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| Hey Insiders — Today we're bringing you the latest on Tesla's reported Shanghai layoffs and Toyota's ESG bonds. Scroll down for Ford's U.S. sales performance for Q2. Let us know which areas you would like us to cover next. Thanks for reading! Nicolas
p/mobilitynerd | |
| 1 | | Tesla is reportedly laying off an unknown number of people working on battery assembly at Giga Shanghai. The EV maker is giving some employees the option to transfer to other areas, such as general assembly, stamping, or painting. More: - Gigafactory Shanghai had approximately 20,000 employees.
- Tesla procures its batteries from LG Energy Solution and Contemporary Amperex Technology; however, it builds modules and packs in-house.
- Tesla and BYD were among 16 manufacturers to agree to halt further price cuts per a request by China's Ministry of Industry and Information Technology.
- $TSLA was up 0.84% for the day and 7% WoW on Friday afternoon.
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| 2 | | Toyota sold dollar-denominated sustainability bonds for the first time in two years as it seeks to fund hybrid and EV production. The automaker priced the bonds at $1.5B, receiving book orders over $6B as of Thursday morning. More: - Toyota previously sold ESG bonds in the U.S. in 2021.
- The bond sale is being managed by Bank of America, Citigroup, JPMorgan Chase, and Morgan Stanley.
- In April, the company announced a selling goal of 1.5 million EVs per year by 2026, with the launch of 10 new models.
- "Toyota hasn't burnt a lot of cash in a rush to outdo its peers in an EV push, which is a win for bondholders," said Bloomberg Intelligence credit analyst Joel Levington.
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| 3 | | Ford increased its sales by 9.9% YoY in Q2 to a total of 531,662 vehicles in the U.S. Year-to-date, the automaker has sold 1,007,568 vehicles, increasing by 10% YoY. More: - While Ford's sales of hybrid vehicles increased by 15.7% to 34,589 units, its sale of EVs declined by 2.8% to 14,843 vehicles, driven by a drop in e-Transit demand.
- Yet, the F-150 Lightning electric truck had the highest increase in terms of percentage for the brand, with 118.7% YoY and 4,466 unit sales.
- The company's sales of passenger cars dropped by 12.4% to 10,761, and SUVs declined by 5% to 225,299 units; however, Ford's truck sales rose by 26.2% to 295,602.
- $F was up 1.37% for the day and 1.05% WoW on Friday afternoon.
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| 4 | | Stellantis is reportedly planning to purchase rare earths from NioCorp in the U.S. The automaker would sign a ten-year agreement for neodymium-praseodymium oxide, dysprosium oxide, and terbium oxide from the Elk Creek critical minerals project in southeast Nebraska. More: - While no timetable or tonnage has been announced, Stellantis is speculated to provide financing for the project.
- "Further studies are required before determining whether extraction of rare earth elements can be reasonably justified and is economically viable after taking account of all relevant factors," said the automaker.
- Stellantis expects the procurement of rare earths will help it achieve carbon net zero by 2038.
- $STLA was up 3.20% for the day and 1.82% WoW on Friday afternoon.
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| 5 | | Electric vehicle manufacturer Fisker fell short of its goal to produce between 1,400 and 1,700 vehicles in Q2, building 1,022 Ocean SUVs. The company was also unable to reach its target of 300 vehicles in Q1, having produced 55 vehicles during that period. More: - Fisker said suppliers had challenges ramping up due to not receiving components from sub-suppliers in a timely manner.
- In Q1, the EV maker had $625.5M in cash and cash equivalents and a net loss of $120.6M.
- The Fisker Ocean Extreme model was recently certified by the EPA for a range of 360 miles.
- Fisker stock was up 6.86% for the day and 13.35% WoW on Friday afternoon.
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| 6 | | Amazon Air is ending its contract with Fort Lauderdale-based Silver Airways. The regional cargo airline had been flying packages between Des Moines, Albuquerque, Omaha, Wichita, and its hub at Alliance Ft. Worth Airport since November 2021. More: - "We're always evaluating our operations to better serve our customers. None of the changes we've made will impact our customers' experience," said the online retailer.
- Silver Airways also operates passenger flights between the Southeast, the Bahamas, and the Caribbean.
- Amazon currently holds contracts with ABX Air, Air Transport International, Atlas Air, and Sun Country.
- Hawaiian Airlines will begin cargo flights on behalf of Amazon in Q4.
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- Volkswagen will begin testing autonomous ID Buzz rides in Austin, seeking to expand commercially to four more cities by 2026.
- Joby Aviation submitted the third-stage certification plans (out of five) to the FAA required for commercial eVTOL operations.
- EV company VinFast is reportedly aiming at Q3 for the completion of its SPAC merger.
- Norwegian is acquiring regional airline Widerøe, which has a 20% of Norway's market share.
- Blink Charging is partnering with AAA to provide roadside assistance to electric vehicles.
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 | 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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