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| Hey Insiders — Today we're bringing you the latest on Axiom Space's new round of funding, plus the launch of Colorado's e-bike rebate program. Scroll down for news on Northvolt, Toyota, and NIO. 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 | | Axiom Space announced it raised $350M from Saudi-based Aljazira Capital and South Korea-based Boryung. The company has delivered two crews to the International Space Station via SpaceX flights. 
More: - The new round values the company at over $1B.
- Axiom is developing the first private space station in collaboration with NASA, which is expected to launch and attach to the ISS as soon as 2026.
- Axiom's third mission is scheduled for early 2024.
- The space company also has a $370M contract for developing spacesuits for astronauts to wear during the Artemis lunar program.
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| 2 | | The Colorado Energy Office is allocating $6.6M for state-wide e-bike rebates for up to 7,000 individuals. A lottery system will be used to distribute up to $1,750 for the purchase of an e-bike or e-cargo bike and equipment. More: - The maximum e-bike price to qualify for rebates is $5,000.
- Under the program, the state energy office plans to distribute an additional $3.4M to local governments for the development of their separate e-bike rebate programs.
- "With transportation as the leading source of greenhouse gas emissions in Colorado, widespread adoption of e-bikes to replace short-distance car trips will help move us closer to our pollution reduction goals," said Sarah Thorne, senior program manager at the Colorado Energy Office.
- Beginning on April 1, 2024, all Colorado residents would be eligible for a $450 discount on e-bike purchases from authorized retailers.
Q: Should states allocate funds to e-bike subsidy programs? Share your thoughts here. | | | |
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| 3 | | Sweden-based battery company Northvolt is raising $1.2B as it seeks to expand its North American and European footprint. The round would follow $1.1B in convertible bonds raised in July 2022 from investors such as the Investment Management Corporation of Ontario and BlackRock. More: - Northvolt has raised a total surpassing $9B and has orders for over $55B from BMW, Volvo Cars, and Volkswagen, among others.
- In June, the company raised $400M from IMCO via convertible bonds.
- Northvolt's projects include a joint venture with Volvo Cars for battery cell production in Gothenburg, Sweden; its Drei factory in Heide, Germany; and a lithium hydroxide project in Portugal.
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| 4 | | Small EV company Arcimoto is partnering with defense contractor Matbock. The DOD contractor has been working on a tactical electric vehicle program since 2022. More: - Arcimoto's CEO, Chris Dawson, previously consulted with the Department of Defense on green energy technology.
- The manufacturer ended production of its three-wheeled vehicle as it experienced a decline in its share price and failed to raise private funds in January; however, it has since been able to secure $25M via three rounds of funding.
- Arcimoto delivered its first small vehicle in 2017 and began mass production in March 2022 after acquiring a factory in Eugene, Oregon, in January 2021.
- $FUV is down 97.7% YoY and 69% year-to-date.
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| 5 | | Chinese EV company is reportedly producing 300 ES6 SUVs per day following a manufacturing halt to upgrade production lines in late July-early August. The company launched the second generation ES6 on May 24, receiving 30,000 pre-orders during the first three days. More: - NIO has an estimated reservation count of 29,700 across its 330 stores.
- In July, the automaker delivered over 20,000 units, of which 56% were ES6 vehicles.
- The ES6 comprised 46% of NIO's sales in 2022, 45% in 2021, and 64% in 2020.
- $NIO was down 1% for the day and 3.3% WoW on Tuesday morning.
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| 6 | | Toyota halted production for the second time this year at its plant in the Czech Republic. "This will, of course, have an effect on our production plan. It is not clear how long the outage will last," said Tomas Paroubek, spokesperson for the automaker. More: - The company attributes the production halt to a parts shortage caused by a fire at plastics supplier Novares CZ Zebrak.
- The Kolin, Czech Republic, plant produces 1,000 cars per day for Toyota, including the Aygo X mini crossover and the Yaris hatchback.
- Production at the site increased by 35% YoY to 202,255 vehicles in 2022.
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- EHang's autonomous aerial vehicle has been approved by the Civil Aviation Administration of China.
- The National Highway Traffic Safety Administration is considering requiring all vehicles 10,000 pounds and less to have front passenger and rear seat belt reminder systems.
- Volvo Construction Equipment began production of the DD25 Electric Compactor in Pennsylvania.
- European flights are at 94% capacity versus pre-pandemic levels.
- Volkswagen began production of the ID.7 in Emden, Germany.
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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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