Various automakers and suppliers have requested Congress to pass $52B in subsidies for semiconductor production due to the ongoing shortages. "The stakes couldn't be higher because the companies are all making their decisions now and in the coming months about where they will be making their next big rounds of capital investments," said U.S. commerce secretary Gina Raimondo about the bill. More: - The letter urging Congress to pass the subsidies included signatures by Ford, GM, Rivian, Toyota, Honda, Mercedes-Benz, and BMW, among other automakers.
- The Senate previously passed a different version of the bill in 2021 that also included $200B for scientific and technological innovation to compete with China.
- "We would really like to see the CHIPS Act and the investment tax credits pass in the near term, in the next few weeks or before the summer recess, so we can make our manufacturing decisions with confidence," said Manish Bhatia, VP of global operations at Micron, the second-largest semiconductor producer in the U.S.
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JetBlue raised its offer to acquire Spirit Airlines for $33.50 per share, approximately $3.6B. The increase constitutes $2 more per share than its June 6 offer. More: - Spirit shareholders are scheduled to vote on June 30 on whether the airline will merge with Frontier. An update is expected from Spirit's board prior to the vote.
- Spirit has repeatedly rejected JetBlue's offers, saying that an acquisition would be unlikely to gain regulatory approval. On the other hand, JetBlue has argued that either deal would be scrutinized by the Justice Department.
- Spirit stock was trading at $23.15 per share, up by 0.78% for the day on Wednesday morning.
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 Micro-mobility operator Helbiz revealed it has signed a letter of intent to acquire Wheels via an all-stock deal. Helbiz CEO Salvatore Palella said that "from a strategic perspective, this acquisition is expected to double revenue, expand the cities served, enhance margins, and reduce costs." Helbiz made $1.6M in revenue from its mobility segment in Q1. More: - Helbiz claims to operate in 50 markets in the U.S. and Italy.
- Wheels operates shared low-rider e-bikes in 12 markets, including Austin, Miami, Orlando, Seattle, and Santa Monica. In October, it signed an agreement to have its vehicle features in the Lime app.
- Earlier this month, Helbiz received a notice of delisting by Nasdaq for non-compliance, as its market value of Class A common stock and publicly traded warrants are under $35M. Pending any extensions at the discretion of Nasdaq, the company would have 180 days to meet the criteria or face delisting. Currently, Helbiz's market cap is at $29.14M.
- Helbiz stock was up 2.92% for the day at $0.85 on Tuesday afternoon.
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Shell, Amex GBT, and Accenture announced the launch of Avelia, a blockchain-enabled platform that enables airlines to purchase sustainable aviation fuel (SAF). The companies expect the book-and-claim system to make SAFs available to a larger group of carriers, increasing demand and lowering costs. More: - Shell, which aims to reduce 45% of its CO2 emissions by 2030, will purchase an initial 100,000 gallons through the platform.
- Avelia currently has one million gallons of bookable SAFs on the platform, the equivalent of 15,000 business flights from New York to London.
- SAFs are estimated to reduce up to 80% of emissions through the fuel lifecycle versus traditional kerosene.
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Volkswagen confirmed its plans to continue with an initial public offering for Porsche as it looks to shift the brand toward electric vehicles. "There's still capital out there, and there's a lot of skepticism about investing capital in technology companies, in new ventures," said VW CFO Arno Antlitz, who claims that, on the other hand, "Porsche is very solid." More: - Porsche's listing is estimated to value the business at $95B.
- VW is reportedly also considering an IPO of its EV battery business in 2023 or 2024.
- Earlier this week, ABB delayed the $750M IPO of its EV charging segment due to market conditions.
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 EV manufacturer XPeng has halted all reservations of its P5 model in Europe due to supply chain issues impacting delivery timelines. The automaker will instead prioritize sales of the P7 sedan in Norway, Sweden, Denmark, and the Netherlands. More: - The P7 is already available in Norway, while the EV company expects it to arrive in the other three European countries in Q2 2023. XPeng said its orders across models within China are on track.
- XPeng's next model, the G9 SUV, is expected to begin production in China in Q3 of this year.
- XPeng stock was up 2.66% for the day on Wednesday morning.
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Quick Hits: - Learn why many SMEs are pivoting away from perimeter-based security to a Zero Trust model.*
- AAA expects 42 million people in the U.S. to travel by land for Independence Day weekend. The projection is expected to remain true even though the retail cost of gasoline surpassed $5 per gallon for the first time in history. In 2021, 41.5 million people traveled by vehicle during the holiday weekend.
- The Boring Company is seeking to build a private access tunnel under Tesla's Gigafactory Texas, per a permit application with the city of Austin.
- Flash, which operates in 10,000 parking locations, announced the acquisition of Ballparc, a company that focuses on parking enforcement and payments for events. Ballparc operates in 38 states and two Canadian provinces.
- On Wednesday, Toyota Motor revealed it is cutting its global production by 50,000 vehicles due to semiconductor shortages. The automaker expects to build 800,000 units in July.
- Kenya Airways subsidiary Fahari Aviation has signed a letter of intent to purchase up to 40 eVTOLs from Embraer's Eve Urban Air Mobility by 2026. The companies plan to develop a business plan for eVTOL cargo operations.
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 |  | Written and curated by Nicolas Saravia, an avid map maker and data nerd. Nicolas has worked in the shared-scooter space, as well as advised e-bike and moped start-ups. |  | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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