Ryder Invests In Gatik, Inks Partnership To Establish Autonomous Delivery Network

Ryder System, Inc. (NYSE:R) entered a multi-year partnership to establish an autonomous logistics network for Gatik's customers in the U.S. and Canada. Gatik is an autonomous Middle Mile logistics provider.
Gatik's latest funding round of $85 million included an investment from Ryder's corporate venture capital fund, RyderVentures. The funding represents RyderVentures' first investment in an autonomous trucking company.
The partnership's goal is to expand quickly across the U.S. and Canada, with the initial focus on the Dallas-Fort Worth area.
Gatik will lease from Ryder a fleet of medium-duty, multi-temperature box trucks designed for transporting goods to retail locations from micro-fulfillment centers or dark stores—distribution centers that cater exclusively to e-commerce.
Gatik will integrate its commercial-grade autonomous driving technology into the leased fleet, enabling Gatik to provide its Autonomous Delivery as a Service (ADaaS) model. Ryder will service and maintain the trucks, including calibration of autonomous vehicle sensors and the necessary pre-and post-trip inspections.
Price Action: R share closed higher by 1.54% at $85.04 on Monday.