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| 1 | | Regent Craft, an electric sea glider startup, announced it raised a $60M Series A led by 8090 Industries and Founders Fund. The round included participation from the UAE's Strategic Development Fund and angel investor Mark Cuban, among others. More: - The company's Viceroy aircraft would "take advantage of numerous aerodynamic and operational efficiencies, enabling increased payload capability and greater range than other electric aircraft concepts."
- The aircraft has a carrying capacity of 12 passengers for up to 180 miles on a full battery.
- Japan Airlines, an investor in the round, signed a memorandum of understanding with the startup as they seek to establish operations.
- The startup is also considering other markets for launch, such as Miami, the Bahamas, the Pacific Northwest, and Hawaii. Regent expects its first human flight by the end of 2024.
Q: Would you take an electric sea glider for short-distance travel over driving? Join the conversation here. |     | |
| 2 | | Chinese EV company XPeng revealed it suspended its VP of supply chain, Li Feng, as it investigates corruption. "The incident affected a small area and did not affect business and production links," reads a statement by the company. More: - The automaker delivered 15,310 EVs, an 81% MoM increase, in September.
- XPeng stock had been experiencing positive sentiment at the end of September as Beijing proposed easing rules on cross-border data flows; however, on Monday, it was down as much as 12% due to concerns over the effects of the war on the company's sales in Israel.
- XPeng shipped 750 vehicles to Israel on Sept. 27, making it the company's largest batch of exports.
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| 3 | | BMW revealed it sold 93,931 all-electric vehicles, including its Mini brand, constituting a 79.6% YoY increase. Across engine types, the automaker sold 621,699 vehicles in Q3. More: - BMW sold a total of 46,012 plug-in hybrids for the third quarter, being outnumbered by fully electric vehicles by 2:1. In 2021, it was PHEVs that outnumbered BEVs by that same ratio.
- Year-to-date, the automaker delivered 217,138 fully electric vehicles, driven by the i4 and iX1 models.
- The company is expecting to release the Rolls-Royce Spectre for sale in the coming weeks.
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| 4 | | Virgin Australia reported a return to profitability after 11 years, generating $85M in net profit for the twelve months preceding June 30. The airline's revenue reached $3.3B, rising by 124% YoY. More: - Virgin Australia attributes the revenue increase to record travel demand for leisure and the return of SME travel to pre-pandemic levels.
- The company surpassed 11.5 million frequent flyers for the fiscal year.
- The airline had been subject to speculation about an initial public offering this year following its restructuring in 2020.
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| 5 | | United Auto Workers employees voted against a tentative agreement with Volvo Group's Mack Trucks. This expands strikes at plants in Pennsylvania, Maryland, and Florida. More: - The tentative agreement had proposed a 10% pay increase for the first year, a $3,500 signing bonus, improved retirement benefits, additional vacation for some employees, and a reduction in the time needed to reach the maximum pay bracket. Workers not covered by company benefits would have been eligible for an extra $1,000 contribution annually to their 401(k) plans.
- The union is demanding the elimination of the two-tiered system and the restart of cost-of-living adjustments, conceded after the last recession.
- Mack produces a small number of Class 8 electric refuse trucks in Pennsylvania. It is planning to manufacture medium-duty trucks at a non-union plant in Virginia.
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| 6 | | WM Motor, a Chinese EV company, declared bankruptcy after eight years of operation. The automaker was founded by former Geely board member and Volvo China chairman Freeman Shen. More: - WM raised $1.5B from outside investors in 2020 before going public in Shanghai's Nasdaq-style Star market in 2021.
- The automaker began reducing its salary expenditures and performed layoffs amid slowing sales.
- WM cited fluctuating raw material prices, capital market conditions, and failure to acquire additional capital as the reasons for filing for bankruptcy as it seeks to resolve its debt.
Zoom Out: - The news comes within days of the suspension of a $496.72M sale of Evergrande's electric vehicle subsidiary to Dubai-based NWTN.
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| 7 | | Quick Hits: - Unlock your perfect customers using BiglySales.com's data solutions and AI emailer.*
- Airlines are planning for more than 600 daily flights between the U.S. and Europe for the first time next summer.
- The average price of a five-night cruise in the Caribbean for December is up 37% YoY, per TripAdvisor's Cruise Critic.
- California-based eVTOL developer Opener rebrands to Pivotal as it unveils its first scalable production aircraft, Helix.
- Hyundai's Beijing subsidiary cut the minimum asking price for its auto plant by ~30% to $353.38M.
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Term of the Day Gross merchandise value (GMV): Gross merchandise value (GMV) refers to the total value of goods that were sold on an e-commerce platform within a given period of time. Question of the Week What perks would convince you to return to the office? Join the conversation Today's Knowledge Hub Is Brought To You By Symon.AI - The All-in-One Data Tool for Startups. Start your free trial here.* |
INSIDE TRANSPORTATION LEADERBOARD (30 DAYS) |
 | 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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