YRC, one of the largest less-than-truckload carriers, wheezes under the strain.
“There has been a clear divide between winners and losers.”
“Only good news is that the number was still positive despite the high number of cancellations.”
But for its still pre-coronavirus quarter, Navistar reported today that its Truck revenues collapsed by 31%.
Why is this happening?
Amid a shakeout among trucking companies & production cuts and layoffs among truck makers.
“This, I think, was the Big One, where the fleet valuations fell out and took this company out.”
Creditors trying to repossess trucks over the weekend. Thousands of drivers on the road, some stranded. Employees left in the dark. Shares plunge 93% this morning from nearly nothing to practically nothing.
Orders for heavy trucks re-plunged, after false bounce off the bottom.
Efforts to frontrun tariffs was part of it. But now, there’s more to it.