Benzinga | Sep 16, 2021 12:29PM EDT

Embark, Ryder Partner For Freight Transfer Points

* Ryder System, Inc. (NYSE:R) and Embark Trucks, Inc. announced a partnership to launch a nationwide network of up to 100 Embark transfer points. Ryder will provide yard operations, maintenance, and fleet management to support a coast-to-coast autonomous network for Embark fleet partners.

* Embark plans to begin hauling loads in early 2022 in preparation for a larger commercial launch in 2024.

* With this partnership, Embark plans to establish a network of transfer points, where freight is moved from driverless long-haul trucks to driver-enabled trucks for first- and last-mile delivery. Ryder plans to serve as the transfer point operator.

* Initially, the partnership will focus on developing select sites in important freight markets in California, Arizona, Texas, Georgia, Tennessee, and Florida.

* Price Action: R shares are trading lower by 0.42% at $81.01 on the last check Thursday.