United Parcel Service Inc. said Tuesday that, in collaboration with Thor Trucks Inc., it will develop and test a fully-electric medium-duty delivery truck, that it expects to deploy later this year. The Thor truck will have a driving range of about 100 miles. UPS will test the truck as part of its fleet for six month. “UPS believes in the future of commercial electric vehicles,” said Carlton Rose, UPS’s president of global fleet maintenance and engineering. “We want to support the research needed to make advances and the companies developing those innovative products.” Last year, Tesla Inc. unveiled an electric big rig with a driving range of 500 miles, on tap for production in 2019. UPS’s stock surged 1.9% as part of a broad rally in the transportation sector, while Tesla shares gained 0.7%. Over the past three months, shares of UPS have rallied 6.6% and of Tesla have slipped 0.6%, while the Dow Jones Transportation Average has advanced 6.6% and the Dow Jones Industrial Average has tacked on 6.2%.
Read on Market Watch