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Benzinga
Benzinga
Business
Shivani Kumaresan

Karat Packaging Plans Logistics Service Expansion; Orders For 10 Tesla Semi Trucks

  • Karat Packaging Inc (NASDAQ:KRT) plans to expand its logistic offerings geographically from its existing distribution centers in Texas, New Jersey, and South Carolina in those regions and further expansion in California.
  • Karat Packaging currently has 86 trucks and trailers and provides third-party logistic (3PL) services to about 100 of its customers in California.
  • The company also revealed that it had placed an order for 10 Semi trucks from Tesla Inc (NASDAQ:TSLA).
  • "We are excited to incorporate alternative-fuel trucks into our fleet. This purchase represents our commitment to continue investing in environmentally friendly solutions," said chairman and CEO Alan Yu.
  • Tesla Semi, a 100% battery-powered Class 8 semi-truck, is expected to have a range of up to 500 miles on a single charge.
  • Price Action: KRT shares are trading higher by 11% at $20.25 on the last check Tuesday.
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