General Motors’ (GM) commercial EV brand, BrightDrop has announced that in 2023 – less than three years since launch – the firm will reach US$1 billion in revenue, making it one of the fastest growing companies in history.
In comparison, some of the most notable tech and consumer brands, including Google, Facebook, Tesla and Apple, took over five years to reach the $1 billion milestone, according to the company.
BrightDrop also confirmed that it is set to generate up to US$10 billion in revenue and reach 20% profit margins by the end of the decade. The revenue news comes ahead of the company’s two-year anniversary and just 11 months after breaking the record for the fastest vehicle to market in GM’s history.
BrightDrop launched in 2021 with a suite of products targeting last mile delivery and fulfillment, including the BrightDrop Zevo (previously the EV600) lineup of electric delivery vans, the BrightDrop Trace eCart, and the BrightDrop Core software suite.
EVs on the roads
To date, BrightDrop has received more than 25,000 reservations and letters of intent from some of the world’s largest companies including Walmart, Hertz, FedEx and Verizon — and already has vehicles on the road making deliveries today.
FedEx was one of BrightDrop’s launch customers in 2021, and in June this year, the delivery firm received its first 150 Zevo 600s marking a critical milestone in its aim to transform its entire parcel pickup and delivery fleet to all-electric, zero-tailpipe emissions by 2040.
The Zevo 600s were delivered throughout Southern California to FedEx Express. Powered by GM’s Ultium Platform, the Zevo 600 is designed for last-mile deliveries, with an estimated range of up to 250 miles on a full charge.
The news follows BrightDrop and FedEx’s announcement made at CES earlier this year that the two firms have expanded their original partnership for 500 EVs – a move which could see FedEx add up to 20,000 BrightDrop EVs to its fleet in the future.
Grocery delivery
In September, BrightDrop expanded its business and product portfolio with the launch of a new temperature-controlled eCart that helps streamline order fulfillment and pickup for online grocery purchases. Kroger, America’s largest grocer, is slated to be the first customer to introduce the BrightDrop Trace Grocery into its e-commerce operations, beginning this year.
Trace Grocery helps streamline the order fulfilment process for grocers by allowing employees to put orders directly into the unit before stationing it curbside for customer retrieval. With access given after digital verification, Trace Grocery is compatible with most grocers’ existing online fulfillment apps, enabling flexibility for customers when retrieving their purchases.
Meanwhile, the unit’s ability to easily move inside and outside of a store, while providing access to customers without an employee present, allows grocers to explore new ways to get products closer to shoppers’ doorsteps, BrightDrop noted.
New software platform
Alongside the revenue news, the firm also unveiled BrightDrop Core, a subscription-based software platform designed to help customers better optimize their business. The software combines data generated from the Zevo and Trace products to provide customers with better visibility, insight and control of their operations.
BrightDrop Core will be available in early 2023 with an initial offering that includes a user portal, mobile productivity apps and digital driver experience focused on improving efficiencies for drivers in the field.
“We’re a tech startup with a subscription-based product offering that’s backed by a global powerhouse – this puts us in a league of our own,” said Travis Katz, BrightDrop President and CEO. “As we focus not only on electric vans, but also eCarts and software, we’re confident that our full ecosystem of connected products and services will drive significant revenue and growth for years to come. Between delivery and our recent expansion into the online grocery sector, we can capture substantial market share across multiple industries.”
