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| Hey Insiders — Today we're bringing you the latest on Universal EV Chargers' network plans and Mesa Air's earnings. Scroll down for the latest on Britishvolt's insolvency. Let us know which areas you would like us to cover next. If you find this newsletter helpful, please share it with a friend or colleague. Thanks for reading! Nicolas
p/mobilitynerd | |
| 1 | | Auto supplier Aptiv expects semiconductor prices to remain high amid sector demand. The company estimates chips have risen in price by 25% to 30%. More: - Earlier this month, Aptiv reported a 28% increase in net revenue to $5.2B for Q2.
- The supplier raised its outlook for the full year from $18.7B-$19.3B to $19.95B-$20.25B in net sales driven by strong demand from automakers for driver-assist system components.
- While Aptiv remains hopeful for Europe and U.S. demand, it highlighted concerns over China's GDP growth.
- China reported its second consecutive month of decline in new passenger vehicle sales.
- $APTV was down 1.73% for the day and -5.84% WoW on Wednesday afternoon.
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| 2 | | Mesa Airlines widened its net loss to $47.5M this past quarter from a net loss of $9.9M during the same period in 2022. The regional airline generated $114.6M in operating revenue, down from $134.3M for the period ending on June 30, 2022. 
More: - Mesa's cash and equivalents comprised $48.3M as of June 30.
- The airline operated 24,555 flights carrying 1.5 million passengers, which respectively declined by 26.2% and 30.7% YoY.
- The company reported a total completion factor of 96.97% for its American Airlines contract and 96.39% for United Airlines.
- $MESA was down 20.05% for the day, and -26.9% WoW, on Thursday morning.
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| 3 | | Reports surfaced noting that Australia-based Recharge Industries failed to make the final payment for its acquisition of insolvent EV battery manufacturer Britishvolt. The final payment, which was due on April 5, consisted of £8.57M (~$10.9M). More: - Recharge Industries disputes the default and said the final installment would be contingent on securing a funding facility, which would also cover the land acquisition and cash for Britishvolt's project.
- Britishvolt was planning a £4B battery cell factory in Northumberland, where it planned to create 3,000 jobs.
- Recharge's majority shareholder, New York fund Scale Facilitation Partners, was subject to a raid by authorities in Australia over alleged tax fraud.
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| 4 | | Universal EV Chargers announced it is planning to deploy 176 DC fast charging ports across 44 locations in Illinois. The EV chargers are funded via state EPA grants obtained through settlements with Volkswagen involving its emissions reporting violations. More: - "With these funds, we can expedite our mission of providing reliable and accessible charging solutions, making electric vehicle ownership a seamless experience for residents, businesses, and visitors throughout the state," said Universal EV Chargers CEO Hemal Doshi.
- In January, the company was granted $3.2M by the state of Texas for the installation of 105 charging stations across 21 sites.
- Illinois plans to spend $148M over the next five years on EV charging stations as part of the National Electric Vehicle Infrastructure Formula program.
- In 2021, Illinois passed legislation establishing the goal of reaching 1 million registered EVs by 2030.
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| 5 | | Spirit Airlines will reportedly reduce its flight capacity by 5% for September, which is estimated to impact its Q3 revenue by 1.5%. The reason involves a recall of A320neo engines by supplier Pratt & Whitney, which also affects Hawaiian Airlines. More: - Pratt & Whitney warned that microfissure repairs could take up to 60 days per aircraft.
- Spirit will ground seven A320neo aircraft in addition to the seven currently out of operation due to separate issues involving combustors and turbine blades.
- Other airlines affected by the recall include Wizz Air and Air New Zealand.
- $SAVE was down 2.54% for the day and -4.11% WoW on Wednesday afternoon.
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| 6 | | Hyundai Mobis revealed it reached an agreement with Volkswagen to supply electric vehicle components. This would involve a battery pack with a battery management system, among other modules. More: - Mobis is also planning to build a production facility in Spain, Volkswagen's base for its Seat subsidiary.
- The Hyundai business unit currently operates production lines in South Korea and the Czech Republic, with sites in the U.S. and Indonesia under construction.
- Mobis said it is "expecting additional orders for electric vehicle components in the global market."
- Volkswagen sold 180,600 battery-electric vehicles in Q2, increasing by 53% YoY and comprising 7.7% of its total volume.
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- The National Highway Traffic Safety Administration is investigating whether 1.1 million 2013 to 2016 Ram 1500 pickup trucks have power steering issues.
- General Motors filed a patent application with the USPTO for a vehicle assembly system that enables the unit to move using its own power supply.
- Hartsfield-Jackson Atlanta International Airport plans to open a new, private terminal in September.
- Samsung SDI is seeking to expand its battery cell factory in Goed, Hungary, to produce cylindrical cells for BMW.
- Etihad plans to increase its flights to North America by 11% next summer.
- Texas Central is partnering with Amtrak as it seeks to build a high-speed rail network route between Houston and Dallas.
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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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