BBG: DP World plans $3bn African ports investment by 2029
BLOOMBERG reports: DP World plans to spend $3 billion over the next three to five years on ...
GXO: NEW HIGHSCHRW: CATCHING UPBA: TROUBLE DHL: GREEN GOALVW: STLA: MANAGEMENT SHAKE-UPTSLA: NOT ENOUGHBA: NEW LOW AS TENSION BUILDSGXO: SURGINGR: EASY DOES ITDSV: MOMENTUMGXO: TAKEOVER TALKXOM: DOWNGRADEAMZN: UNHARMED
GXO: NEW HIGHSCHRW: CATCHING UPBA: TROUBLE DHL: GREEN GOALVW: STLA: MANAGEMENT SHAKE-UPTSLA: NOT ENOUGHBA: NEW LOW AS TENSION BUILDSGXO: SURGINGR: EASY DOES ITDSV: MOMENTUMGXO: TAKEOVER TALKXOM: DOWNGRADEAMZN: UNHARMED
BLOOMBERG reports:
Uber Freight is stepping up efforts to expand in Europe’s fragmented logistics market and aims to increase tenfold to 2 billion euros its freight under management by 2028, with a digital platform that manages companies’ entire supply chains.
The freight business of Uber Technologies Inc. is smaller than the ride-hailing and delivery divisions, accounting for 14% of total revenue in 2023. While those other two units grew last year, freight revenue was down almost 25% from a year earlier, according to a recent SEC filing.
That slump is mostly blamed on weak trucking rates, but there are recent signs of a turnaround as supply chain snarls ease and bloated inventories deflate. Lior Ron, the founder and CEO of Uber Freight, said success with large companies in North America is among the biggest reasons for the digital push on the other side of the Atlantic.
“We have the Uber infrastructure in Europe we can build on from a technology perspective and a brand perspective, and on the other end we have US customers, global customers asking us to help,” Ron said in an interview. “We are very motivated to invest in Europe.”
The full post is here.
Comment on this article