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.
Chris Vecchio, senior strategist at DailyFX, says the James Bullard and the Fed's bark may be louder than its bite when it comes to potential rate hikes in May. Investors brushed off any causes for concerns during Tuesday's session, which led to stocks ending the day sharply higher.
While rising wages might be positively impacting workers, inflation continues to rear its ugly head. Will pay increases be able to keep up with the costs of living? Mark Hamrick, a senior economic analyst at Bankrate.com, joined Cheddar News to talk about how the American worker is contending with inflation. "I'm a little skeptical whether wages are going to keep that pace that some are fearful about," he said. "We don't have a historical record that makes that case, and we think about how through the last economic recovery that we had before the pandemic really began to take hold in March and April of 2020 wage growth was really sort of the last part of that chapter."
Chipotle is investing $50 million into a venture capital fund to aid tech startups that focus on operations. Chief Technology Officer Curt Garner joined Cheddar News to talk about how the fast-casual chain is innovating its brand strategy with the fund. "We look for technologies that elevate the human experience, and that human experience can occur with our customers as they come into our restaurants and very importantly our employees as well," he said.
The telecom giant AT&T is looking to make online learning more fun for students by engaging them with content from its partners at Warner Bros. Discovery. Mylayna Albright, the assistant vice president of corporate social responsibility for AT&T, joined Cheddar to discuss how the company came about with the free digital e-learning program that it's calling The Achievery. "We knew that once students went home as a result of the pandemic, it was very difficult for them, and we knew from research, specifically through Morning Consult, that parents and teachers realized that probably 80 percent of students felt that they would be more engaged if they had a more entertaining approach," she said.
Stocks closed lower Monday as investors eye earnings, inflation, rising rates, and more. The 10-year Treasury yield reached its highest level since late 2018, leaving investors worried about rising rates and concerned about a potential recession. Earnings season is also kicking into high gear this week as big tech names, airlines, and other companies report their latest quarterly results. Steve Sosnick, Chief Investment Strategist at Interactive Brokers, joins Closing Bell to discuss today's close, how the Federal Reserve will balance inflation versus recession risk, how the war in Ukraine could continue to impact markets, and more.
