GM Startup BrightDrop Projects $1 Billion in Revenue in 2023
[Stay on top of transportation news: Get TTNews in your inbox.]
BrightDrop, a General Motors Co. startup focused on offering electric delivery options, told investors Nov. 17 it’s on track to reach $1 billion in revenue in 2023.
The startup has previously only given specific revenue expectations of $5 billion by mid-decade and possibly $10 billion by 2030. The company confirmed it will generate up to $10 billion in revenue and reach 20% profit margins by the end of the decade.
Also on Nov. 17, the company unveiled BrightDrop Core, a subscription-based software platform to help customers better optimize their business. It combines data from BrightDrop products to give better visibility, insight and control of their operations, GM said.
BrightDrop Core will be available in early 2023.
BrightDrop launched in 2021 with products targeting last-mile delivery and fulfillment, including its Zevo lineup of electric delivery vans, the BrightDrop Trace eCart and the BrightDrop Core software suite.
The company has more than 25,000 reservations and letters of intent for its products from companies including Walmart, Hertz, FedEx and Verizon.
Want more news? Listen to today's daily briefing below or go here for more info:
