Ryder to Add BrightDrop’s Electric Vehicles to Lease and Rental Fleet

Rhea-AI Summary

Ryder System (NYSE: R) has announced plans to add 4,000 BrightDrop electric vans to its rental and lease fleet by 2025, with 200 units ordered for 2023. This initiative aims to meet increasing demand for commercial electric vehicles in logistics. The new Zevo 600 and Zevo 400 models will enhance sustainability for Ryder's customers, offering up to 250 miles on a full charge and payload capacities of 2,000 to 3,400 lbs. The rollout will begin in key locations such as California, Dallas-Fort Worth, and New York City.

Positive

• Introduction of 4,000 BrightDrop electric vans enhances sustainable offering.
• First 200 vans ordered for 2023 to meet rising EV demand.
• New models provide operational benefits including reduced transportation emissions.
• Models offer significant range and payload capacity, making them suitable for various logistics needs.

Negative

• None.

Ryder plans to introduce 4,000 additional BrightDrop electric vans to its fleet through 2025

MIAMI--(BUSINESS WIRE)-- Ryder System, Inc. (NYSE: R), a leader in supply chain, dedicated transportation, and fleet management solutions, announced its plan to introduce 4,000 BrightDrop Zevo 600 and Zevo 400 electric vans to its lease and rental fleet through 2025, with the first 200 to be ordered this year. Today’s announcement underscores the company’s ongoing efforts to meet rising demand across the transportation and logistics industries for commercial electric vehicles (EVs). The expanded offering will enable Ryder customers to test and broaden their EV footprint, enhance the driver experience, and accelerate their sustainability initiatives.

As part of its advanced vehicle technology strategy, Ryder plans to introduce 4,000 BrightDrop electric vans to its fleet through 2025. (Photo: Business Wire)

“We aim to make fleet electrification as seamless as possible by investing in alternative vehicle solutions to offer sustainable and economic advantages for our customers,” says Tom Havens, president of fleet management solutions for Ryder. “Ryder continues to be at the forefront of identifying advanced and emerging vehicle technology by serving as an extended research and development arm for its customers.”

The Zevo 600 and Zevo 400 electric vans boast a range of up to 250 miles on a full charge, and can support a payload of about 2,000 to 3,400 lbs. With Zevo 600’s cargo capacity of over 600 cubic feet and Zevo 400’s cargo capacity of over 400 cubic feet, BrightDrop’s electric vans offer the benefits of an electric powertrain with ample cargo space.

Ryder plans to deploy model year 2023 Zevo 600 electric vans in its rental fleet in California, Dallas-Fort Worth, and New York City later this year. The new 2024 Zevo 600 and Zevo 400 models for lease and rental customers are expected to be available as early as summer 2023 and into the first quarter of 2024.

“Electrifying lease and rental vehicles can have a significant impact on transportation-related emissions, and our goal is to make that switch as easy and enticing as possible for our customers,” said Steve Hornyak, chief commercial officer for BrightDrop. “Ryder’s plan to introduce 4,000 of our electric vans to their fleet shows their commitment to sustainable options for customers, and their confidence that BrightDrop will help them deliver on that.”

“We are excited to focus on providing additional light duty EVs in our Ryder rental and lease fleets in 2023,” adds Carlo Rodriguez, group director for advanced vehicle technology for Ryder. “At Ryder, we want to help customers meet their sustainability, compliance, and operational goals through advanced vehicle technology solutions, and BrightDrop’s electric vans help us do just that.”

Ryder’s commitment to responsible corporate citizenship extends into every aspect of its business. Information about Ryder’s environmental, social, and governance initiatives and sustainability reporting can be found at www.ryder.com/about-us/sustainability. Ryder delivers a turnkey solution to help customers increase compliance success, reduce emissions, and optimize efficiency across the value chain through innovative and flexible transportation solutions.

About Ryder System, Inc.

Ryder System, Inc. (NYSE: R) is a leading logistics and transportation company. It provides supply chain, dedicated transportation, and fleet management solutions, including warehousing and distribution, e-commerce fulfillment, last-mile delivery, managed transportation, professional drivers, freight brokerage, full-service leasing, maintenance, commercial truck rental, and used vehicle sales to some of the world’s most-recognized brands. Ryder provides services throughout the United States, Mexico, and Canada. In addition, Ryder manages nearly 260,000 commercial vehicles and operates approximately 300 warehouses encompassing more than 95 million square feet. Ryder is regularly recognized for its industry-leading practices in third-party logistics, technology-driven innovations, commercial vehicle maintenance, environmental stewardship, corporate social responsibility, world-class safety and security programs, military veteran recruitment initiatives, and the hiring of a diverse workforce. www.ryder.com

About BrightDrop

BrightDrop is a tech company transforming commercial delivery and logistics. Its portfolio of electric delivery vehicles, smart eCarts, and software solutions are designed to create a smarter, safer, more sustainable future. BrightDrop is a wholly owned subsidiary of General Motors. For more information, visit gobrightdrop.com.

Note Regarding Forward-Looking Statements: Certain statements and information included in this news release are “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. These forward-looking statements, including our expectations with respect to electric vehicles, are based on our current plans and expectations and are subject to risks, uncertainties and assumptions. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the forward-looking statements including those risks set forth in our periodic filings with the Securities and Exchange Commission. New risks emerge from time to time. It is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20230403005252/en/

For Information:

Jonathan Mayor, (305) 500-3161, jonathan_c_mayor@ryder.com

Amy Federman, (305) 500-4989, afederman@ryder.com

Source: Ryder System, Inc.

FAQ

What is Ryder System's plan for electric vans?

Ryder plans to introduce 4,000 BrightDrop electric vans to its fleet by 2025, starting with 200 units in 2023.

Where will the new electric vans be deployed?

The new electric vans will be deployed in California, Dallas-Fort Worth, and New York City.

What is the expected range of Ryder's electric vans?

The BrightDrop electric vans offer a range of up to 250 miles on a full charge.

What are the payload capacities of the new electric vans?

The payload capacities of the new electric vans range from 2,000 to 3,400 lbs.