FedEx Bets $160M on EV Startup Founded by Veterans of Failed Companies

The founders of Harbinger Motors have watched EV startups collapse from the inside. Now FedEx is betting they learned the right lessons.

Harbinger Motors, a medium-duty electric truck chassis maker led by veterans of failed EV companies Faraday Future, Canoo, and CODA, just closed a $160 million Series C funding round co-led by FedEx. The shipping giant also placed an initial order for 53 electric delivery trucks, signaling that corporate fleet buyers are ready to move beyond pilot programs.

The deal validates what might be the most contrarian strategy in the EV industry: deliberately staying small.

Harbinger’s “Anti-Tesla” Strategy

Co-founders John Harris and Phillip Weicker spent years at companies that promised to revolutionize the automotive industry. They watched those promises implode.

Harris previously worked at Faraday Future, Canoo, and defense tech firm Anduril Industries. Weicker came from battery company QuantumScape. Their leadership team includes alumni from CODA Automotive, another defunct EV startup.

That experience shaped Harbinger’s deliberately modest ambition.

“You can’t build a $100 billion company in this market, and we’re OK with that,” Harris told Axios. Instead of chasing the next Tesla, Harbinger targets the $20 billion medium-duty truck market where only Freightliner and Ford compete today.

The product itself reflects that restraint. Harbinger doesn’t build complete trucks. It builds electric chassis, essentially rolling platforms with batteries and drivetrains that other companies customize into delivery vans, box trucks, or even motorhomes.

“The road is littered with bodies” of failed EV ventures, Harris acknowledged in the Axios interview. His solution: don’t try to do everything.

FedEx Fleet Electrification Gets Real

FedEx’s investment represents more than financial backing. The company ordered 53 Class 5 and Class 6 electric trucks for delivery by the end of 2025, part of its goal to electrify its entire pickup-and-delivery fleet by 2040.

“Any vehicle that holds up to our rigorous on-road testing and offers state-of-the-art safety features with lower total cost of ownership is win-win for drivers and for our business,” said Paul Melander, FedEx’s Senior Vice President of Safety and Transportation.

FedEx has already deployed EVs from Brightdrop, Mercedes-Benz, BlueArc, and Workhorse into its U.S. operations. Early analysis shows cost savings of up to 30% compared to diesel trucks, according to FedEx’s 2025 Corporate Responsibility Report.

Harbinger claims its trucks can save fleet operators $6,000 to $10,000 annually per vehicle in fuel and maintenance costs. For a company running thousands of delivery trucks, that math adds up fast.

Made in America, Without the Hype

Unlike many EV startups that relied heavily on overseas suppliers, Harbinger manufactures most components in-house at its Garden Grove, California facility.

About 55% of Harbinger’s vehicle content is currently made in the U.S., a figure Harris calls “unprecedented” in the medium-duty truck industry. By mid-2026, that number will rise to 75% when Harbinger begins sourcing battery cells from Panasonic’s new Kansas factory.

“Our early decision to focus on building onshore manufacturing capacity has been key to achieving a smooth volume ramp-up despite the volatile trade environment we’ve experienced this year,” said Gilbert Passin, Harbinger’s Chief Production Officer.

The company offers modular battery packs in 35 kWh increments, providing range options of 140, 180, or 220 miles. That flexibility matters because the average medium-duty delivery truck travels just 60 miles per day.

Big Backers, Narrow Focus

The $160 million round brings Harbinger’s total funding to $358 million. Beyond FedEx, co-lead investors include Capricorn’s Technology Impact Fund, an early Tesla backer, and Thor Industries, the world’s largest recreational vehicle manufacturer.

Thor’s involvement extends beyond investment. In September, Thor’s Entegra Coach subsidiary unveiled the Embark, the world’s first range-extended electric Class A motorhome built on Harbinger’s chassis platform.

“Over the last two decades, medium-duty truck fleets have generally deployed small volumes of demonstration electric trucks,” said Dipender Saluja, Managing Partner at Capricorn. “The industry is now ready to move to mass adoption, with Harbinger leading that scale up.”

Other investors include Tiger Global, Leitmotif (backed by Volkswagen), and the Coca-Cola System Sustainability Fund.

EVXL’s Take

Harbinger’s success arrives at a brutal moment for the EV industry. The September 30 expiration of the federal $7,500 EV tax credit triggered exactly the market collapse analysts predicted. October EV sales crashed 24% in a single month.

The startup graveyard keeps growing. As we documented in our Polestar coverage, the EV landscape is now littered with bankruptcies from Fisker, Lordstown Motors, Arrival, and Nikola. Ford halted F-150 Lightning production indefinitely while GM quietly killed its BrightDrop electric van program after lackluster sales.

What makes Harbinger different? Three things stand out.

First, they’re not competing in the consumer market where subsidies mattered most. Commercial fleet buyers calculate total cost of ownership over years of operation. A 30% reduction in operating costs justifies the purchase regardless of tax credits.

Second, they’re building platforms, not finished vehicles. This reduces capital requirements and lets customers choose body styles that match their actual needs. It’s the opposite of trying to be everything to everyone.

Third, and perhaps most importantly, the founders actually learned from failure. Faraday Future burned through billions chasing Tesla. Canoo pivoted so many times it forgot what it was building. CODA couldn’t compete on price or scale. Harris and Weicker watched all of that happen from the inside.

En Foxconn chairman recently predicted that China’s EV market will experience a devastating shakeout, with only 15 of 129 current brands surviving. The American market has already begun its own consolidation.

Harbinger’s bet is that survival matters more than disruption. Building profitable trucks for a specific market segment beats building revolutionary vehicles for a market that doesn’t exist.

FedEx just signaled they agree. In six months, we’ll know if 53 delivery trucks can prove the thesis.

Photo courtesy of Harbinger