US Executive Departs Einride Amid Challenges
Einride, the Swedish freight tech company, is losing a key Silicon Valley-based leader. As earlier reported, the company is grappling with mounting financial and organizational challenges.
When contacted by SVNB, Michelle Avary, vice president of product strategy and commercial expansion, confirms her departure from Einride. She did not comment on her reasons for leaving but indicated that others have or are planning to leave the company.
However, her exit comes during a turbulent period for Einride. Despite raising close to 3 billion Swedish kronor (SEK) since its founding, the company reported a loss of more than 1.3 billion kronor in 2023. CEO and co-founder Robert Falck announced sweeping cost-cutting measures earlier this fall, including organizational restructuring and a slower pace of expansion, to address liquidity issues.
A recent social media update suggests that Michelle Avary has already joined a new startup.
Michelle Avary, a recognized expert in autonomous mobility and IoT, joined Einride in 2021 after roles at Toyota, Aeris, and the World Economic Forum, where she led initiatives on autonomous vehicle safety. A recent social media update suggests she has already joined a new startup.
In early November, the Swedish news site Breakit reported that several top executives at Einride have either left or are preparing to leave the embattled freight tech company.
While Einride has confirmed that it has secured some form of financing, the company is still grappling with significant financial pressures. Among its unresolved debts is an unpaid bill to Norwegian hotel magnate and investor Petter Stordalen, which remains with the Swedish Enforcement Authority.
Avary’s departure underscores the challenges facing Einride as the company tries to secure its future in the freight tech industry.
Einride, founded in 2016, specializes in electric and autonomous freight transport. Known for its innovative approach to sustainable logistics, the company developed the world’s first autonomous, all-electric transport pod to operate on public roads. Its vision centers on revolutionizing freight mobility by reducing carbon emissions and improving efficiency through advanced technology.