Daimler-backed autonomous trucking firm expands
Autonomous truck market projected to reach $76B by 2032
Torc Robotics, an autonomous trucking technology provider and independent subsidiary of Daimler Truck, is expanding its footprint as it works to accelerate adoption of autonomous solutions.
Blacksburg, Va.-based Torc has leased a 17-acre facility at the 27,000-acre AllianceTexas development in Fort Worth, Texas, according to a Jan. 7 release. The space will be built out over the first half of 2025. The estimated cost was not disclosed.
The company will ramp up testing at the site, with hopes of “proving out the commercial viability of Torc’s autonomous driving product,” Chief Commercial Officer Andrew Culhane told Equipment Finance News.
“2025 is expected to be a crucial year for accelerating Torc’s growth, with the goal of achieving product availability by 2026 and a scaled market entry with Daimler in 2027,” he said.
The global autonomous truck market is expected to more than double to roughly $76 billion by 2032 from $35.5 billion in 2024, according to research firm Fortune Business Insights. Another forecast, from consulting firm McKinsey & Co., shows that the autonomous truck market could reach $178 billion in the United States alone by 2035.
Expansion comes several months after Torc tested its autonomy technology at full operating speeds of up to 65 mph, demonstrating an “ability to operate safely without a human driver in the cab,” Culhane said.
Education key for widespread adoption
Autonomous trucks help address a shortage of drivers and reduce operating costs for heavy-duty trucks by roughly 42% due to increased efficiency, according to the McKinsey report. While autonomous trucks typically cost $50,000 to $100,000 more than regular trucks, autonomous software, sensors and other technology prices are expected to come down over time, the report states.
Despite the potential to ease challenges facing the industry, skepticism remains about the benefits and safety of autonomous vehicles, Culhane said. Education will be crucial for overcoming these doubts, he said.
“One of the primary challenges facing the autonomous trucking industry is generating widespread acceptance and building trust with key audiences,” he said. “Beyond potential customers, this involves educating all stakeholders — including regulators, policymakers, industry partners and the broader community — on the safety, reliability and potential benefits of autonomous trucks.”
Financing landscape for autonomy
Industry lenders, though, may be reluctant to finance autonomous vehicles due to unproven economics and a lack of an aftermarket in the new sector, a Commercial Credit Group spokesperson told EFN.
“When we look to finance a piece of equipment, we consider the long-term value of the collateral,” she said. “Will it hold its value for the life of the loan? And if for some reason the person or the company that we’re financing no longer pays their bills and we have to take that piece of equipment back, we need to be able to resell it. And there’s not a big aftermarket for [autonomous trucks] right now.”
Determining loan terms is also challenging for lenders since autonomous technology is evolving so rapidly, the spokesperson said.
However, autonomous truck financing should be able to “fit within existing truck financing models” once the economics are proven, John Verdon, vice president of commercialization for Houston-based autonomous trucking firm Bot Auto, previously told EFN.
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