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| Hey Insiders — Today we're bringing you the latest on Rivian's and Lyft's earnings. Scroll down for General Motors' vehicle-to-home charging plans. 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 | | General Motors revealed it plans to offer vehicle-to-home bidirectional power for all its Ultium battery vehicles by 2026. Starting with the 2024 model, the Chevrolet Silverado EV RST, GMC Sierra EV Denali Edition 1, Chevrolet Blazer EV, Chevrolet Equinox EV, and Cadillac LYRIQ will get V2H capabilities. More: - "The technology allows consumers to store and transfer energy to help offset electricity needs during peak demand days and mitigate the impact of power outages, making the transition to an all-electric future even more compelling," said GM.
- Other vehicles with vehicle-to-home capabilities include the Ford F-150 Lightning, the Nissan Leaf, and the Mitsubishi Outlander PHEV.
- General Motors stock was down 0.67% for the day and -2.03% WoW on Tuesday at market close.
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| 2 | | Rivian is revising its production goal for 2023 from 50,000 to 52,000 vehicles. In H1, the electric vehicle manufacturer produced 23,387 units. 
More: - Rivian improved its adjusted EBITDA from -$1.3B in Q2 2022 to -$881M this past quarter.
- In the second quarter, the company produced 13,992 vehicles and delivered 12,640 units, up from 9,395 and 7,946 in Q1.
- Rivian generated $1.12B in revenue in Q2, up from $661M in Q1 2023 and $364M in Q2 2022.
- As of June 30, the company had $9.2B in cash and equivalents, down from $11.56B for the previous quarter.
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| 3 | | Lyft reported a decrease in net loss from $377.2M in Q2 2022 to $114.3M in Q2 2023. The ride-hailing company increased its active riders from 19.55 million at the end of Q1 to 21.48 million in Q2. More: - Lyft generated $1.02B for the second quarter, up from $990.7M during the same period in 2022.
- The company decreased its sales and marketing costs from $140.7M in Q2 2022 to $109M.
- At the end of Q2, Lyft had $1B in cash and equivalents, up from $343M during the same period in 2022.
- $LYFT was down 7.65% WoW by Wednesday morning.
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| 4 | | New passenger vehicle sales in China dropped for the second consecutive month in July. According to the China Passenger Car Association, 1.79 million units were sold last month, consisting of a 2.6% YoY decline. More: - The July sales numbers comprise a 2.9% decrease from June.
- The news comes as local automakers continue to expand sales overseas, with exports increasing by 63% YoY in July.
- Tesla exported 32,862 vehicles made at Giga Shanghai.
- General Motors and Volkswagen joined Tesla and BYD in reducing prices amid increased competition.
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| 5 | | Hyzon Motors is reportedly considering the sale of its global fuel cell system business. The truck maker is awaiting results from the SEC investigation into short-seller Blue Orca Capital's allegations that Hyzon's largest customer Shanghai HongYun was a "fake company." More: - Hyzon delivered 10 fuel-cell electric vehicles, generating $2.9M, during the second quarter. It currently has an order for five 110kW trucks from Performance Food Group, which the manufacturer expects to deliver in late 2023.
- The company listed its Rochester, New York, headquarters for sale.
- Hyzon is speculated to be considering a merger with Hyliion Holdings, with which it is working on the Hypertruck ERX.
- Hyzon spun off Singapore-based Horizon Fuel Cell Technologies, going public via SPAC merger with Decarbonization Plus Acquisition Corp. in July 2021.
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| 6 | | Embraer's Eve Air Mobility reported a net loss of $31.4M in Q2, decreasing from a net loss of $107.2M from the same period in 2022. The company is aiming at assembling its first eVTOL prototype in H2, which would have a carrying capacity of four passengers and a pilot. More: - During the quarter, Eve selected Nidec Aerospace as a supplier for its electric propulsion systems, BAE Systems for energy storage, and DUC Hélices for rotors and propellers.
- The company is expected to select its avionics, actuators, and flight control suppliers in Q3 and begin testing in 2024.
- Eve currently has 28 customers in 14 countries, including orders of 400 eVTOLs from United Airlines, 200 from Republic Airways, and 100 from SkyWest.
- The eVTOL company had $269M in cash and equivalents at the end of Q2.
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| 7 | | Quick Hits: - Wiz partnered with Wiley to create the AWS Security Foundations Guide For Dummies. This free 46-page guide includes techniques for securing AWS resources.*
- Seattle-based mobile car repair startup Wrench raised $40M in debt and $14.2M in equity.
- Canopy, a joint venture between Ford and ADT, plans to roll out an integrated remote monitoring system for the F-150 pickup truck.
- Tesla's chief financial officer, Zachary Kirkhorn, stepped down from the role.
- Uber and for-hire car operator Hinomaru Kotsu plan to deploy 100 Tesla Model Y units in Tokyo. NOTE: Inside.com founder and CEO Jason Calacanis is an investor in Uber.
- Geely's luxury EV brand, Zeekr, is expanding sales to Kazakhstan.
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Term of the Day Internal rate of return: VC firms use internal rate of return (IRR) to analyze a fund’s performance and give the annualized percentage returns earned by the fund. Question of the Week Do you think the 9-to-5 workday still relevant in today's modern workplace? Join the conversation |
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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