Food trucks in the U.S. have taken many forms, but have long been a popular option for dining. Now as the coronavirus pandemic alters the way we interact and engage with others, these kitchens on wheels may have a new function, especially on college campuses.
Rod Keller, CEO of the electric vehicle manufacturer AYRO is jumping at the opportunity to capitalize on the niche industry in a partnership with Gallery Carts. The new collaboration will combine AYRO's expertise in developing electric vehicles with Gallery's expertise in creating food delivery vehicles.
"Colleges are faced with, 'Well how do we provide food and beverage while at the same time, avoiding the mass crowds that you would typically see inside of a cafeteria?'" Keller told Cheddar.
So far, more than $500,000 has been poured into the collaboration as orders for the vehicles continue to amass. Keller said he's confident that as universities and other large campuses seek safer ways to feed their communities amid the pandemic, the need for their services will grow.
AYRO is also banking on buyers in higher education considering the long-term savings electric vehicles can provide. Keller said its electric vehicles save fleet operators at least 50 percent on fuel and energy costs.
"When people are moving cargo from one side of a university to another, or business campus, or hotel and resort, you don't need a full-sized truck with 400 miles of range running on gasoline to do that," Keller said.
Matt Orton, Chief Market Strategist at Carillon Tower Advisers, joins Cheddar News' Closing Bell to discuss today's record close for the S&P 500 and Nasdaq, market broadening, and earnings results from tech giant Amazon.
Proptech startup Juno recently raised $20 million in a Series A funding round. The company says the funds will be used to further its mission of building sustainable and affordable apartment buildings across the United States. Juno Co-Founder and CEO Jonathan Sherr joined Cheddar News' Closing Bell to discuss.
As President Joe Biden heads to Europe for the G20 and the United Nations COP26 climate meeting, he has announced a new $1.75 trillion spending framework. Senate Democrats are reportedly close to agreeing on passing the legislation, but it hangs in the balance as President Biden and other world leaders will meet at COP26 and Biden looks to proclaim the U.S. a leader on climate issues. Vox Senior Reporter Rebecca Leber joins Cheddar News' Closing Bell to discuss the $555 billion worth of clean energy initiatives Biden included in the framework, and how Democrats' continuing negotiations undermine U.S. climate leadership.
Huntington Bancshares Inc. reported Q3 earnings today. The bank holding company delivered a record $1.7 billion in revenue, but saw some pressure on its bottom line. The company says results were driven by its recent acquisition of TCF bank, as well as positive trends in areas like wealth management, capital markets, and card and payments processing. Cheddar News welcomes the chairman, president and CEO of Huntington Bancshares, Steve Steinour, to discuss.
While the Q3 GDP report showed just 2 percent growth for the U.S. economy, the National Retail Federation said holiday shopping totals could shatter previous records, giving a much-needed boost. Katherine Cullen, senior director of industry and consumer insights for the National Retail Federation, joined Cheddar to discuss some of the potential drivers of a Q4 shopping boom, including a surge in holiday gatherings after the pandemic had forced people to stay away from family in 2020 and financial stability within American households.
Solo Brands ($DTC), maker of steel wood-burning stoves and other outdoor brands, made its NYSE debut on Thursday. CEO John Merris stopped by Cheddar's "Closing Bell" to talk about the decision behind the IPO and the company's experience in direct-to-consumer retail and e-commerce. Merris said that after going public the immediate goal for the company is to focus on overseas expansion. "Internationally, there's been a lot of demand and chatter from our customers of wanting us to launch there," he said.
Boxing Legend Mike Tyson, Chief Brand Officer, of Tyson 2.0 and Chad Bronstein, Chairman of Tyson 2.0, joined Cheddar News to discuss venturing into the cannabis industry.
