Business

Tesla Inc. will slash global head count by more than 10%, Elon Musk wrote in an email to staff, as the carmaker grapples with a slowdown in electric vehicle demand.

WASHINGTON — The Biden administration will provide up to $6.4 billion in direct funding for Samsung Electronics to develop a computer chip manufacturing and research cluster in Texas.

BALTIMORE — The containership that caused the collapse of a Baltimore bridge experienced apparent electrical issues before it left port but set out anyway, a source told the AP on April 15.

Reopening of former Yellow Corp. terminals quickened in recent days, with multiple less-than-truckload players introducing additional doors they bought at auction.

Omers Private Equity is exploring an initial public offering of Kenan Advantage Group, one of North America’s biggest tank truck transporter and logistics providers, according to sources.

Across the major logistics market segments, 2023 brought a spate of challenges including compressed margins, rising labor costs and inflationary pressures, ensuring a down year for many.

2023 was a generally downtrodden year for 3PLs, with plummeting transportation rates and shippers focused on right-sizing inventories and reducing logistics costs.

A freight market recession, compressed broker margins and major acquisitions in 2023 have markedly altered the landscape of North America’s largest third-party logistics providers.

Stubbornly weak freight market conditions have placed financial strain on 3PLs in recent years with an oversupply of truck capacity driving down rates and squeezing brokers’ margins.