Einride Secures Fifth NHTSA Approval to Operate Autonomous Vehicles on U.S. Roads

Rhea-AI Summary

Einride (NYSE American: LEGT) received NHTSA approval to operate its cab-less SAE Level 4 autonomous truck on public roads in Austin, Texas, marking its fifth U.S. state approval following Arizona, Colorado, South Carolina, and Tennessee.

The company demonstrated its vehicle on March 19, 2026, is pursuing a U.S. listing in H1 2026 via a proposed combination with Legato, completed a $113 million oversubscribed capital raise, reports ~$92 million expected ARR from signed contracts, >30 enterprise customers, and >$800 million potential long-term ARR.

Positive

• Fifth-state NHTSA approval for public-road autonomous operations
• $113 million oversubscribed capital raise supporting U.S. expansion
• Approximately $92 million expected annual recurring revenue from signed contracts
• More than 30 enterprise customers across seven countries
• Over $800 million potential long-term ARR from joint plans

Negative

• U.S. public listing remains subject to proposed Legato business combination
• Operational approvals currently limited to five U.S. states, not nationwide

News Market Reaction – LEGT

+0.09%

1 alert

+0.09% News Effect

On the day this news was published, LEGT gained 0.09%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Oversubscribed capital raise: $113 million Expected ARR: $92 million Potential long-term ARR: Over $800 million +5 more

8 metrics

Oversubscribed capital raise $113 million In connection with proposed business combination with Legato

Expected ARR $92 million Expected annual recurring revenue from signed customer contracts

Potential long-term ARR Over $800 million Potential long-term ARR via joint business plans with blue-chip customers

Enterprise customers More than 30 Commercial customers across seven countries

Countries served 7 countries Customer footprint across U.S., Europe, and Middle East

NHTSA approvals 5 U.S. states Fifth state approval for operating autonomous trucks on public roads

Analyst & Investor Day date March 19 Austin demonstration of cab-less SAE Level 4 truck

Public listing timing First half of 2026 Target window for U.S. public market listing via Legato combination

Market Reality Check

Price: $10.98 Vol: Volume 7,643 is well belo...

low vol

$10.98 Last Close

Volume Volume 7,643 is well below the 20-day average of 82,273, suggesting limited pre-news positioning. low

Technical Trading modestly above the 200-day MA ($10.97 vs $10.79), near the 52-week high of $11.50.

Peers on Argus

LEGT was unchanged at $10.97 while SPAC peers showed mixed, mostly small moves (...

LEGT was unchanged at $10.97 while SPAC peers showed mixed, mostly small moves (e.g., ATIIU +3.71%, others near flat or slightly negative), indicating this news is company-specific rather than a sector-wide shift.

Historical Context

4 past events · Latest: Mar 12 (Positive)

Pattern 4 events

Date	Event	Sentiment	Move	Catalyst
Mar 12	Analyst Day announcement	Positive	-0.2%	Announced March 19 Analyst & Investor Day and progress toward U.S. listing.
Feb 26	PIPE financing terms	Positive	+0.5%	Disclosed ~$113M PIPE and $1.35B pre-money valuation for Einride transaction.
Feb 10	Board appointment	Positive	-0.4%	Added former NVIDIA executive to board to bolster autonomous expertise.
Dec 15	F-4 submission	Positive	+0.3%	Confidential Form F-4 filing and updated ARR, pipeline and proceeds metrics.

Pattern Detected

Recent Einride/Legato headlines have generally been positive, but LEGT’s price reactions have been modest, with an even split between small positive and small negative moves.

Recent Company History

Over the past few months, Legato’s news flow has centered on its proposed business combination with Einride. Filings highlighted the Form F-4 submission, valuation reset to $1.35 billion, and financing plans targeting $333 million in gross proceeds. Operationally, Einride has emphasized ARR growth, expanding electric and autonomous fleets, and governance steps like appointing an experienced NVIDIA executive. Today’s NHTSA approval continues that theme of regulatory and commercial advancement ahead of the planned H1 2026 listing.

Market Pulse Summary

This announcement underscores Einride’s continued progress toward commercialization and a U.S. listi...

Analysis

This announcement underscores Einride’s continued progress toward commercialization and a U.S. listing, adding a fifth NHTSA approval and highlighting an oversubscribed $113 million raise, $92 million expected ARR, and over $800 million potential long-term ARR. It builds on earlier disclosures about the Legato business combination and growing customer traction. Investors may watch for execution on deployments in Texas, ARR conversion, and further regulatory or transaction milestones in H1 2026.

Key Terms

nhtsa, sae level 4

2 terms

nhtsa regulatory

"has received approval from the National Highway Traffic Safety Administration (NHTSA) to operate"

NHTSA is the U.S. federal agency that sets and enforces safety rules for motor vehicles and conducts crash and defect investigations. Think of it as the country’s vehicle safety inspector and recall manager; its findings or orders can force repairs, halt sales, or trigger expensive recalls. Investors watch NHTSA actions because they can create unexpected costs, legal exposure, production delays, or shifts in consumer confidence that affect a company’s financial outlook.

sae level 4 technical

"cab-less electric SAE Level 4, fully autonomous truck in Austin, Texas, on March 19th"

SAE Level 4 is a vehicle automation classification where the car can perform all driving tasks and handle safety without human input within defined conditions or geographic areas; a person does not need to monitor the drive but may have to take over when the vehicle leaves those limits. For investors, Level 4 is important because it signals where companies can commercially deploy self-driving services (like robotaxis or automated delivery) with implications for product costs, regulatory hurdles, liability exposure, and new revenue streams — think of it as a thermostat that reliably controls temperature only in certain rooms.

AI-generated analysis. Not financial advice.

STOCKHOLM and AUSTIN, Texas, March 24, 2026 /PRNewswire/ -- Einride AB ("Einride" or the "Company"), a technology company driving the transition to cost-efficient electric and autonomous freight operations for some of the world's largest shippers, has received approval from the National Highway Traffic Safety Administration (NHTSA) to operate its autonomous truck in Austin, Texas. This approval follows similar road approvals for deployments in Arizona, Colorado, South Carolina, and Tennessee, as the Company scales its U.S. operations.

Einride demonstrated its proprietary autonomous freight technology and cab-less electric SAE Level 4, fully autonomous truck in Austin, Texas, on March 19th for an audience that included analysts, investors and the media. The demonstration was held in connection with the Company's Analyst & Investor Day ahead of its previously announced proposed transaction with Legato Merger Corp. III (NYSE American: LEGT) ("Legato") whereby the Company will become a publicly traded company. The presentation, which can be found here, elaborated on Einride's strategy for large-scale commercialization and significant growth opportunities in the U.S. 

"Receiving government approval to operate our vehicles on public roads in a fifth U.S. state is a testament to the safety and maturity of our autonomous technology and is another significant milestone in our U.S. expansion," said Roozbeh Charli, Chief Executive Officer of Einride. "Texas will be a core hub for our American autonomous freight operations, and we will continue to strengthen our collaboration with infrastructure operators and regulators as we scale deployments across the country."

The Analyst & Investor Day is part of Einride's ongoing process toward a U.S. public market listing in the first half of 2026, supported by the recently announced $113 million oversubscribed capital raise in connection with the Company's proposed business combination with Legato.

With its Freight-Capacity-as-a-Service business model, Einride combines autonomous and electric trucks, AI optimization software, and charging infrastructure into one integrated solution. The Company operates one of the world's largest electric heavy-duty fleets, serving customers in the U.S. and Europe with its electric and autonomous operations, and in the Middle East with its electric fleet. Einride's safety framework has undergone independent audit and aligns with internationally recognized safety and cybersecurity standards.

The demonstration in Austin was part of a research and development project. Einride has established strong commercial traction, with more than 30 enterprise customers across seven countries, approximately $92 million in expected annual recurring revenue (ARR) from signed customer contracts, and over $800 million in potential long-term ARR through joint business plans with blue-chip customers. 

Video can be found HERE.

About Einride

Founded in 2016, Einride is a technology company that develops and operates digital, electric and autonomous freight solutions to accelerate the transition to future proofed transportation in a cost-efficient way. Its technology platform includes AI powered planning and optimization, autonomous technologies, one of the world's largest electric heavy-duty fleets and charging infrastructure. Einride is serving customers across North America, Europe and the Middle East.

On November 12, 2025, Einride and Legato announced they had entered into a definitive business combination agreement for a proposed business combination (the "Transaction") that would result in Einride becoming a NYSE-listed public company. The Transaction was unanimously approved by the Boards of Directors of Legato and Einride. Completion of the Transaction is anticipated to occur in the first half of 2026 subject to customary closing conditions, including regulatory approvals.

About Legato Merger Corp. III:

Legato is a blank check company organized for the purpose of effecting a merger, capital stock exchange, asset acquisition or other similar business combination with one or more businesses or entities.

Forward-Looking Statements

This communication contains certain "forward-looking statements" within the meaning of U.S. federal securities laws including, but not limited to, statements regarding the Transaction with Legato and Einride's expected and potential ARR, as applicable. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are based on current expectations and assumptions available to the Company and Legato, and, as a result, are subject to risks and uncertainties. Any such expectations and assumptions, whether or not identified in this communication, should be regarded as preliminary and for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including but not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of definitive agreements with respect to the Transaction; (2) the outcome of any legal proceedings that may be instituted against Legato, Einride, the combined company or others following the announcement of the Transaction and any definitive agreements with respect thereto; (3) the amount of redemption requests made by Legato public shareholders and the inability to complete the Transaction due to the failure to obtain approval of the shareholders of Legato, to obtain financing to complete the Transaction or to satisfy other conditions to closing; (4) risks related to the scaling of the Company's business and the timing of expected business milestones; (5) the ability to meet stock exchange listing standards following the consummation of the Transaction; (6) the risk that the Transaction disrupts current plans and operations of the Company as a result of the announcement and consummation of the Transaction; (7) the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (8) costs related to the Transaction; (9) risks associated with changes in laws or regulations applicable to the Company's solutions and services and the Company's international operations; (10) the possibility that the Company or the combined company may be adversely affected by other economic, geopolitical, business, and/or competitive factors; (11) supply shortages in the materials necessary for the production of Einride's solutions; (12) negative perceptions or publicity of the Company; (13) risks related to working with third-party manufacturers for key components of Einride's solutions; (14) the termination or suspension of any of Einride's contracts or the reduction in counterparty spending; and (15) the ability of Einride or the combined company to issue equity or equity- linked securities in connection with the business combination or in the future.

Forward-looking statements are not guarantees of future performance. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in the "Risk Factors" section of the Company's registration statement on Form F-4 to be filed by the Company with the U.S. Securities and Exchange Commission (the "SEC"), and other documents filed by the Company and/or Legato from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward- looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and all forward-looking statements in this communication are qualified by these cautionary statements. The Company and Legato assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except to the extent required by applicable law. Neither the Company nor Legato gives any assurance that either the Company or Legato will achieve its expectations. The inclusion of any statement in this communication does not constitute an admission by the Company or Legato or any other person that the events or circumstances described in such statement are material.

Additional Information and Where to Find It

In connection with the Transaction, the Company intends to file a registration statement on Form F-4 with the SEC that will include a proxy statement of Legato and a prospectus of the Company. After the registration statement is declared effective, the definitive proxy statement/prospectus will be sent to all Legato shareholders as of a record date to be established for voting on the Transaction. Legato also will file other documents regarding the Transaction with the SEC. This communication does not contain all the information that should be considered concerning the Transactions and is not intended to form the basis of any investment decision or any other decision in respect of the Transaction. Before making any voting or investment decision, investors and shareholders of Legato are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the Transaction as they become available because they will contain important information about the Transaction. Investors and shareholders will be able to obtain free copies of the registration statement, proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by Legato through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by Legato may be obtained by written request to Legato at Legato Merger Corp. III, 777 Third Avenue, 37th Floor, New York, NY 10017.

Participants in the Solicitation

Legato and the Company and their respective directors and officers may be deemed to be participants in the solicitation of proxies from Legato's shareholders in connection with the Transaction. Information about Legato's directors and executive officers and their ownership of Legato's securities is set forth in Legato's filings with the SEC. Additional information regarding the interests of those persons and other persons who may be deemed participants in the Transaction may be obtained by reading the proxy statement/prospectus regarding the Transaction when it becomes available. Shareholders, potential investors and other interested persons should read the proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents as described in the preceding paragraph.

No Offer or Solicitation

This communication does not constitute a solicitation of any proxy, vote, consent or approval in any jurisdiction in connection with the Transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Legato, Einride or the combined company resulting from the Transaction, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. This communication is restricted by law; it is not intended for distribution to, or use by any person in, any jurisdiction in where such distribution or use would be contrary to local law or regulation.

Investor & Media Contacts
Einride
Christina Zander
Head of Communications Einride
press@einride.tech
Einride@icrinc.com
Legato Merger Corp. III
Eric Rosenfeld
Chief SPAC Officer
Legato Merger Corp. III
ir@legatomerger.com

This information was brought to you by Cision http://news.cision.com.

https://news.cision.com/einride/r/einride-secures-fifth-nhtsa-approval-to-operate-autonomous-vehicles-on-u-s--roads,c4325688

The following files are available for download:

https://news.cision.com/einride/i/austinstill,c3522364

AustinStill

 

View original content:https://www.prnewswire.com/news-releases/einride-secures-fifth-nhtsa-approval-to-operate-autonomous-vehicles-on-us-roads-302723350.html

SOURCE Einride

FAQ

What does Einride's NHTSA approval in Texas mean for LEGT shareholders?

It confirms regulatory permission to operate in a fifth U.S. state, enhancing commercialization credibility. According to the company, Texas approval complements existing authorizations in Arizona, Colorado, South Carolina, and Tennessee and supports planned U.S. scale-up efforts ahead of a proposed public listing.

When did Einride demonstrate its autonomous truck in Austin, Texas for LEGT investors?

Einride demonstrated the cab-less SAE Level 4 truck on March 19, 2026 for analysts and investors. According to the company, the demonstration was held during its Analyst & Investor Day and showcased safety, autonomy, and commercialization plans.

How much capital did Einride raise ahead of the proposed LEGT business combination?

Einride completed an oversubscribed capital raise of $113 million supporting the proposed transaction. According to the company, the proceeds are intended to support U.S. expansion, commercialization, and the path to a U.S. public market listing in H1 2026.

What recurring revenue does Einride report and how large is its customer base for LEGT investors?

Einride reports approximately $92 million in expected annual recurring revenue from signed contracts and more than 30 enterprise customers. According to the company, these customers span seven countries, supporting its Freight-Capacity-as-a-Service model.

Is Einride already commercially operating autonomous trucks nationwide for LEGT?

No; approvals cover five U.S. states but not a nationwide authorization. According to the company, current NHTSA approvals include Arizona, Colorado, South Carolina, Tennessee, and now Texas, while broader U.S. deployment will scale over time.

What is the timeline for Einride becoming a U.S. public company under the LEGT ticker?

Einride aims for a U.S. listing in the first half of 2026 via the proposed business combination with Legato. According to the company, the Analyst & Investor Day and the capital raise are part of its process toward that expected timeline.