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| 1 | | Lucid announced it would issue 173,544,948 shares of its common stock for a sum of $1.8B. Ayar Third Investment Company will remain the majority stakeholder with an ownership of 60.5%. More: - Lucid sold 1,406 vehicles in Q1 and built 2,314 units, with a target of 10,000 for the full year.
- The EV maker reported a net loss of $800M during the first quarter.
- Lucid had $3.4B at the end of Q1, which it estimated would last until H1 2024.
- $LCID was down 14.95% for the day and -11.65% WoW, on Thursday afternoon.
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| 2 | | American Airlines revealed its plan to appeal a federal court ruling that ordered the dissolution of its Northeast alliance with JetBlue. The airlines argue that the partnership enables them to compete against Delta Air Lines and United Airlines in Boston and New York City. More: - American Airlines CFO Devon May said, however, that the ruling would not present a material impact on the airline's financials this year.
- The airlines were sued by the DOJ, six states, and the District of Columbia in 2021 with the purpose of blocking the partnership.
- "Whatever the benefits to American and JetBlue of becoming more powerful — in the northeast generally or in their shared rivalry with Delta — such benefits arise from a naked agreement not to compete with one another," said U.S. District Judge Leo Sorokin.
- $AAL was down 0.24% for the day but up 6.16% WoW, on Thursday afternoon, while $JBLU was flat for the day and up 0.1% WoW.
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| 3 | | Advance Auto Parts stock had its worst trading day on Wednesday since going public in 2001, dropping by 35% to close at $72.89. "We expect the competitive dynamics we faced in the first quarter to continue, resulting in a shortfall to our 2023 expectations," said the company's CEO, Tom Greco. More: - While Advance's net sales increased by 1.3% YoY to $3.4B, its gross profit decreased by 2.4% to $1.5B.
- According to UBS analyst Michael Lasser, the results are attributed to increased competition in the sector.
- The company announced a $0.25 per share dividend to be paid out in July, down from its previous dividend of $1.50 per share.
- $AAP was down 5.68% for the day and -40.17% WoW, on Thursday afternoon.
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| 4 | | New electric car sales in Norway reached 80.7% in May. There were 10,773 new EV sales, increasing from 7,471 units in April. More: - In May 2022, EVs comprised 73.2% of all new car sales in Norway.
- Gasoline cars represented 1.2% of car sales, with the remainder being diesel and PHEVs.
- The most sold models were the Tesla Model Y with 2,691 units, followed by the VW ID.4 with 738, and the BMW iX1 with 594 vehicles. There were 372 sales of Mustang Mach-E.
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| 5 | | Northern Ireland-based EV charging company Weev revealed it received a £50M ($62.6M) investment from Octopus Investments. Octopus said the region was underserved, with only 20 public charge points per 100,000 people. More: - Weev plans to utilize the funds to install "thousands" of locations.
- Last year, the startup revealed a target of 1,500 charge points in over 350 stations.
- The U.K. average for charging points is 60 per 100,000 people.
- The investment in Weev is the first for Octopus' Sustainable Infrastructure Fund, which received support from the U.K. Infrastructure Bank.
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| 6 | | Revel, a micro-mobility operator turned ride-hailing app, revealed it is adding 50 Kia Niro EVs to its fleet in New York City. The company currently operates 230 EVs, comprising Tesla models Y and 3. More: - Revel has been installing Level-3 EV chargers in New York City, planning to add a 60-stall hub in Queens.
- The company has 850 W2 hourly drivers with PTO and healthcare benefits.
- "Revel's Teslas continue to provide a great experience for both our riders and our drivers and they'll remain the bulk of our fleet, but we're really excited to start adding Kia's Niro EV and diversify our product as the electric vehicle market matures," said Keith Williams, Revel's VP of rideshare operations.
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| 7 | | Quick Hits: - Demo Divvy + get a $100 Amazon gift card. Divvy, BILL's spend and expense management solution, is one of the easiest and most efficient ways to manage your company spending.*
- Lordstown Motors received a 174-mile range rating from the EPA.
- Mercedes-Benz appointed a new CEO for its HPC North America subsidiary for EV charging, Andrew Cornelia.
- Scandinavian Airlines opened registration for its first all-electric commercial flights in 2028.
- Abu Dhabi's Integrated Transport Center selected Vianova as its micro-mobility data provider.
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Term of the Day Brand positioning: Brand positioning is a strategy that businesses use to differentiate their product or service in the market. Question of the Week Should companies take steps to avoid employee burnout, or should it be the individual's responsibility to manage it themselves? Join the conversation |
INSIDE TRANSPORTATION LEADERBOARD (ALL-TIME) |
 | Sr. Analyst | | Nicolas S. 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. Follow him at @MobilityNerd. | | This newsletter was edited by Aaron Crutchfield | |
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