Karat Packaging Plans Logistics Service Expansion; Orders For 10 Tesla Semi Trucks

Karat Packaging Inc KRT plans to expand its logistic offerings geographically from its existing distribution centers in Texas, New Jersey, and South Carolina in those regions and further expansion in California.
Karat Packaging currently has 86 trucks and trailers and provides third-party logistic (3PL) services to about 100 of its customers in California.
The company also revealed that it had placed an order for 10 Semi trucks from Tesla Inc TSLA.
"We are excited to incorporate alternative-fuel trucks into our fleet. This purchase represents our commitment to continue investing in environmentally friendly solutions," said chairman and CEO Alan Yu.
Tesla Semi, a 100% battery-powered Class 8 semi-truck, is expected to have a range of up to 500 miles on a single charge.
Price Action: KRT shares are trading higher by 11% at $20.25 on the last check Tuesday.