UPS seals a deal worth over GHc600 million for delivery of 20,000 custom-delivery vehicles

UPS seals a deal worth over GHc600 million for delivery of 20,000 custom-delivery vehicles

- United Parcel Service has placed an order for a total of 20,000 purpose-built vans to aid its operations

- An initial 10,000 vans would be manufactured and delivered to UPS for use between 2020 and 2024

- A further 10,000 would be manufactured and delivered in the year 2023 and the locations for their production have been determined

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American company, United Parcel Service (UPS) has sealed a deal worth over GHc600 million with United Kingdom (UK) electric van maker, Arrival.

YEN.com.gh understands that UPS has placed an order for 10,000 purpose-built vans which would be rolled out between 2020 and 2024.

There is an option of a further 10,000 vans in the year 2023, and the vans are set to be produced at Arrival’s production sites in UK in Bicester and Banbury.

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Per a report by ft.com, three other production sites, one in Reading, one in New Jersey in the United States of America (USA) and another in mainland Europe would be involved in the process.

UPS’s decision comes as a boost in its operations, taking into consideration its position in the UK car industry.

Reports say that trading-related uncertainties following Brexit have led to falling output amid lower sales.

Information available shows that the orders were placed a week after UPS received €100 million from Hyundai and Kia, valuing the start-up at €3 billion and providing capital for the business to expand.

In other news, Tesla Inc. recorded massive profits in the fourth quarter of the year 2019.

Contrary to predictions, the company earned $386 billion or GHc2,142,354,812 in revenue during the period.

Bloomberg reported that market watchers expected the company to earn an adjusted gain of $1.74 share and $7.1 billion in profit.

Per a report by businessinsider.com, the company’s adjusted earnings amounted to $2.14 per share on profit of $7.4 billion.

Even though analysts predicted an 18.3% gross margin, Tesla recorded a figure of 18.8%.

The company’s results for the fourth quarter is an improvement of its performance for the previous quarter, when it made $1.91 per share and $6.3 billion in profit.

In the fourth quarter of the year 2018, it made $1.93 per share and $7.23 billion in profit.

Tesla’s stock price has more than doubled since it released its third-quarter results in October 2019.

The company’s sales in 2019 also experienced an increase and the rapid construction of its factory in China, which has begun delivering vehicles to customers at the end of the year, has added to the company’s successes.

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Source: Yen

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