Harbinger receives FedEx order for 2,000 electric trucks valued above $300Mn

Harbinger announced an order from FedEx for 2,000 of its all-electric trucks with a total order value exceeding $300Mn. Harbinger describes the transaction as believed to be one of the largest binding orders for electric medium- or heavy-duty trucks and an expansion of FedEx's use of Harbinger vehicles as part of its fleet electrification strategy. The vehicles are planned for delivery by the end of 2027 for deployment across FedEx pickup and delivery operations in the United States and Canada.

The order includes a mix of models from Harbinger's all-electric lineup. The vehicles are intended as one-for-one replacements for conventional vehicles. Harbinger plans to build and deliver all 2,000 vehicles within approximately 18 months. Harbinger's Canadian dealer, Kaizen Automotive Group, will support the Canadian portion of the deployment. The order builds on a previously successful deployment of Harbinger vehicles within the FedEx network; FedEx was also a co-lead investor in Harbinger's $160Mn Series C equity raise.

Harbinger estimates that each electric truck reduces fuel costs by an average of $20,000 annually compared with the conventional diesel vehicle it replaces. It estimates that 2,000 vehicles in a single North American fleet can generate approximately $40Mn in annual fuel savings, or $800Mn over a typical 20-year vehicle life. With a service life designed to match the typical life of class 5 and 6 medium-duty trucks, and based on current published Department of Energy data, Harbinger estimates that replacing 2,000 diesel trucks with its electric trucks would avoid more than 1.7Mn tonnes of CO2 emissions over their operating lives.