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| Hi dear Insiders, In this edition of Inside Transportation, you will read on: Used car prices changing, Tesla's U.S. EV sales dominance, Audi's car platform plans, and more. Let us know which areas you would like us to cover next. Thanks for reading! Arbër
p/Arber | |
| 1 | | Used car prices are expected to stabilize after dropping for three consecutive months. This recent decline is the largest price drop in used cars since the COVID-19 pandemic. More: - As the pandemic caused a global supply chain crisis, new vehicles were not being produced at high enough rates, leading to a significant increase in the prices of used cars.
- Now, it seems that this price crisis is slowly stabilizing, as the Manheim Used Vehicle Value Index recorded a 4.2% May-June decline, one of the largest in the index's history.
- Industry experts estimate that the current price volatility will further normalize toward the end of 2023.
- While used car prices are 10.3% lower than in 2022, they are still higher than the historical average. According to estimates, these prices will not return to pre-pandemic levels until 2028.
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| 2 | | Tesla remained the leader in U.S. EV sales in H1 2023, selling 336,892 vehicles. The figure represents a 30% increase compared to 2022. More: - Tesla's lead over second place has also grown from last year, leading with more than 300,000 vehicle sales.
- Second place has changed from last year, however, as Hyundai has surpassed GM, reaching 38,457 sales compared to GM's 36,322.
- While Tesla's sales are up, its overall market share in the U.S. has dropped to 50%, 10% less than in 2022.
- Hyundai's rise to second place was boosted by an increase in leases, representing 30% of its EV fleet.
- Under the current Federal EV tax incentive rules, foreign cars don't qualify for the $7,500 Federal Tax Incentive unless they are leased, something the South Korean company has used to its advantage.
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| 3 | | Audi may reportedly acquire an EV platform from Chinese companies as its parent company Volkswagen has failed to meet deadlines. Volkswagen's CEO is believed to have already green-lit the idea. More: - The claims, made by the German outlet Autombilwoche, suggest that the decision could be made official tomorrow during an emergency board meeting.
- Audi currently uses the MEB platform, a car platform shared by Audi, VW, Skoda, and Seat. The platform aims to help vehicles with autonomous driving capabilities, reduce the number of microprocessors, and make overall efficiency changes.
- While MEB is used in vehicles such as the Audi Q4 e-tron, the Q4 Sportback, and the Q5 e-tron, the automotive giant had hoped that VW's updated platform named SSP would be available by 2026. Recent reports suggest that SSP won't be deployed before 2030, causing it to look for an alternative.
- Foxconn and Geely have been named as two possible options.
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| 4 | | Chipmaker Black Sesame is burning $140M annually, according to the company's numbers that have become public after its IPO filing. The Chinese company is seen as a potential competitor for market leaders such as Nvidia and Qualcomm. More: - The seven-year-old company specializes in manufacturing chips that can be utilized to power autonomous cars.
- Black Sesame's most advanced chip, the Huashan A1000 Pro, is used to power Level 3 autonomous driving.
- This chip's computing power exceeds 160+ TOPS.
- Black Sesame is in the process of producing a chip with over 200+ TOPS, naming it comparable to Nvidia's Drive Orin.
- While its revenue in the last three years has tripled from $7.3M to $22M, its losses have grown even more, reaching $140M in 2022.
- Its 29% gross profit margin also lags behind Nvidia's 65% margin.
- Investors have questioned whether the company has managed to properly utilize the $115M it has raised in its seven years of operating.
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| 5 | | Spacecraft manufacturer Astra is planning to raise $65M in a 15-1 reverse stock split. The company initially went public in 2021 through a SPAC, reaching a $2B valuation. More: - Astra is an American space flight company founded in 2016.
- The California-based company has had tens of launch tests in recent years with mixed results.
- From 2018 to 2020, it participated in the DARPA Launch Challenge. The goal of the challenge was to launch two small satellite payloads into orbit, something that no participant managed to achieve.
- Rough macroeconomic conditions combined with mixed results are the two leading causes behind the decision to initiate a stock split, which will help the company avoid being delisted from public markets.
- Oct. 2 was mentioned by the company as the latest date when the reverse stock split would be completed.
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| 6 | | Tesla may begin the construction of Gigafactory Mexico soon, as the government has given the administrative approval. The news was shared by Nuevo León governor Samuel García. More: - While the breaking ground date or the project completion date is not known, it is known that Tesla will build its next-generation EV there.
- The next-gen vehicle is expected to be its most affordable yet, priced at no more than $30,000.
- The Gigafactory Mexico will be built in the northeastern city of Monterrey.
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- Vietnman-based VinFast has presented three new electric cars and a new electric bike.
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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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