1、M UpdateFreight Transportation|North AmericaFast Lane:AV/EV Adoption Survey Shows Interesting Results,HUBG Acquires MRTN Intermodal Assets,&UPS Rolls Out Buyout ProgramMorgan Stanley&Co.LLCRavi ShankerEquity Analyst Ravi.S +1 212 761-6350 Nancy HippResearch Associate Nancy.H +1 212 761-1311 Madison

2、J PasterchickResearch Associate Madison.P +1 212 761-3787 Ngozi UdehResearch Associate Ngozi.U +1 212 761-4548 Freight TransportationNorth AmericaIndustry ViewIn-Line Please see links below to other research we published last week:Saia,Inc.:The See-Saw Continues(25 Jul 2025)Union Pacific Corp.:2Q Mo

3、dest Beat;NSC Talks Confirmed(25 Jul 2025)CSX Corporation:2Q Beats a Lowered Bar but Do Fundamentals Matter?(24 Jul 2025)Knight-Swift Transportation Holdings Inc:2Q Shines;Glow Should Extend to 2H As Well(24 Jul 2025)Freight Transportation:Truck Stop/TLSS:Paranoid About the Cycle(23 Jul 2025)Canadia

4、n National Railway Co.:Still in a Holding Pattern(23 Jul 2025)Our AV and EV/alternative fuel fleet survey demonstrates mixed sentiments towards implementing this technology(relative to our 2021 survey).Also,last week,HUBG announced its acquisition of MRTN Intermodal assets and UPS provided details o

5、n their driver buyout program.We surveyed industry participants on incorporating autonomous and electric/alternative fuel enabled technology in their fleet.Our survey of 192 Shippers,Brokers and Carriers shows that 57%of participants are a little interested or highly interested in incorporating elec

6、tric(EV)or alternative fuel enabled vehicles into their fleet,while 45%are interested in incorporating autonomous(AV)technology.In 2021,when we conducted a similar survey,we found that overall,63%of participants felt similarly about EV/alternative fuel technologies,while 56%were interested in autono