Honda launches cargo e-bike delivery business
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Honda debuted a new business unit named 'Fastport' this week that will use cargo e-bikes to serve the last-mile delivery market in dense urban areas in North America and Europe.
The automaker developed a modular, electric quadricycle it will use for deliveries. The vehicle, which can operate in bike lanes, will be manufactured in Ohio beginning later this year.
Honda plans to work with delivery providers to offer the new Fastport service. 'Instead of just selling the vehicle itself, [Honda is offering] the entire support ecosystem: the batteries, the cargo box, the maintenance, the service, as well as the software,' Adam Elsayed, head of product at Fastport, an American Honda Motor Co. venture, said in an interview.
Electric-powered cargo bikes can help reduce emissions and traffic congestion from truck deliveries. In recent years, several pilot programs have tried to increase their use with delivery hubs, three-wheel cargo bikes and larger bikes. Honda plans to work more holistically: 'We're dedicated to transforming the last-mile delivery space, and we plan to do that through what we're calling an ecosystem of hardware and software products,' Elsayed said.
Since the bikes will operate on crowded city streets, they have safety features such as proximity sensors, a rear-view camera and automatic parking brakes, Elsayed said. The bike, which Honda is calling the Fastport eQuad, will be available in two sizes. Each will have a maximum speed of 12 mph; a canopy, vent fan and front enclosure are designed for rider comfort, the company says.
The larger model can handle a payload up to 650 pounds; the smaller model can handle 320 pounds. The bike's software can be updated over the air.
The eQuad's swappable batteries are also a Honda product, its mobile power pack. Each bike carries two 1.3-kilowatt-hour batteries, Elsayed said, with a range of up to 23 miles, depending on payload, for the larger vehicle.
Honda calls its Fastport business model 'fleet-as-a-service,' which it will be selling to business customers. Honda said it is speaking with 'major logistics and delivery companies' in North America and Europe about pilot programs, but it did not reveal any names. Elsayed said the company is 'mainly focused on parcel and food delivery' for the initial rollout.
Fastport was the brainchild of the Honda New Business Innovation Lab at American Honda Motor Co. in Torrance, California. The Fastport eQuad will be produced at the Honda Performance Manufacturing Center in Ohio, which the company describes as a small volume, specialty manufacturing facility.
'We believe that [the Fastport eQuad is] more advantageous than a van and more capable than an e-bike,' Elsayed said. 'If we get these on the road, we may be able to replace some of those larger vans, and we think that will be a benefit for the city.'
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That fueled concerns about prospects for the maker of furry Labubu elf dolls, whose explosive popularity has helped lift Beijing-based Pop Mart's market cap to around $40 billion — twice that of Hasbro (HAS) and Mattel (MAT) combined. Bloomberg reports: Read more here. Oil prices look set to end this week with gains for the third consecutive week in a row. Extreme tensions in the Middle East have put consistent upwards pressure on the commodity, with the recent eruption into outright violence leaving investors looking at supply chains and production facilities with concern. Reuters reports: ` Read more here. Alphabet stock was on pace to end the week in the red as shares of the Google parent company sank more than 3% during Friday's session with tech broadly lower. The stock is down roughly 4% for the week. On Thursday, an adviser to Europe's highest court sided with EU regulators in Google's fight against a record 4.34 billion euro ($4.98 billion) fine. Turkey has also launched an anti-trust investigation into Google. A recent Reuters report noted the company has proposed more changes to its search results to better showcase rivals. Gold (GC=F) declined 0.3% on Friday after President Trump paused a decision over whether the US will become directly involved in the Israel-Iran conflict. The two-week timeframe to come to a decision on the matter has raised hopes of diplomacy. Gold is up nearly 30% this year amid increased demand for the precious metal from central banks and investors seeking out the safe haven as the US dollar (DX=F, index has weakened. The Dow Jones Industrial Average (^DJI) gave up session gains to fall below the flat line. The broad-based S&P 500 (^GSPC) and the tech-heavy Nasdaq Composite (^IXIC) were also down. All three major averages were on pace to end the week in red territory on Friday as Israel and Iran entered their second week of fighting. Chip stocks were under pressure on Friday after a Wall Street Journal report indicated the US aims to rescind waivers that allow top global semiconductor makers to access American technology at their Chinese plants. Yahoo Finance's David Hollerith reports: Read more here. Oil was on track to close out its third week of gains as investors awaited President Trump's decision on whether the US would directly intervene in the Israel-Iran conflict. West Texas Intermediate futures (CL=F) traded just below $75 per barrel, and Brent crude (BZ=F), the international benchmark, hovered near $76. WTI and Brent were up nearly 3% for the week after volatile sessions following the outbreak of the Israel-Iran conflict last Friday. Wall Street analysts have remained cautious on the recent rally. On Friday, Citi said its researchers "see a lower risk of material energy flow disruptions from the conflict." "Affecting the oil supply is not to the benefit of Iran or the US. In the event Iran's 1.1 mbpd of oil exports are disrupted, the team estimates Brent prices could be $75–78/bbl — limited upside from current prices," wrote the analysts. Semiconductor stocks took a hit on Friday after a Wall Street Journal report indicated a top US official told top global semiconductor manufacturers he wants to rescind waivers used to access American technology in China. The move would once again inflame US-China trade tensions. Applied Materials (AMAT) and Lam Research (LRCX) both fell roughly 4%. Taiwan Semiconductor Manufacturing Company (TSM) and Broadcom (AVGO) also declined. Circle's (CRCL) massive rally shows no signs of cooling. The stablecoin issuer soared as much as 15% in early trading on Friday, extending its stunning post-IPO surge as Wall Street bets big on crypto's next major disruptor. "Circle as a top-tier crypto 'disruptor' with a sizeable future opportunity," Seaport Research Partners analyst Jeff Cantwell wrote on Friday. "On the back of an improving regulatory climate, we expect adoption globally of stablecoins such as USDC," he added. Cantwell initiated the stock with a Buy rating and a price target of $235 a share from Seaport Research Partners. During mid-morning trading on Friday, Circle stock hovered near $228. The move follows a surge of about 30% on Wednesday following the Senate's passage of the GENIUS Act, legislation that provides a federal framework for stablecoins, which are digital tokens backed by assets, such as the US dollar. US stocks rose on Friday following dovish comments from Fed Governor Chris Waller. Investors also digested President Trump's two-week deadline for deciding whether the US will directly get involved in the Israel-Iran conflict. The Dow Jones Industrial Average (^DJI) rose 0.3% while the broad-based S&P 500 (^GSPC) gained roughly 0.4%. The tech-heavy Nasdaq Composite (^IXIC) rose 0.4%. Oil prices fell after the White House said Trump would make his decision within two weeks, leaving room for diplomacy. Still, crude futures were on pace for a third week of gains. Dovish comments also sent stocks higher after Fed governor Chris Waller on CNBC's Squawk Box suggested that the Federal Reserve could move to lower interest rates in July. Waller said that any inflation from tariffs may be short-lived. US stock futures edged higher ahead of the opening bell, with contracts on the Dow Jones Industrial Average futures (YM=F) and S&P 500 (ES=F) rising roughly 0.3%, and those on the tech-heavy Nasdaq 100 (NQ=F) adding 0.4%. The move higher followed dovish comments from Fed governor Chris Waller on CNBC's Squawk Box, suggesting that the Federal Reserve could move to lower interest rates in July. Waller argued that any inflation from tariffs may be short-lived. "Any tariff inflation ... I don't think is going to be that big, and we should just look through it in terms of setting policy," Waller said. "The data the last few months has been showing that trend inflation is looking pretty good ... We could do this as early as July." Read more here. Yahoo Finance's Brooke DiPalma reports: Read more here. A recent memo from Amazon (AMZN) CEO Andy Jassy revived concerns about the scope of change to the labor market from artificial intelligence. While employers see growth and productivity, employees are worried about massive displacement in their jobs. And now, it's something the Federal Reserve is watching closely too: Hamza Shaban writes in today's Morning Brief: Read more here. Accenture (ACN) stock is down more than 4% after the global consultancy company reported new bookings decreased 6% to $19.7 billion in the quarter. Earnings topped estimates, with revenue coming in at $17.7 billion for the quarter, compared with analysts' average estimate of $17.30 billion, according to data compiled by LSEG. Reuters reports: Read more here. CarMax (KMX) stock climbed 11% in premarket trading after the used car dealer's first quarter earnings and revenue beat Wall Street expectations. CarMax sold 379,727 cars in the first quarter, a 5.8% increase from the same period last year. The company also reported earnings per share of $1.38, and revenue rose 6.1% to $7.55 billion, topping estimates. CarMax CEO Bill Nash said that its omnichannel buying and selling experience "is a key differentiator in a very large and fragmented market that positions us to continue to drive sales, gain market share, and deliver significant year-over-year earnings growth for years to come.' Bloomberg reports: Read more here. Here are some top stocks trending on Yahoo Finance in premarket trading: Tesla (TSLA) stock rose over 1% before the bell following reports that the EV maker had signed a $557 million energy storage station deal. This deal was announced two days before Elon Musk's expected launch of its robotaxi. Semiconductor maker, Wolfspeed's (WOLF) stock fell 4% premarket after reports emerged on Thursday it would be taken over by creditors inculding Apollo Global Management. The chipmaker has been struggling recently and the new proposal would put them into bankruptcy. GMS (GMS) stock was up 23% after the Wall Street Journal (WSJ) reported that Home Depot (HD) the home-improvement giant, has made an offer to acquire GMS, a building-products distribution company, citing people familiar with the matter. The WSJ did not specify a price. Economic data: Leading index (May); Philadelphia Fed Business Outlook (June) Earnings: Accenture (ACN), CarMax (KMX), Darden Restaurants (DRI), Kroger (KR) Here are some of the biggest stories you may have missed yesterday, overnight and early this morning: The Fed is also in 'wait and see' mode about AI taking jobs The Trump phone probably won't be built in the US Investors look past 'blah' Fed meeting Tesla signs deal for first China battery storage station: Report Trump to decide on Iran strike within two weeks Dealmaking in 2025: AI to the rescue Tariff talks with Canada, EU take focus as deadlines loom A $20B clock is ticking for OpenAI as Microsoft talks sour Trump blasts Powell again, calls for effectively 10 Fed rate cuts China's rare earth magnet shipments halve in May due to export curbs Why the US housing market is so stuck Shares of Pop Mart ( PMRTY) slid in Hong Kong after a call for stricter regulation of blind-box and trading cards in Chinese state media. That fueled concerns about prospects for the maker of furry Labubu elf dolls, whose explosive popularity has helped lift Beijing-based Pop Mart's market cap to around $40 billion — twice that of Hasbro (HAS) and Mattel (MAT) combined. Bloomberg reports: Read more here. Oil prices look set to end this week with gains for the third consecutive week in a row. Extreme tensions in the Middle East have put consistent upwards pressure on the commodity, with the recent eruption into outright violence leaving investors looking at supply chains and production facilities with concern. Reuters reports: ` Read more here.
