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| Hey Insiders — Today, we're bringing you the latest on Tesla's stock rise, plus Argo AI founders' new self-driving startup. Scroll down for news on BMW, H2FLY, and the state of airline employment. 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 | | Car insurance premiums have risen an average of 17% YoY across the U.S. "The entire industry has had to raise rates to keep up with these trends," said Frank Palmer, chief insurance officer at Root Insurance, in reference to increases in car repair costs, body shop wages, and used car prices. More: - The premiums have increased in states impacted by natural disasters, including an 88% rise in Florida due in part to hurricane damage and a 52% increase in Colorado, which experienced blizzards, tornadoes, and hailstorms in 2022.
- State Farm reported $13.4B of underwriting loss in its auto insurance department for 2022. In May of this year, it increased auto insurance by 9.3% in 15 locations to make up a $678M loss for the category in H1.
- In 2022, the state insurance commissioner for Georgia said he was "angry and disappointed" following a 40% rise in rates by Allstate. In May, the state passed a law to give regulators more control over the industry.
Q: Have you seen a rise in car insurance premiums this year? Join the conversation here. |     | |
| 2 | | On Monday, Morgan Stanley upgraded Tesla stock to a $400 price target from the previous $250. $TSLA jumped 10.09% for the day following the news. More: - Morgan Stanley analysts highlighted the potential of Dojo's supercomputer and custom silicon, stating it could add $500B to the automaker's value long-term.
- In July, Elon Musk said the company plans to spend more than $1B on Dojo by the end of 2024 to develop machine learning for its vehicles and robots.
- "Although Dojo is still early in its development, we believe that its applications long-term can extend beyond the auto industry. Dojo is designed to process visual data, which can lay the foundation for vision-based AI models such as robotics, healthcare, and security," said Adam Jonas, an analyst at Morgan Stanley.
- The firm estimates Tesla will generate $2,160 in monthly recurring revenue from services and subscriptions enabled by Dojo.
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| 3 | | The founders of defunct self-driving tech company Argo AI announced they secured $1B from SoftBank to launch an autonomous trucking startup. "They obviously aren't starting from zero, and they have some built-in advantages. But there's still a lot of work to become competitive," Mike Ramsey, VP at Garner, told Freightwaves. More: - The new company, Stack AV, is based in Pittsburgh, the former HQ city of both Argo AI and Uber's Advanced Technologies Group.
- Stack AV currently has 150 employees in 15 states.
- Argo AI shut down in October 2022 as it was unable to find new funding, resulting in Ford, its main investor, deciding to shift further resources to building Level 2 and Level 3 ADAS technology in-house.
- Volkswagen and Lyft also held stakes in Argo AI.
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| 4 | | Germany-based H2FLY revealed it completed the first manned flight using liquid hydrogen. The demo aircraft had been tested since 2020 using pressurized tanks, including a flight from Stuttgart to Friedrichshafen. More: - The liquid hydrogen test of the HY4 took place in Maribor, Slovenia.
- The company claims the maximum range of the demo aircraft doubled to 1,500 km (932 miles) using liquid hydrogen versus gaseous hydrogen.
- Cryogenic hydrogen lowers tank weights and storage volumes versus high-pressure hydrogen gas.
- H2FLY plans to develop its new H2F-175 fuel cell systems for commercial flights reaching up to 27,000 feet of altitude.
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| 5 | | The Bureau of Transportation Statistics reported that the number of airline employees grew over 8% in July versus the same period in 2019. The agency recorded a total of 803,893 workers in passenger and cargo airlines. More: - 2,058 airline jobs were added between June and July 2023, constituting the 27th consecutive month of growth for employment in the sector.
- Southwest added 1,188 jobs between June and July.
- Cargo airlines had a total of 270,963 workers in July, comprising 34% of those employed in commercial aviation.
- There were over 500,000 passenger operations jobs, the highest number since 2001, when the category employed 537,000 individuals.
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| 6 | | BMW announced its plan to invest $750M to prepare its plant in Oxford, U.K., to develop two new electric models. The automaker intends to develop a three-door electric Mini Cooper and a compact electric crossover Mini Aceman starting in 2026. More: - The Oxford plant plans to transition to building electric models only by 2030. BMW plans to also invest in its Swindon plant for Mini production, while the fate of its engine plant in Hams Hall remains unknown.
- British media has speculated that BMW would receive £75M (~$93.8M) in subsidies.
- The company also intends to replicate its production plan for Oxford in China starting in 2024.
- The original Mini was first produced in 1959 and was revived under BMW for the 2001 model year.
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- Tesla's FSD v12 moved away from a rules-based approach toward a neural network planner.
- The Houston City Council approved a $470M expansion of the West Concourse at William P. Hobby Airport.
- Siemens Foundation is launching a 10-year workforce development initiative for the EV charging sector.
- Vertiko Mobility and Jaunt Air Mobility launched a project for the development and operation of facilities for eVTOL flights in Quebec.
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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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