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| Hey Insiders — Today, we're bringing you the latest on Workhorse issuing new shares, plus Polestar's new product. Scroll down for news on United Airlines, Kempower, and the state of Class 8 demand. 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 | | United Airlines experienced a system-wide technology issue on Tuesday, which led the airline to halt departures for slightly more than an hour. Airborne flights during the outage were not affected. More: - United said in a statement that the widespread slowdown was caused by a software update and does not believe it stems from a cybersecurity issue.
- "We have identified a fix for the technology issue, and flights have resumed. We're working with impacted customers to help them reach their destinations as soon as possible," posted the airline on X at 2 p.m. Eastern.
Zoom Out: - The news comes after one-fifth of departures and 27% of arrivals were canceled by airlines in the U.K. on Monday last week as the National Air Traffic Services experienced an outage originating from a single misfiled flight plan.
- United Airlines stock closed down 2.51% for the day, -9.71% WoW, on Tuesday.
Q: Have you experienced a flight delay or cancellation this summer? Join the conversation here. |     | |
| 2 | | Workhorse Group shareholders approved the issuance of 250 million new shares from a total of 200 million. The company attained the necessary votes on Friday after it had counted 49.68% of voting shareholders in favor of the measure earlier last week. More: - The manufacturer plans to use the funds generated by the new shares to acquire tooling and assembly equipment for the W46 Class 5 and Class 6 electric vans and for its drone business.
- The W56 has a range of 150 miles and is able to charge in three to four hours at 100 kW.
- Workhorse reported $62.4M in cash at the end of Q2.
- $WKHS closed down 5.57% for the day and -56.17% YTD on Tuesday.
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| 3 | | EV company Polestar is planning to launch a smartphone in December as it begins sales of its new vehicle in China. The automaker plans to develop the phone via its joint venture with Xingji Meizu, a phone manufacturer owned by Geely (Polestar is owned by Volvo Cars, which is also owned by Geely). More: - "Where you have an opportunity to link these two worlds, without any border, then you can really have a seamless transition," said Polestar's CEO Thomas Ingenlath.
- The company said the device would be in the premium category. Meizu is known for mid-market mobile phones.
- The news follows Chinese EV company NIO's announcement involving the launch of a smartphone in September.
- $PSNYW closed down 3.33% for the day, -7.48% WoW, on Tuesday.
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| 4 | | Hero MotoCorp announced its plans to invest $66.5M in Bengaluru-based electric moped manufacturer Ather Energy. This brings Ather's total raised since inception to $336M from firms such as Tiger Global and Flipkart founders Sachin Bansal and Binny Bansal, among others. More: - Hero MotoCorp held a 33.1% stake in Ather prior to the announcement.
- Ather was reportedly on track to generate $1B in revenue by this December; however, India's Ministry of Heavy Industries removed the state subsidy for two-wheel EVs.
- The startup was reportedly negotiating to secure a $250M round at a $1B valuation before the policy change.
- Ather had a turnover of $218.3M for the 12 months preceding the end of March.
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| 5 | | Preliminary orders for Class 8 trucks in the U.S. reached a six-month high at 19,000 units in August. This, however, represents a 9% YoY decline. More: - "Despite rising order activity, the year-over-year comparisons will look horrible through November due to record order activity in the second half of 2022," said Eric Starks, chairman of FTR Transportation Intelligence.
- The high demand seen in H2 2022 was a result of the usual trade-in cycle of four to five years being extended during the pandemic due to low supply.
- In the 12 months preceding August, there were a total of 294,000 orders for Class 8 vehicles.
- The bankruptcy of Yellow Freight could add up to 14,000 day-cab trucks to the market.
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| 6 | | Finland-based EV charger company Kempower is launching in Canada, installing its technology in Rivière-du-Loup, Quebec. "Driving long distances is more common in North America than Europe, making charger reliability an even more pressing issue," said CEO Tomi Ristimäki. More: - Kempower is building a $41M EV charger manufacturing facility in Durham, North Carolina, where it expects to be funded in part by subsidies from the National Electric Vehicle Infrastructure program under the Bipartisan Infrastructure Law.
- The company has contracts in Australia, Denmark, Estonia, Norway, Romania, and Sweden.
- Kempower develops a liquid-cooled charging system with a capacity of 400 kW of power for heavy-duty trucks.
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- Ford applied to trademark the name "F-200," which is speculated to be its next pickup truck, currently known under the codename "Project T3."
- SK On and Dankook University patented a new oxide-based solid electrolyte with lithium-ion conductivity.
- Helicopter services company Bristow Group reserved early delivery slots for five Chaparral, Elroy Air's hybrid VTOL.
- Ford delivered 44 E-Transit electric vans to DHL Express Ireland.
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Term of the Day Cost of goods sold (COGS): COGS refers to the direct costs of producing or acquiring the goods that a company sells to its customers. 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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