomous same-day and specialty delivery devices. (Photo: Business Wire)

FedEx and Nuro announce a multi-year, multi-phase agreement to test Nuro’s next-generation autonomous delivery vehicle within FedEx operations. This pilot program marks Nuro’s expansion into parcel logistics and is the latest addition to the FedEx portfolio of autonomous same-day and specialty delivery devices. (Photo: Business Wire)

The exponential growth of e-commerce has accelerated the demand for reliable, autonomous solutions throughout all stages of the supply chain. FedEx believes that continued innovation and automation will improve safety, efficiency, and productivity for the company’s more than 570,000 team members as they continue to move the world forward.

“FedEx was built on innovation, and it continues to be an integral part of our culture and business strategy,” said Rebecca Yeung, vice president, advanced technology and innovation, FedEx Corporation. “We are excited to collaborate with an industry leader like Nuro as we continue to explore the use of autonomous technologies within our operations.”

Nuro has been developing and testing its self-driving technology for nearly five years, including on-road deployment in multiple cities and industry-first regulatory approvals. The company has established partnerships with leaders in grocery, restaurant, and pharmacy verticals. This collaboration is a major step for Nuro in entering parcel logistics.

“Working with FedEx—the global leader in logistics—is an incredible opportunity to rethink every aspect of local delivery. This multi-year commitment will allow us to truly collaborate and bring Nuro’s powerful technology to more people in new ways, and eventually reach large-scale deployment,” said Cosimo Leipold, Nuro’s head of partnerships. “Our collaboration will enable innovative, industry-first product offerings that will better everyday life and help make communities safer and greener.”

About FedEx

FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenue of $79 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 more than 570,000 team members 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 about.fedex.com.

About Nuro

Nuro exists to better everyday life through robotics. The company's custom autonomous vehicles are designed to bring the things you need, from produce to prescriptions, right to your home. Nuro's autonomous delivery can give you valuable time back and more freedom to do what you love. This convenient, eco-friendly, safe alternative to driving can make streets safer and cities more livable. Nuro has brought autonomous delivery to local communities in Texas, Arizona, and California—for less driving and more thriving.


ę Business Wire 2021
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Financials (USD)
Sales 2022 90 904 M - -
Net income 2022 5 554 M - -
Net Debt 2022 13 636 M - -
P/E ratio 2022 14,3x
Yield 2022 1,03%
Capitalization 79 421 M 79 421 M -
EV / Sales 2022 1,02x
EV / Sales 2023 0,96x
Nbr of Employees 477 000
Free-Float 77,7%
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Number of Analysts 30
Last Close Price 297,07 $
Average target price 347,62 $
Spread / Average Target 17,0%
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Managers and Directors
Frederick Wallace Smith Chairman & Chief Executive Officer
Rajesh Subramaniam President, Chief Operating Officer & Director
Michael C Lenz Chief Financial Officer & Executive Vice President
Robert B. Carter Chief Information Officer
Shirley Ann Jackson Independent Director
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