Einride targets 1,500 trucks by 2028 with Tesla and DAF deals

On Tuesday, Swedish autonomous truck company Einride released its first-half financial results, revealing a revenue of SEK 273 million ($27 million), a 26% increase from the previous year. This marks Einride's first earnings report since its June 10 listing on the Nasdaq. Management anticipates growth to accelerate between 60% and 73% in the second half of the year. To support this growth plan, Einride has entered into two significant partnerships.

First, Einride has teamed up with DAF Trucks to integrate its autonomous driving system into DAF's electric truck platform. This collaboration will begin with defining and testing the integration of Einride's autonomous drive system with DAF's trucks by 2026, followed by commissioning and testing in 2027. Once approved for Level 4 expansion, the technology could be deployed onto public roads.

Second, Einride plans to deploy 500 Tesla Semi trucks on its Saga AI platform, financed through third-party structures. This deal would triple Einride's current fleet of about 250 vehicles to approximately 750 trucks. Fleet growth is targeted to reach between 1,500 and 2,000 trucks by 2028, with approximately $800 million in potential long-term annual recurring revenue from joint business plans with customers.

Einride is approaching fleet growth with a focus on capital discipline. CFO Anubhav Verma explained that financing fleet growth through asset-backed structures allows the company to convert signed demand into operating revenue faster while minimizing dilution for shareholders and staying on track for a cash flow breakeven point in 2028.

As of June 30, Einride's cash reserves stood at SEK 748 million ($77 million), with the company valuing itself at around $1.35 billion post-listing and the merger with Legato Merger Corp. III.