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| Hey Insiders — Today, we're bringing you the latest on Lime's performance, plus Volvo Group's plan to recycle end-of-life batteries. Scroll down for news on Brightline's high-speed rail service. 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 | | Lime revealed it generated $27M in adjusted EBITDA for the first half of the year, improving its margin by 29% YoY. In Q2, the micro-mobility operator recorded 40 million rides globally, its highest quarterly trip count. More: - The company attributes the improved margins to software-enabled operations and a 90% win rate in attaining competitive permits.
- "If the market reacts well, and as more companies come out [with IPOs], we have the economics, the growth, the profitability to take Lime public hopefully as soon as the market permits," said Lime CEO Wayne Ting.
- The operator generated $250M in gross bookings in H1, increasing by 45% YoY.
Q: Have you used an electric scooter this year? How was your experience? Join the conversation here. |     | |
| 2 | | Brightline announced it will begin its high-speed rail service between Miami and Orlando on Sept. 22, having completed the final stages of certification. The trains would be able to travel at a maximum speed of 130 mph, going from Orlando International Airport's Terminal C to Miami in just over three hours. More: - The segments from Miami to Orlando cost a total of $2.7B.
- Brightline plans a connection from Orlando International to Disney Springs and Tampa.
- The company has been running trains between Miami Central and West Palm Beach, with stops in Aventura, Boca Raton, and Ft. Lauderdale.
- The service between Miami and Orlando will include 16 daily round trips with hourly departures.
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| 3 | | Volvo Group announced its plan to recycle end-of-life vehicle batteries into energy storage systems through a collaboration with Connected Energy. Volvo Group participated in Connected Energy's ~$18.7M round in June 2022. More: - The companies plan to begin working this year and launch energy storage systems in Europe by early 2025.
- The batteries will originate from Volvo electric trucks, buses, and machinery.
- Connected Energy has already worked on energy storage solutions with Austrian transportation infrastructure group Swarco in the U.K. and Renault in France.
- The startup launched a large-scale vehicle-to-grid demo in Nottingham in March.
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| 4 | | Electric vehicle battery startup Lyten announced it raised a $200M Series B led by Prime Movers Labs. The company focuses on producing lithium-sulfur batteries, which are characterized by their lightness and energy density. More: - The round included participation from FedEx, Stellantis, Triatomic Capital, Walbridge, and Honeywell.
- Lyten plans to use the new funds to build an automated pilot line in San Jose, California, where it plans mass production to start in 2024.
- The news comes within weeks of battery recycler Redwood Material's $1B Series D and Ascend Elements' $542M Series D.
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| 5 | | Fisker revealed it aims to produce 300 vehicles per day in October, from 180 daily vehicles in September. As of Sept. 4, Fisker's manufacturer, Magna Steyr, has built 3,123 electric SUVs. More: - Fisker expects to receive all 5,000 Ocean One launch edition vehicles from Magna by Sept. 30.
- The EV company plans to deliver the SUVs to 10 European countries, Canada, and the U.S.
- The vehicles would contain the latest software update, version FM29 OS 1.06, which contains enhanced climate control efficiencies during extreme weather conditions and bug fixes to enhance key fob battery life.
- $FSR was up 0.47% for the day and +5.04% WoW at market close on Wednesday.
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| 6 | | Volkswagen is reducing the number of workers at its main EV manufacturing facility in Germany following the phasing out of local subsidies. The automaker plans to let the contracts of 300 people at its Zwickau plant expire in October. More: - 2,000 temporary staff positions are also reportedly in consideration for cuts.
- Volkswagen expected to produce up to 330,000 vehicles per year at Zwickau.
- VW had announced a $1.29B investment plan for refactoring Zwickau for EV production in 2018.
- The automaker manufactures the ID series, the Audi Q4 e-tron, and the Cupra Born at the Saxony plant.
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- Battery startup Verkor raised $2.2B to fund a manufacturing facility in Northern France.
- Parallel Systems announced it is ready to test its second-generation automated rail vehicle.
- Volkswagen is recalling 6,676 EVs in the U.S. across Porsche and Audi brands because the battery might not be adequately sealed, which could allow liquid intrusion.
- VinFast plans to invest $1.2B in EV production in Indonesia, per an SEC filing.
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Term of the Day Keyword stuffing: Keyword stuffing involves the inclusion of keywords into a website’s content unnaturally or repetitively to manipulate search engine algorithms. Question of the Week Do you share details about your salary with your coworkers? 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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