Commercial & Heavy-Duty Electric Vehicles

Deputy Prime Minister and Transport Minister Phiphat Ratchakitprakarn revealed that the government is preparing to move ahead with a common ticketing system for Bangkok and its vicinity's electric rail network, targeting implementation by January 1, 2027. The core features are a 17-baht entry fee and a maximum fare of no more than 45 baht per trip, with no repeat entry fee even when transferring between multiple rail lines. The Mass Rapid Transit Authority of Thailand, or MRTA, will manage the central system, which will also support EMV payment, with Krungthai Bank handling the back-end system and fare calculations between each operator. The priority is the Green Line, which currently uses the Rabbit card, and the Transport Ministry is in discussions on how to connect it to the EMV system in time for January 1, 2027, because the Green Line is the main axis linking to other key rail lines, including the Purple Line, the Blue Line, and routes to be opened in the future. On buses, Bangkok Mass Transit Authority, or BMTA, will receive 1,520 electric buses in 2027 between March and May and another 800 in late December, totaling 2,320 for the year, with a goal of converting all BMTA buses to electric by the end of 2027. The new electric bus fleet will be fully air-conditioned, with space for wheelchair users and ramps, a 50% fare discount for the elderly, a 50% discount for school and university students, and free fares for children under seven. The ministry is also preparing to adjust bus routes to serve as feeders, carrying passengers from communities and main roads to rail stations. For integrating water, road, and rail travel into a single system, Smart Pier aims to complete development of 16 of 29 piers by the fourth quarter of 2027, and any pier that is ready earlier can connect to the common ticket system immediately. Saen Saep Canal boats will also be brought into the system. On safety, the State Railway of Thailand, or SRT, plans to gradually fix railway-road crossings in inner Bangkok, targeting completion within six years and no more than ten years at most. For freight transport, the ministry envisions rail as the main axis in the future, with trucks serving as feeders for distances of no more than 150 kilometers from factories or industrial estates to railway stations, linking the northern, northeastern, central, and southern routes through to Malaysia and Singapore.

Tesla has secured an order for 50 all-electric Semi trucks from IMC Logistics, expanding its presence in the heavy-duty trucking market. The deal adds to growing commercial interest in Tesla's electric trucks as the company ramps up production and diversifies beyond passenger vehicles. The order follows Einride's planned deployment of 500 Tesla Semis, WattEV's order for 370 trucks and the ZET SCALE alliance's initial order for 2,500 electric Class 8 trucks, with Tesla selected as the primary manufacturer, though PACCAR's Kenworth and Volvo Group's Volvo are also on the supplier list. According to FreightWaves, the alliance, backed by shippers including Microsoft and PepsiCo, aims to expand its program to at least 10,000 trucks, and IMC will deploy its trucks for port drayage and freight routes connecting Southern California with inland destinations. Tesla's new Semi factory in Nevada opened in the last week of September, a 1.7-million-square-foot facility built to produce up to 50,000 trucks a year. The 50-truck order is unlikely to materially affect near-term revenue, and longer-term growth will depend on delivery execution, cost control and competitive operating economics.

Pilot and Tesla have opened their first Tesla Megacharger site at a Pilot travel center in Ellabell, Georgia, launching a new charging network at select Pilot locations designed to support heavy-duty electric trucks along major U.S. freight corridors. The site at Pilot #1390, located at 130 Interstate Exchange Way, has six heavy-duty charging stalls now open. Twelve additional heavy-duty charging locations are actively under construction, with three near completion and expected to come online soon: Flying J #1071 in Tulare, California, opening October 9, 2026; Flying J #553 in Fort Stockton, Texas; and Pilot #341 in North Las Vegas, Nevada. Each location will feature four to eight high-power charging stalls powered by Tesla's V4 cabinet technology, and according to Tesla each stall can deliver up to 1.2 megawatts of power, allowing a Tesla Semi to recover 60% of charge in 30 minutes. Pilot and Tesla announced their collaboration in January 2026, with plans to develop a network of Tesla Megachargers at select Pilot locations along I-5, I-10 and other major freight corridors across California, Georgia, Indiana, Nevada and Texas.

Harbinger Motors has secured a contract worth over $300 million to supply FedEx with 2,000 all-electric trucks. Harbinger Motors CEO John Harris announced the deal in an interview on Bloomberg Open Interest. Harris discussed how the EV maker plans to scale up production, what soaring fuel prices mean for large fleets, and why demand is surging even without new green regulations.

Zhongtong Bus issued an announcement on October 8 disclosing production and sales data for September 2026. Monthly production reached 1,341 vehicles, up 23.48% year on year; cumulative production for the year reached 11,100 vehicles, up 20.10% year on year. Monthly sales reached 1,124 vehicles, up 1.63% year on year; cumulative sales for the year reached 11,200 vehicles, up 24.41% year on year. In the first half of 2026, Zhongtong Bus achieved revenue of 4.014 billion yuan and net profit attributable to the parent of 283 million yuan.

LG Electronics will supply its integrated cockpit solution for Renault Group's New Trafic E-Tech Electric, the automaker's first mass-produced commercial vehicle built on a software-defined vehicle architecture and winner of the International Van of the Year award. The solution combines the instrument cluster and infotainment system into a single control platform for the cockpit domain, presenting driving information such as vehicle speed, RPM and warning indicators alongside navigation and media playback in a more consistent and intuitive way across the vehicle's displays. LG said the integration helps automakers cut production costs through component simplification and system optimization, and supports over-the-air software updates central to SDV design. The two companies have a long-standing relationship: LG was named an outstanding supplier by Renault Group in 2014, 2017 and 2020, and the pair developed an Android-based automotive infotainment system in 2021. Eun Seok-hyun, president of the LG Vehicle Solution Company, said LG will continue to advance the core technologies and solutions needed to support the mobility industry's transition to SDVs, and LG plans to expand partnerships with major global automakers across North America, Asia and other key markets.

Daimler Truck laid out what it says Europe needs to move battery-electric and hydrogen trucks from early adopters into mainstream fleets, including public megawatt chargers, truck-ready hydrogen stations and road tolls that reward zero-emission vehicles, with CEO Karin Rådström making the case at the company's Media Night in Hanover, Germany, ahead of IAA Transportation 2026. Mercedes-Benz Trucks held about 38% of Europe's market for locally CO2-free medium- and heavy-duty trucks in the first half of 2026, and customers have driven the eActros 600 more than 160 million kilometers since series production began at the end of 2024. Heavy-duty battery-electric trucks took 2% of Europe's market in 2025, and Daimler Truck estimates about 35% of new trucks would need to run on batteries or hydrogen by 2030 to meet EU CO2 targets. Europe has fewer than 2,000 public truck charge points today, most of them standard CCS chargers, and Rådström said it needs 35,000 megawatt charging points by 2030, along with 1,000 hydrogen stations, up from around 187 today, most of which supply only 350 bar. On cost, she pointed to CO2-based road tolls, saying the toll difference between a diesel truck and an electric truck in Germany comes out to about 33 to 35 cents per kilometer, but only 13 of the EU's 27 member states have adopted CO2-based tolls. Dachser chief development officer Stefan Hohm said the German logistics provider has 25 emission-free delivery areas in Europe and more than 200 battery-electric trucks on the road, including more than 160 Mercedes-Benz Actros models, out of a fleet of more than 15,000, and called grid access and capacity the main pain point. The eActros Lowliner opened for orders Sept. 15, with series production at the Mercedes-Benz plant in Wörth, Germany, set for the second quarter of 2027, and a small series of 100 Mercedes-Benz NextGenH2 fuel-cell trucks enters customer operations from the end of 2026 with Dachser as the first customer. Daimler Truck is asking the EU for an early review of its heavy-duty CO2 regulation, whose 2030 target calls for a 43% cut in CO2 emissions from new heavy-duty vehicles compared with 2019, and puts the cost of falling short at about €120 million in penalties for each percentage point Mercedes-Benz Trucks misses.

Chatpol Sriprathum, Chief Executive Officer of Energy Absolute Public Company Limited, or EA, disclosed that the company targets sales of 100 million baht from its palm oil extract business, BIO-PCM, within the next three years, after continuously rising demand from its main customers in the construction materials business in South Korea and Japan. The company began recognising revenue from PCM products last year. The PCM business still accounts for a relatively small share of sales compared with its energy business group, which generates revenue in the billions of baht. Meanwhile, the company's core business structure remains roughly 60-70% power plants, followed by the electric vehicle, or EV, business. As for the earnings outlook, it is expected to grow by leaps and bounds over the next three years, as new projects become clearer from 2027, spanning the power plant business, the biodiesel plant, and EV car sales to the Bangkok Mass Transit Authority, or BMTA, which will begin delivering vehicles from the first quarter of 2027. The Maha Sarakham 1 and Khon Kaen wind power plant projects will gradually begin commercial operation in 2028-2029, while the waste-to-energy plant in Phuket, with a generating capacity of 8 MW, will be completed in the second to third quarter of 2027. In addition, the company is interested in joining the auction under the new PDP plan, focusing on wind power plants and solar farms, and is also interested in joining the auction for community power plant and community solar projects.

ATP30 Public Company Limited, or ATP30, a provider of employee shuttle services in the industrial estates of eastern and central Thailand, said it has adjusted its route plans and fleet management to maintain continuity of service to customers after flooding forced the temporary closure of some routes in Prachin Buri and Rayong provinces, which fall within its service areas. The company assessed the impact as short-term only and said it would not significantly affect overall operations, noting it can switch from electric buses to diesel buses on routes limited by water levels. Chief Executive Officer Piya Techakul said the company continues to prioritise risk management alongside creating business opportunities. In addition, on 18 September 2026, an extraordinary shareholders' meeting approved an expansion of the company's business objectives to formally accommodate the sale of electricity from its commercial Solar Roof & Smart Charger charging stations, building on the infrastructure the company has invested in and uses to support ATP30's own EV fleet. The company plans to open its first commercial charging service in Nakhon Nayok province in October 2026, with a power output of 120 kilowatts across two chargers, before expanding charging stations to other potential areas such as Saraburi, Lopburi, Chonburi and Rayong provinces within 2027, in order to improve asset utilisation and create opportunities for additional revenue.

Harbinger has received an order from FedEx for 2,000 all-electric trucks, a deal valued at more than $300 million, the Garden Grove, California-based manufacturer announced Wednesday. The trucks are scheduled for delivery by the end of 2027 and will run in FedEx pickup and delivery operations across the United States and Canada, with all 2,000 due in about 18 months. Harbinger calls the purchase one of the largest binding orders for electric medium- or heavy-duty trucks in history, and co-founder and CEO John Harris told Bloomberg News that the company recently finished building its 1,000th vehicle. FedEx placed an initial order for 53 Harbinger electric trucks in November 2025, a mix of Class 5 and Class 6 models, while co-leading Harbinger's $160 million Series C, and FedEx senior vice president of safety and transportation Paul Melander sits on Harbinger's board. The new trucks will replace conventional vehicles one for one, and FedEx is working toward an all-electric parcel pickup and delivery fleet by 2040. Harbinger estimates each truck cuts fuel costs by an average of $20,000 a year versus the diesel vehicle it replaces, which would save about $40 million in fuel a year across the 2,000-truck fleet, or $800 million over 20 years, and avoid more than 1.7 million tons of carbon dioxide emissions over the vehicles' operating lives.

The environmental campaign group Transport & Environment, or T&E, in Brussels, Belgium, has published an analysis report stating that electric vehicle users in Europe pay on average only half as much per kilometre for charging as they do for diesel. The report calls on Europe to accelerate the transition to electric vehicles, opposes any reduction in fuel taxes, and recommends targeted support measures for low-income households, alongside windfall taxes on energy companies to fund public transport and vehicle scrappage programmes. The analysis found that diesel drivers must pay 32 euros more, or about 1,216 baht, to fill a full 50-litre tank compared with the start of 2026, with about 16 euros, or roughly 610 baht, of that increase caused by higher refinery profit margins, which the European Central Bank estimates rose from about 0.10 euros, or roughly 3.8 baht per litre, in February to 0.41 euros, or about 16 baht per litre, during the period around 14 September. The analysis is based on average diesel consumption of 6.9 litres per 100 kilometres for a diesel car and electricity consumption of 20.2 kilowatt-hours per 100 kilometres for a battery electric vehicle, with electricity priced at 0.343 euros, or about 13 baht per kilowatt-hour. Meanwhile, T&E's study, published on Monday 28 September, found that battery electric heavy trucks have a lower total cost of ownership than diesel heavy trucks in six of the nine main European Union markets, and those six markets account for 46 percent of new heavy truck sales in the European Union.

Huawei Managing Director Yu Chengdong recently said the Maextro SUV developed with JAC Motors is expected to launch in early 2027. Boosted by the news, on September 30 the commercial vehicle concept rose 3.14% intraday, with JAC Motors up 9.98%, Dongfeng Corporation up 4.66%, Shuguang Corporation up 3.27%, Ankai Bus up 2.63%, and Hanma Technology up 2.46%. Southwest Securities research noted that in 2026 the commercial vehicle industry will see domestic sales supported by policy and overseas demand resonating, with large infrastructure projects in Vietnam, Thailand, and Saudi Arabia being released in concentrated fashion, providing sustained support for domestic heavy truck demand. Zheshang Securities research noted that new energy commercial vehicle penetration and battery capacity per vehicle are both rising, with 2025 sales reaching 950,000 units, up 64% year on year, and the sales share rising to 22%, with a projected compound growth rate of 51% from 2025 to 2030.

Morgan Stanley analyst Andrew Percoco estimates autonomous Tesla Semis could generate roughly $17 billion in annual software revenue by 2040, a scenario that assumes about 82,000 Semis operating by then and a 13.5% share of the autonomous trucking market. At that scale, the firm estimates Semi software could produce about $7.5 billion in EBIT, roughly 10% upside to its base case. Percoco estimates Tesla could charge roughly $0.85 to $1 per mile for autonomous Semi software, which at about 18,000 miles a month works out to approximately $12,000 to $18,000 in monthly software revenue per vehicle, far above the roughly $100 per month Tesla charges consumers for Full Self-Driving. Morgan Stanley views its 82,000-vehicle assumption as relatively modest against Tesla's manufacturing ambitions, with the company's 1.8 million-square-foot Semi factory in Sparks, Nevada, designed to eventually produce about 50,000 trucks annually. Early Semi customers include PepsiCo, DHL and US Foods, while a recently announced shipper coalition has ordered 2,500 trucks; the $17 billion estimate covers software rather than Semi vehicle sales and excludes potential additional revenue from charging.

Tesla opened its dedicated Sparks, Nevada factory and began customer deliveries of its long-delayed Semi truck, a plant designed to eventually produce 50,000 Semis annually. The truck is offered with claimed ranges of 325 miles and 500 miles for the long-range version, and early customers include PepsiCo, DHL and US Foods, while a newly announced 2,500-truck order from a shipper coalition adds to potential demand. Morgan Stanley analyst Andrew Percoco wrote in a new note that Tesla can generate roughly $12,000 to $18,000 per month from its autonomous trucking software, based on a $0.85 to $1 per mile subscription fee across 18,000 miles driven per month, compared with about $100 per month for full self-driving on consumer vehicles today. Percoco calculated that if Tesla reaches 82,000 Semis on the road by 2040, a 13.5% share of the autonomous addressable market, that would represent $17 billion of software revenue and about $7.5 billion of incremental EBIT, a 10% upside to Morgan Stanley's base case, and he noted this excludes the upfront vehicle sale and incremental charging revenue. He added that Tesla originally outlined a manufacturing target of 50,000 Semi trucks per year, so assuming 80,000 will be deployed in total over the next roughly 15 years is a conservative starting point.

Tesla has pushed its Roadster demonstration from Oct. 1 to Oct. 15, citing severe weather forecast for central Texas, the sixth time the target date has been reset according to Electrek. The demo is planned at SpaceX's rocket test site in McGregor, near Waco, where Tesla intends to make the car hover using a cold gas thruster package developed by SpaceX; Elon Musk has said the car should hit 60 mph in under two seconds on its own and under one second with the thrusters. The Roadster was unveiled in 2017 with production promised for 2020, and Tesla now guides production in 2027 or 2028. In the second quarter, Tesla ended with its biggest order backlog since 2023, paid FSD subscribers rose 56% year over year to 1.48 million, and energy storage deployments reached 13.5 GWh, but automotive gross margin excluding regulatory credits fell to 16.3% and energy storage margins dropped to 20.4% from 39.5%. Tesla's robotaxi network has logged roughly 380,000 driverless miles against more than 220 million rider-only miles for Waymo, and 2026 capital spending is expected to exceed $25 billion with free cash flow under pressure. Tesla's new 1.7-million-square-foot Semi factory at Gigafactory Nevada opened last week with capacity for up to 50,000 trucks a year, and the freight coalition ZET SCALE picked Tesla to lead a purchase of 2,500 electric Class 8 trucks, with PACCAR's Kenworth, RIDE and VolvoGroup also suppliers. Tesla shares have declined more than 20% year to date and carry a Zacks Rank #4 (Sell).

BlackBerry Limited reported fiscal second-quarter results in which its QNX unit posted record revenue of $80.3 million, up 27% year-over-year, with gross margin of 87% and adjusted EBITDA of $29 million, up 41% at a 36% margin. The quarter's largest data point was Coretura, the Volvo Group and Daimler Truck joint venture, selecting BlackBerry's Alloy Kore platform for its next-generation commercial vehicles, the largest QNX contract in company history, expected to add more than $100 million to the royalty backlog. Management raised its full-year QNX revenue outlook for the second consecutive quarter to $315 million to $325 million, and BlackBerry posted its sixth straight quarter of positive GAAP net income, ending with $447.1 million in cash. By contrast, the Secure Communications segment grew just 2% year-over-year to $60.9 million, a sharp deceleration from the first quarter's 24% growth to $73.6 million, and its adjusted EBITDA margin fell to 13% from 27% a year earlier. Management preemptively cut full-year Secure Communications guidance to $260 million to $270 million, citing rising Canada-US trade tension risk given the segment's large U.S. federal footprint, while acknowledging no material impact or pipeline slowdown outside North America has yet been seen. Canaccord lowered its price target to $9.50 from $10.30 while keeping a Hold rating, and the in-line third-quarter revenue guide of $143 million to $154 million, rather than the QNX beat, drove the stock's roughly 3% slide.

NIO Inc. and Geely Automobile Holdings Limited announced a strategic partnership on Sept. 28, 2026, to integrate their charging and battery-swapping networks. Under the agreement, Geely Holding Group will acquire a 30% interest in NIO Power through a combination of 100% equity in its battery-swapping subsidiary, Yiyi Power, and a cash investment of 640 million yuan, with Yiyi Power's commercial-vehicle battery-swapping operations subsequently integrated into NIO Power. In return, NIO will purchase a 10% stake in Geely's charging subsidiary, Haohan Power, fully connecting the two companies' charging resources. The partnership aims to expand battery swapping beyond individual-brand ecosystems and promote industry-wide standardization, with Geely planning new electric models compatible with shared swapping standards and NIO Power providing the supporting infrastructure. NIO Energy aims to operate 10,000 battery-swapping stations globally by 2030, with annual electricity consumption expected to exceed 10 billion kWh; NIO had 3,790 stations when it surpassed 100 million cumulative swaps in February and plans to add another 1,000 stations this year.

Tesla, Inc. officially began customer deliveries of its long-delayed Semi electric truck on September 25 following a launch event at its Sparks, Nevada facility, marking the company's formal entry into the commercial freight market. The Semi, designed for long-haul logistics with a 500-mile range, significantly expands Tesla's total addressable market beyond consumer passenger vehicles, and management maintains a target production capacity of 50,000 units annually at the new Nevada plant. The commercial rollout is supported by immediate demand, highlighted by recent fleet orders from major cargo owners including PepsiCo and DHL. In Q2 2026, Tesla surpassed $100 billion in trailing twelve-month revenue for the first time while generating $4.7 billion in operating cash flow, though the company also reported negative free cash flow of $1.1 billion in the quarter, driven by elevated capex across AI compute, Megafactories, and vehicle production lines. Management has identified battery pack allocations as a core constraint to volume growth, and the Semi could exacerbate existing gross margin compression if production ramps slower than expected or incurs higher unit manufacturing costs.

According to a report released on the 28th by the environmental group Transport & Environment, against the backdrop of soaring diesel prices caused by the Middle East conflict, the purchase and operating costs of electric trucks have become cheaper than diesel models in six major European Union markets. These markets account for nearly half of all new truck sales across the EU. The analysis shows that an electric truck purchased in 2026 would deliver cost savings over five years of up to 100,000 euros in the Netherlands, 85,000 euros in Germany, and 69,000 euros in Denmark compared with a diesel vehicle, allowing operators to recoup the initial price difference in about two years. A study of total cost of ownership across nine EU countries found that electric trucks are already cheaper to run than diesel vehicles in the markets of the Netherlands, Germany, Denmark, Sweden, France, and Belgium, which together account for 46 percent of heavy truck registrations in the EU. Chinese-made electric trucks are estimated to cost about 210,000 euros, below the 265,000 euros of comparable European-made models, and in Germany choosing a Chinese-made vehicle would save an additional 34,000 euros over five years. Europe's shift to electric trucks has stalled because of high purchase prices and insufficient charging infrastructure, and European manufacturers such as Daimler Truck, Volvo Group, and Scania, which is owned by Traton, are bracing for the arrival of low-cost Chinese competitors.

Southern Finance reported on September 28 that Huati Technology and Zhongming Huihang Chengdu New Energy Technology Co., Ltd. signed a strategic cooperation agreement on charging station projects on September 28. The two parties established a long-term strategic partnership to jointly promote the investment, construction, and implementation of heavy-duty truck charging station projects nationwide. According to Huati Technology's official WeChat account, the two sides will carry out in-depth cooperation in areas such as EPC general contracting, planning and design, and supporting engineering construction for heavy-duty truck charging stations.

AB Volvo has received a record order for 500 gas-powered trucks from a European transport operator, with the vehicles intended to run on alternative fuels such as bio-LNG to cut emissions in heavy road freight. Volvo Trucks also introduced a new long-haul electric truck with extended range aimed at demanding heavy-duty routes. The FH Electric rigid truck is built for gross combination weights up to 80 tonnes, offers up to 450 km of range at 64 tonnes and supports megawatt charging. The 500-truck order, for the Volvo FH Aero, signals that large European fleets are willing to commit capital to LNG and bio-LNG routes at scale, while Cespira's HPDI 3.0 system is due to enter production in Q4 2026 with first vehicles targeted for early 2027, lining up with the 2027 delivery window for the gas trucks. AB Volvo is a SEK661.4b machinery group that builds trucks, buses, construction equipment and engines across multiple regions.

Nvidia will supply the computing platform and AI tools behind Einride's push to put more driverless trucks on the road, giving the AI chipmaker another route into physical AI even as its financial payoff remains unclear. Nvidia shares moved lower to $224.80 at roughly 10:50 a.m. ET Friday. Einride expects demand for 1,500 to 2,000 vehicles by 2028 and says about 80% of that demand could suit automation, and it already has hundreds of electric trucks operating. Einride and Lidl have put a cabless Level 4 truck into regular service on public roads in Germany under a permit from the country's motor transport authority, Reuters reported. Neither company has said how much Nvidia technology each truck will carry or when the partnership might produce meaningful revenue.

King Gen Public Company Limited, or KGEN, is pushing ahead with a major strategic shift into an EV ecosystem, spearheaded by the OMODA & JAECOO electric vehicle assembly plant, or OJMT, and is preparing to add the commercial electric vehicle brand FARIZON as a new S-Curve. The OJMT plant will begin full commercial production in 2026, and is currently ramping up capacity by adding a second shift, lifting output from roughly 5,000 vehicles per month to about 8,000 vehicles per month, an increase of approximately 60%. Trinity Securities estimates OJMT sales of about 40,000 vehicles in 2026, rising to 50,000 in 2027 and 60,000 thereafter. FARIZON, meanwhile, targets sales of about 2,000 vehicles in 2026, rising to 3,000 and then 4,000 thereafter. For the second half of 2026, the company targets electric vehicle sales of about 20,000 units through the JAECOO, OMODA, LEPAS and CHERY brands, at an average price of about 500,000 to 700,000 baht per vehicle, supported by a network of more than 200 partner showrooms. On the transport side, Montri Transport has a backlog of nearly 1,000 vehicles from private-sector B2B customers, worth a combined total of more than 1 billion baht. Trinity expects KGEN to stage a clear turnaround in 2026, with revenue rising to 24.96 billion baht from 718 million baht in 2025, before climbing to 33.06 billion baht in 2027, or growth of about 32% year on year, and net profit swinging from a loss of 136 million baht in 2025 to a profit of 504 million baht in 2026 and 692 million baht in 2027, or growth of about 37% year on year. It also sets a 2026 fair value of 2.90 baht, based on a price-to-earnings ratio of 12 times and 2026 earnings per share of 0.24 baht, and if all warrants are exercised and dilution occurs, the fair value would be 2.38 baht.

ATP30 Public Company Limited, or ATP30, a provider of personnel transport bus services, has unveiled its three-year JUMP+ Plan to increase corporate value over 2026–2028, targeting net profit of approximately 120 million baht by 2028, up from 58.50 million baht in 2025, or more than double. It also targets revenue growth of 10% in 2026, accelerating to 11% in 2027 and 13% in 2028, while the gross profit margin is targeted to rise from 21.06% in 2025 to 22.44%, 22.80% and 23.96% respectively. The net profit margin is targeted to move from 7.26% to 10.43% by 2028. The heart of the investment plan is the expansion of the electric bus fleet by an additional 100 vehicles by 2028, with total investment of approximately 570 million baht. In 2026, it will invest in 30 EV buses with a budget of 170 million baht, install a 120-kilowatt solar rooftop system and develop two charging stations, before adding another 35 EV buses for 200 million baht in 2027 and another 35 vehicles for approximately 200 million baht in 2028. The company expects the clean energy transport business to generate revenue of approximately 200 million baht in 2028. In addition, the company is preparing to build a new S-Curve through its VVS, or VIP Vehicle Services, business, planning to invest in 14 vehicles worth 40 million baht in 2026, add another 17 vehicles for 50 million baht in 2027 and another 17 vehicles for 50 million baht in 2028, targeting revenue of approximately 49 million baht in 2028. It is also pressing ahead with its AQS, or A Quick Service, business, expanding to a total of five branches with investment of approximately 60 million baht, comprising one branch in 2026 with investment of 12 million baht, two more branches in 2027 with investment of 24 million baht, and two more branches in 2028 with investment of 24 million baht, targeting total AQS revenue of approximately 74 million baht in 2028. Another key strategy is improving the efficiency of existing assets, with ATP30 set to accelerate the efficiency of its existing fleet of 760 vehicles by raising the utilization rate, reducing empty trips and retaining its existing customer base through continuous renewal of key contracts.

A newly formed freight coalition, ZET SCALE, has chosen Tesla to lead a 2,500-truck purchase of electric Class 8 vehicles, an order that if fully delivered would roughly double the number of battery-electric heavy trucks now running in the United States. Tesla is the lead supplier but shares the supplier list with PACCAR's Kenworth, RIDE and Volvo Group's Volvo, so the Semi will make up only part of the 2,500 units, though its share would likely still set a record and exceed earlier orders such as Einride's 500 trucks in August and WattEV's 370 in May. Deliveries are planned over several years and will serve 10 regional hubs, including Los Angeles, Houston, Chicago, Atlanta and the New York-Newark area. Tesla's new Semi factory in Nevada opens formally today beside the 4680 battery cell lines at Gigafactory Nevada, a 1.7-million-square-foot facility built to produce up to 50,000 trucks a year. The order is a genuine win, but execution risks remain high: Tesla has a record of missed production timelines, battery availability is a constraint, and BYD unveiled the ETT 44, a 44-tonne electric tractor with up to 1,000 horsepower and roughly 372 miles of range, at Europe's IAA Transportation show, where Tesla plans to bring the Semi late next year in standard-range form only.

The Bangkok Mass Transit Authority is preparing to tender for the procurement of 800 electric buses in phase 2, with a total budget of 8.4 billion baht, under an operating lease model. The funding has been allocated in the 2027 budget, with the tender expected in early 2027 and delivery being expedited by late 2027, according to Kittikan Chomduang Jaruwarapolkul, director of the BMTA, speaking at the 50th anniversary celebration of the founding of the Bangkok Mass Transit Authority. These phase 2 EV buses will replace air-conditioned buses, the blue-cream buses and the orange Daewoo buses, following the project to lease 1,520 clean-energy air-conditioned buses with a seven-year lease term worth 14.905 billion baht, which is divided into three delivery batches: the first 500 buses by the end of March 2027, another 500 by the end of April 2027, and the remaining 520 by the end of May 2027. Deputy Prime Minister and Transport Minister Phiphat Ratchakitprakarn said the government is pushing to procure an additional 800 EV buses to enter service within 2027 as well, aiming for a 100% EV BMTA bus fleet. Once the new buses are in full service from 2028, they are expected to save about 4.1 billion baht per year, with maintenance contract costs of 2 billion baht per year falling by at least 1.5 billion baht, and fuel costs dropping 60% from 2.1 billion baht to about 800 million baht. This will reduce losses from the current 7 billion to 8 billion baht per year to no more than 4 billion baht, and operating results are expected to reach zero EBITDA in 2030. Accumulated debt of about 150 billion baht will be restructured. Meanwhile, air-conditioned bus fares will rise from a flat 8 baht to 15 to 25 baht depending on distance. The Ministry of Finance will top up the state welfare card to support low-income earners, and the Ministry of Transport is pushing for a common ticketing system usable with the electric train system in January 2027 before expanding to buses and passenger boats within 2027.

Einride AB announced a strategic collaboration with NVIDIA Corporation around the DRIVE Hyperion autonomous-driving platform on September 21, while its separate fleet plan calls for adding about 500 Tesla Semis. The autonomous-freight operator, which trades on Nasdaq under ENRD and closed September 21 at about $3.75, has discussed a total fleet of roughly 1,500 to 2,000 vehicles by 2028, with a large share suitable for autonomous operation. Under the arrangement, Tesla supplies much of the truck hardware, Nvidia provides the underlying autonomous-compute platform and AI tools, and Einride must turn the combination into a profitable freight network. Einride only became publicly traded in June 2026, and no meaningful quarter-over-quarter hedge-fund holder comparison is yet available for the stock. Nvidia had 285 hedge-fund holders in the second quarter, up from 275, while Tesla's count fell to 116 from 123, according to Insider Monkey.

DigitalBridge and Aberdeen Investments have completed the combination of ZEmobility and VGMobility, creating one of the largest sustainable transportation platforms globally, with over 5,400 buses deployed across Latin America. The transaction combines ZEmobility, an electric bus platform with 2,800 vehicles across Colombia and Chile jointly owned by DigitalBridge and Aberdeen Investments, and VGMobility, a similar platform with 2,600 vehicles across the same geographies. The combined platform comprises 16 concessions across Colombia and Chile and provides social infrastructure to transport authorities in Bogotá and Santiago under long-term, government-backed and availability-based lease contracts. The platform will continue operating under the ZEmobility brand while incorporating incremental VGMobility functions, solidifying its position as the leading public transport decarbonisation platform in Latin America with more than 5,400 vehicles. Sadiq Malik, Managing Director and Head of InfraBridge at DigitalBridge, said the combination brings together the two leading electric bus platforms in the region, while Ivan Wong, Partner for Concession Infrastructure at Aberdeen Investments, said the combined platform is helping accelerate the decarbonisation of public transport in Latin America.

BYD Company Limited has rolled out its most advanced European commercial vehicle portfolio, anchored by the flagship ETT 44, which supports ultra-fast charging of up to 1.5MW and can add more than 400 kilometers of range in 20 minutes. The lineup also includes rigid trucks such as the T020 and T028, vocational vehicles for last-mile delivery and municipal applications, and fully electric yard tractors. In May 2026, BYD introduced Full Damage Coverage for its Urban Navigate on Autopilot function under the God's Eye driver assistance system in China, making it the first automaker to offer dual coverage for advanced driver assistance features, and the company plans to invest more than RMB 100 billion in intelligent driving R&D. In March 2026, BYD introduced its self-developed FLASH Charging technology, capable of delivering up to 1,500kW through a single connector, alongside the second-generation Blade Battery, which increases energy density by 5% while substantially improving charging performance. BYD reported an 18% year-over-year increase in global sales to 440,293 units in August 2026, marking its fourth consecutive month of growth after eight months of declines, driven by a 134% surge in overseas sales to 189,466 vehicles.

Einride shares jumped about 12% in premarket trading to $4.41 on Monday after the autonomous-freight company unveiled a strategic collaboration with Nvidia. Under the deal, Einride will use Nvidia's Blackwell computing architecture through a validated cloud partner to train, test and refine its autonomous-driving models, and will adapt Nvidia's DRIVE Hyperion compute, sensor, software and safety architecture for heavy-duty trucking, while using Nvidia Cosmos in its development and validation workflow. Stockholm-based Einride operates electric and autonomous freight networks for corporate customers across the U.S., Europe and the Middle East, combining Freight-Capacity-as-a-Service with software built on its Saga AI platform. Einride expects its fleet to reach roughly 1,500 to 2,000 vehicles by 2028, with about 80% of the demand represented by that network potentially suitable for automation over the medium term. The agreement lands as Einride ramps aggressively elsewhere: first-half 2026 constant-currency revenue rose 26% to $27 million, management expects second-half growth of 60% to 73%, the company has announced a 500-truck Tesla Semi deployment, and it is targeting cash-flow breakeven in 2028, with a $77 million cash position reported at June 30.

EVE Energy unveiled its EVE Open Source Battery 4.0: AI Battery at IAA TRANSPORTATION 2026 in Hannover, marking the product's European debut and securing on-site strategic cooperation orders exceeding 30 GWh. The AI Battery, built on the company's LMX chemistry platform, integrates a custom-built AI chip to enable cell-level active sensing, real-time diagnostics and intelligent optimisation, replacing conventional passive battery management systems. EVE also exhibited Open Source Battery 3.0 alongside the 4.0 lineup, which includes LMX chemistry cells LM815, LM285 and V63, the LM815-641kWh underfloor battery system for heavy-duty trucks and the B3E-LF206S battery system for buses. The company signed on-site cooperation agreements with BMZ, Janus Electric, Morris Commercial, Sunswap, WEG and others, with total contracted orders exceeding 30 GWh. EVE said the products comply with stringent European market access requirements and are designed to address safety, environmental adaptability and full-lifecycle economics demands in the region's commercial vehicle market.

Tesla said it will operate public Megacharging locations at three electric-truck depots being developed by Forum Mobility in California, adding a combined 30 megawatts of charging capacity using Tesla's Megawatt Charging System alongside CCS connectors. The announcement came as Tesla shares climbed about 1% Friday morning, lifted by a broader move into consumer-discretionary stocks that also boosted automakers. General Motors, Ford and Stellantis all gained on Thursday, while the consumer-discretionary ETF rose faster than the broader S&P 500, suggesting the advance was partly tied to sector-wide buying rather than a single Tesla catalyst. Broader market conditions were supportive as well, with oil prices falling about 2% and the 10-year Treasury yield declining, helping ease pressure on equities. Tesla's gain therefore reflects both the new charging-network development and the wider rebound across consumer and automotive stocks.