Here are five things worth knowing today:
1. According to a Bloomberg report, Volkswagen AG boosted its target for cost cuts at its trucks division to 1 billion euros ($1.12 billion) as cooperation between its Scania and MAN units makes progress. The report states that Scania and MAN, which had previously sought 850 million euros in long-term savings, are combining manufacturing facilities in Russia and have begun working jointly on logistics, IT systems and smaller truck components. According to the report, VW is reaping about 200 million euros in savings already and “making progress at high speed” toward additional cooperation projects between the German and Swedish units, VW trucks chief Andreas Renschler said, Renschler added that Volkswagen is keeping all its options open for expanding the trucks business in the U.S. Bloomberg has more.
2. FR8 Revolution announced that it has raised up to $8.5 million from German company MAN Truck & Bus AG, a Volkswagen Truck & Bus subsidiary. The Series A round brings the total investment in FR8 Revolution to nearly $10 million, the company said. “What FR8 Revolution is doing is providing the entire ecosystem with a real-time transparent platform to help carriers fill their trucks, shippers see actual capacity and drivers gain some control over their lives,” said Matthew Kropp, CEO of FR8 Revolution. “We are digitizing a market ripe for disruption and today’s investment and partnership by Volkswagen-MAN will help us accelerate this vision.”
3. Cargo volumes at the East Coast’s two largest ports fell in April, according to a Wall Street Journal report. Imports at the Port of New York and New Jersey fell to 244,677 twenty-ft. equivalent units (TEUs), which is down 3.6% from March and down 2.6% from April 2015, WSJ said. At the Port of Savannah, loaded import TEUs fell by 3.8% compared to a year earlier, according to the report. High inventories and West Coast ports continuing to reclaim market share lost during a labor slowdown last year are partly to blame for the slump. WSJ has more.
4. Ford Motor Co. is recalling nearly 1.9 million vehicles in North America due to faulty passenger-side airbags made by Takata Corp., the Salina Post reports. The recall is part of the ongoing Takata air bag recall. Vehicle affected in the expanded recall are 2007-10 Ford Edge, 2006-11 Ford Fusion, 2005-11 Ford Mustang, 2007-11 Ford Ranger, 2007-10 Lincoln MKX and 2006-11 Lincoln MKZ, Zephyr and Mercury Milan.
5. Louisiana Transportation Secretary Shawn Wilson said during a House Transportation Committee meeting that the state may need to consider tolls as a way to pay for major highway construction projects, WWL.com reports. According to the report, the state is facing a $13 billion backlog on bridge and road repairs. WWL has more.