Faraday Future secures $135M to accelerate production timeline / Used retail vehicle sales increased by 16% MoM

Hey Insiders — Thanks for joining us for the latest transportation news. Here's what is happening with Faraday Future's new funding, used retail vehicle sales, and VinFast's layoffs: Nicolas 1. EV company Faraday Future announced it secured $135M through convertible notes to begin production of the FF 91 model at the end of March instead of the previous target for late 2022. In July, the automaker delayed production due to a lack of runway.  Q: Founded in 2014, Faraday Future originally scheduled production of the FF91 for 2018, which it delayed multiple times over funding and supply chain issues. How do you think the company will perform in the current environment of increased EV pricing competition? Share your thoughts. 2. Used retail vehicle sales increased by 16% MoM and 5% YoY in January, according to estimates by Manheim based on Dealertrack data. Prices for used luxury cars dropped by 14.9% YoY, and SUVs decreased by 14.8%.  Q: Used Tesla Model 3 prices dropped 16.8% between September and December and decreased by 5.2% after the recent price cuts to new EVs. Are price changes impacting your choice of vehicle? Share your thoughts. 3. The Federal Aviation Administration is proposing a $1.1M penalty for United Airlines for operating without checking for proper maintenance. The airline allegedly removed a fire system warning check from a preflight checklist for 102,488 flights on Boeing 777s from June 2018 to April 2021, claiming the aircraft automatically checks it. Q: United has 30 days to formally respond to the FAA. The airline said the safety of its flights was never in question. Do you think it will dispute the fine? Share your thoughts. 4. Recharge Industries, an Australian company owned by New York fund Scale Facilitation Partners, is acquiring Britishvolt after it became insolvent. Britishvolt was planning a £3.8B (~$4.69B) factory in Blyth, Northumberland, U.K. 5. Tesla filed a trademark application in the U.S. for the term "TeslaOne." The filing is under the category of a mobile application for document management, workforce timekeeping, and analysis of employee time and activity, among other areas. 6. Hertz reported $8.7B in revenue for 2022. The rental car company observed a 28% YoY increase in corporate travelers in January. 7. VinFast announced it is cutting an undisclosed number of jobs in the U.S., impacting mobile service operations and EV charging infrastructure. The Vietnamese EV company is preparing for an Initial public offering. A message from VANTA Compliance doesn’t have to be complicated. In fact, with Vanta, it can be super simple. Trusted by thousands of SaaS companies, Vanta automates the pricey, time-consuming process of prepping for SOC 2, ISO 27001, HIPAA, and more.  With Vanta, you can save up to 400 hours of work and 85% of costs. Win more deals and enable growth quickly, easily, and without breaking the bank. Check out their on-demand demo to learn why 4,000+ fast-growing companies chose Vanta as their trusted partner. Watch Now Nicolas is a Sr. Analyst at Inside, covering transportation and startup trends. He is an avid map maker and data nerd. Nicolas has worked in the shared-scooter space, as well as advised e-bike and moped startups.  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 and 1972 Fords. If your company would like to sponsor an Inside.com newsletter, please take a look at our sponsor page here.

We are testing a new newsletter format, where we give you one tight sentence with a couple of links, so that you can quickly move on with your day. This is different than our classic Inside.com format where we give you a half dozen bullet points and context. Please hit reply and tell us which one your prefer and why. Our mailing address is: Inside.com 767 Bryant St. #203 San Francisco, CA 94107 You received this email because you subscribed to Inside Transportation . Click here to unsubscribe from Inside Transportation list or manage your subscriptions.