Move over Tesla and Nikola: there is another electric semi-truck joining the race.
Just weeks after Nikola debuted on the Nasdaq, with a quick spike that put it on the same level as Ford Motor Company, attention is now turning to another electric newcomer to the public markets, Hyliion.
The company builds electric powertrains that can be retrofitted onto existing fleets of trucks and founder and CEO Thomas Healy thinks now is the time to take his company public.
"We're at a point where we're moving into commercialization. We already started deploying products to fleets across the U.S.," Healy said. "We've got to go figure out manufacturing, really being able to scale things up."
On Monday, the stock $SHLL, which will be changed to $HYLN once the special-purpose acquisition goes through, soared 30 percent. It jumped more than 5 percent early Tuesday.
Healy points out that there are two key differences between his product and Nikola's. While Nikola ($NKLA ) provides the fuel and builds out the whole truck, Hyliion only focuses on building powertrains to convert existing Class 8 trucks into hybrids. And instead of deriving electricity from hydrogen, like Nikola, Hyliion uses natural gas to recharge the battery pack.
"For us, we're bringing the fueling source with us, the natural gas, and producing electricity as you're driving down the road," Healy said. "We're leveraging the different trucks as opposed to trying to re-invent the entire truck from the ground up."
Hyliion has already scored some major deals with major truck manufacturers like Penske.
Although at 28-years-old Healy is not yet an industry veteran, but he believes he's hired the right people to keep the 5-year-old company on the right track.
"My role in this organization is I'm the innovator and bringing the inspiration to the organization," Healy said. "We've got a fantastic leadership team here that can really go drive the company forward and go execute to this vision."
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
Elon Musk on Monday targeted Apple and OpenAI in an antitrust lawsuit alleging that the iPhone maker and the ChatGPT maker are teaming up to thwart competition in artificial intelligence.
