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| 1 | | Low-budget airline company Ryanair has ordered 150 Boeing 757 MAX planes. The order is the largest from Ryanair so far. More: - The 150 planes are estimated to cost $20B, but industry experts believe that Ryanair has bought them at a premium discount due to the order size.
- Ryanair had previously attempted to complete this transaction in 2021 but backtracked due to a pricing dispute with Boeing.
- The planes, which will replace older 737 jets in Ryanair’s fleet, will be delivered between 2027 and 2033.
- Ryanair claims that the fleet would enable the company to fly more than 300 million passengers annually and create 10,000 jobs.
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| 2 | | Toyota has stated that it expects a 10% profit increase and a 5X EV sales growth rate in this business year. The plan was unveiled by new CEO Koji Sato. More: - The world's biggest carmaker by sales forecasted that global battery EV sales would reach 202,000 worldwide this business year through March 2024. The figure would represent a 5X increase from 2022 when the company sold 38,000 units.
- Toyota forecasted that its operating profit would reach $22.2B this business year.
- Toyota's push on EVs comes as EV sales have increased globally and customers have embraced the technology faster than expected.
- The Japanese company insisted on a more patient strategy, choosing to develop hybrid cars such as the Toyota RAV4 Prime. While models like the RAV4 Prime have sold well, up-and-coming automakers such as BYD have gained market share in the EV space, weakening the dominance of traditional automakers.
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| 3 | | Nikola has exited its European venture with Iveco Group as it reported a $169M net loss in Q1 2023. The company had $11.1M in revenue, falling short of analyst expectations. More: - Nikola’s net loss for the quarter was $169.1M, an increase from the $152.9M net loss in 2022.
- While its revenue fell short of analyst expectations, it grew around 10x compared to the $1.9M revenue it had in the same period last year.
- Nikola reported $121.1M in cash as of March 31, down from the $233.4M that the company held at the end of 2022.
- Nikola has sold its share of a European joint venture to Iveco Group for $35M in cash and 20.6 million Nikola shares that will be returned by Iveco.
- The company’s share price fell 13% after trading closed.
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| 4 | | Virgin Galactic has reported a $159.4M Q1 net loss, $66M more than in the same period in 2022. The company said R&D expenses were the main factor behind the net loss number. More: - Virgin Galactic had a total of $874M in cash and securities, down from the $980M it had in the previous quarter.
- The company is preparing to launch its VSS Unity spacecraft for the first time since flying company founder Sir Richard Branson in July 2021.
- Its commercial flight is scheduled for June 2023, while a mission with crew members is expected to be completed in May.
- Virgin Galactic had an EBITDA loss of $140M, compared to the $77M EBITDA loss in 2022.
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| 5 | | Ford has cut the F-150 Lightning XLT long-range model price by $2,100, making the vehicle now eligible for the $7,500 federal tax credit. The EV now costs $78,874. More: - The F-150 Lightning XLT Standard Range is also eligible for $7,500 in incentives as it costs $64,474.
- The only F-150 Lightning models that don't qualify for the $7,500 tax credit are the Lariat Extended Range, which starts at $85,974, and the range-topping Platinum, which starts at $98,074.
- Ford has increased F-150 Lightning prices five times since the model launched in May 2021.
- The F-150 Lightning Pro's price has increased by $20,000 since 2022.
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| 6 | | Rivian has posted $661M in Q1 revenue and a $1.5B net loss, beating Wall Street expectations. The company is on track to produce 50,000 vehicles in 2023. More: - The EV maker produced 9,395 units in the first quarter, including the R1T pickup, R1S SUV, and EDV commercial vans, and delivered 7,946.
- Rivian ended the first quarter with $11.78B in cash, cash equivalents, and restricted cash.
- Rivian said it is implementing factory upgrades that will help it both increase output and reduce costs in the coming months.
- Rivian stock rose about 6% after the company posted its first-quarter results.
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- Workers at a battery plant that supplies GM and Ford have gone on strike after rejecting a deal that would reduce their overtime pay.
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Term of the Day Shareholder voting rights: Shareholder voting rights are rules that give shareholders the power to participate in corporate decisions. Question of the Week What's the most bizarre work-related dream you've ever had? Join the conversation Today's Knowledge Hub Is Brought To You By Get the latest Axios Pro report on what the current economic downturn means for your bottom line, and how to plan for the future. Download for free. Backed by Mark Cuban on Shark Tank, Collars & Co. makes polos and long-sleeve shirts that are lightweight, comfy, and have just the right amount of stretch. Use code INSIDE for 15% off.
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INSIDE TRANSPORTATION LEADERBOARD (ALL-TIME) |
 | Writer | | Arbër is an Inside writer who also has experience in entrepreneurship. He has experience covering Consumer Tech, Venture Capital, NFTs, Crypto, etc. Arbër holds a Bachelor's degree in Business from XAMK University in Finland. When he is not reading(and writing) business news, he chooses to watch sports or anime...and then read news about sports or anime. | | This newsletter was edited by Aaron Crutchfield | |
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