Freight Technologies Inc. (NASDAQ: FRGT) Keeping a Close Eye on FMCSA Speed Limiter Rule, Amid Growing Debate and Displeasure from OOIDA

• The FMCSA (Federal Motor Carrier Safety Administration) proposed a rule mandating speed limiters for most commercial vehicles
• The ATA has supported the move, while OOIDA (Owner Operator Independent Drivers Association) has opposed it, terming it as an attempt to eliminate one of the few advantages they enjoy over big business
• The FMCSA is yet to communicate its decision on the matter, pending its review of over 15,000 comments on the issue

Freight Technologies (NASDAQ: FRGT) (“Fr8Tech”), a tech company on a mission to revolutionize cross-border shipping by offering carriers increased growth opportunities and shippers with flexibility, visibility, and simplicity, is closely monitoring the developing situation with speed limiter directives on commercial vehicles. As a company heavily invested in the industry, such a directive could impact its performance and service delivery.

The Federal Motor Carrier Safety Administration (“FMCSA”) proposed a rule that would mandate speed limiters for most commercial vehicles. While the exact speed has not been confirmed, safety groups have proposed a 60 mph limit for heavy-duty trucks. This is not the first time such a proposal has been brought forth. Back in the Obama administration, a similar suggestion was made, ultimately facing opposition from the American Trucking Association (“ATA”) (https://ibn.fm/P8pMY).

The latest development has seen ATA rescind its stand in 2016, mainly on the basis that “Safety is a winning issue, and ATA enjoys winning.”  To this end, the association supports the rule requiring tamper-proof devices limiting Class 7 and 8 trucks to a fixed maximum of 65 mph, or 70 mph, with adaptive cruise control and automatic emergency braking. This, its management notes, is in response to new emerging data and technologies forcing the industry to adapt.

The Owner-Operator Independent Drivers Association (“OOIDA”) has opposed the proposition, terming it as a motive to eliminate one of the few advantages they enjoy over big businesses. For one, a survey conducted by the OOIDA Foundation in 2022 showed that only 10% of owner-operators had their trucks equipped with automatic emergency braking, while only 20% had adaptive cruise control. In comparison, large fleets, represented by ATA, already have installed speed limiters, mainly for liability and fuel efficiency reasons. In addition, these fleets are also more likely to have adaptive cruise control technology equipped, which alienates owner-operators (https://ibn.fm/Bdwqi).

The FMCSA has yet to communicate its decision on the matter, pending its review of over 15,000 comments. The ruling is projected to come in late summer or early fall, but FRGT is keeping a close eye on the matter and monitoring its development.

For more information, visit the company’s website at www.Fr8Technologies.com, and its freight matching platform information site at www.Fr8.App.

NOTE TO INVESTORS: The latest news and updates relating to FRGT are available in the company’s newsroom at https://ibn.fm/FRGT

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