<div>
  <ul>
    <li>
      <p>
        Embark Trucks, an autonomous truck manufacturer, has announced plans to shut down two of its offices in SoCal and Houston and lay off 70% of its workforce (about 230 employees). The company has announced in an email to its employees that the remaining 30% of the workforce will focus on winding down operations.&nbsp;&nbsp;&nbsp;
      </p>
    </li>
    <li>
      <p>
        Embark, with its board&rsquo;s approval, is in the process of evaluating strategic alternatives available to the company. The alternatives include alternative uses of Embark&rsquo;s assets to commercialize its technology, additional sources of financing, and dissolution or liquidation of the company&rsquo;s assets.
      </p>
    </li>
    <li>
      <p>
        <b>Analyst QuickTake</b>
        : The current economic landscape has forced several other players in the autonomous trucking space to adopt similar measures. In fact, Waymo, the self-driving tech development unit of Google&rsquo;s parent company, Alphabet, announced 
        <a href="https://sp-edge.com/updates/16755">
          a second round of layoffs
        </a>
         earlier this month and is also 
        <a href="https://sp-edge.com/updates/15882">
          rumored to abandon
        </a>
         its autonomous trucking business, Waymo Via. Meanwhile, Embark&rsquo;s rivals 
        <a href="https://sp-edge.com/companies/440130">
          TuSimple
        </a>
         and 
        <a href="https://sp-edge.com/companies/604695">
          Aurora Innovation
        </a>
        , are following suit amid worsening market conditions; the former 
        <a href="https://sp-edge.com/updates/15439">
          laid off 25% of its workforce
        </a>
         as a part of a restructuring plan in December, and the latter is reportedly 
        <a href="https://sp-edge.com/updates/12792">
          considering strategic actions,
        </a>
         including the sale of the company.
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://techcrunch.com/2023/03/03/embark-trucks-lays-off-workers-explores-liquidation-of-self-driving-truck-assets/?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAEqlPAFyIeykFMBf5zYfCmIvvG4hZaJ4VsTf8bY6c46Ke4W1tJWXZwexpzAGuuDwNt6CPYBN6Se-R7w9R_B8-1lzs-lQEIXx8tWUHK356-QBaHirpOYVXGBJN6qUOOqocM3_HHg1YbcOCEspwzIwuWPzy0TeYVuPXj8eMPpafsAr">
      TechCrunch
    </a>
  </p>
  <p>
    <a href="https://www.bizjournals.com/houston/inno/stories/news/2023/03/06/embark-technology-to-close-houston-socal-offices.html">
      Bizjournals
    </a>
  </p>
  <p>
  </p>
</div>


Truck Industry Tech

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All Updates