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| Hey Insiders — Today we're bringing you the latest on Tesla's and United Airlines' earnings. Scroll down for our regional spotlight, this week focusing on Germany's EV growth. Let us know which areas you would like us to cover next. Thanks for reading! Nicolas
p/mobilitynerd | |
| 1 | | Tesla reported a 46% YoY growth in automotive revenue for Q2 to $21.26B. The EV maker's total revenue amounted to $24.9B, up from $23.3B the previous quarter and $16.9B in Q2 2022. More: - The automaker reported an adjusted EBITDA of $4.65B, an increase of 23% YoY.
- Tesla produced 479,700 vehicles in Q2, representing an increase of 86% YoY, and delivered 466,140 units, a growth of 83%.
- The company reached a cumulative 5,265 Supercharger stations with 48,082 connectors, increasing by 33% from Q2 2022.
- In response to an investor question, Elon Musk announced Tesla would allow the transfer of Full Self-Driving from one car to another for a one-time amnesty in Q3.
- On Wednesday, Nissan announced it will adopt Tesla's North American Charging Standard ports beginning in 2025, joining other automakers such as General Motors, Ford, Mercedes-Benz, and Volvo.
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| 2 | | United Airlines reported $13B in passenger revenue for the second quarter, up from $10.8B in Q2 2022. The airline's cargo segment, however, decreased its revenue by 36.9% YoY to $362M. More: - United's net income amounted to $1.07B, up from $329M in Q2 2022.
- While salary and related costs increased 30.8% YoY to $3.7B, the cost of fuel decreased by 26% to $2.82B.
- United saw a growth in international travel revenue in Q2 by 44%, including a 41.6% growth in Europe revenue to $2.6B and a 160.5% increase in Pacific flights to $1.1B.
- This is consistent with the airline's scheduling changes seen in the past few weeks, with the reduction of up to 3,000 flights from its domestic schedule in November, while expanding its U.S. flights to Asia and Europe.
- $UAL jumped 3.25% after hours following its earnings call on Wednesday.
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| 3 | | Battery electric vehicle sales in Germany increased by 64% YoY in June for an 18.9% market share. Including plug-in hybrids, new plug-in vehicle registrations reached 68,918 for a market share of 24.6%. More: - Year-to-date, 220,244 BEVs were sold in Germany, representing an increase of 32% YoY for a 15.8% market share.
- Plug-in hybrid sales, which are no longer eligible for rebates, were down 43% YTD with 79,065 units.
- Volkswagen led plug-in vehicle sales in June with 9,417 units, out of which 586 were PHEVs. VW was followed by Tesla with the sale of 8,044 vehicles.
- The top models year-to-date are the Tesla Model Y, Volkswagen ID.4/ID.5, and the Volkswagen ID.3.
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| 4 | | Carvana reached a deal with its creditors, including Apollo Global Management, to reduce its outstanding debt by over $1.2B. "The strong performance of our business in 2023 presented an opportunity for an impactful and win-win transaction for Carvana and its senior unsecured noteholders," said the used car retailer's CEO, Mark Jenkins. More: - The company observed a gross profit per unit rise of 94% YoY to $6,520 in Q2, surpassing the previous best quarter by 27%.
- Carvana reported a net loss of $105M, improving from a net loss of $439M in Q2 2022 and a loss of $286M in Q1 2023.
- The retailer sold 76,530 units, down from 79,240 the previous quarter.
- $CVNA jumped 40.2% for the day, and 56.32% WoW, by Wednesday afternoon.
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| 5 | | The Abu Dhabi National Oil Company announced the construction of the Middle East's first high-speed hydrogen refueling station. The station is being built in the sustainable community of Masdar City, and ADNOC plans a second station in Dubai Golf City. More: - ADNOC plans to test the station with a fleet of hydrogen-powered Toyotas.
- "Hydrogen will be a critical fuel for the energy transition, helping to decarbonize economies at scale, and it is a natural extension of our core business," said Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO at ADNOC.
- ADNOC plans to spend $15B on lower-carbon solutions as it seeks to reduce its emissions by 25% by 2030 and reach net-zero by 2050.
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| 6 | | Volkswagen announced it is planning to spend €300M (~$336.8M) for a new battery plant for its Seat brand. The automaker plans a 688,890-square-foot site in Martorell, near Barcelona. More: - Seat had announced in February an investment of €3B at its Martorell factory for the production of small cars.
- VW would source its battery cells from its factory in Sagunt, near Valencia, which began construction in March.
- The automaker also plans to build the Cupra Raval and VW ID.2 small cars in Martorell.
- The new factory is expected to be completed in 2025.
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- Lucid Motors began offering leasing in Saudi Arabia.
- Tata is reportedly planning to build an electric vehicle factory in the U.K.
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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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