| |
| 1 | | Rivian Automotive reported the delivery of 15,564 vehicles in Q3, increasing by 23% QoQ. Analysts surveyed by FactSet had expected the automaker to deliver 14,000 units. More: - The EV maker says it remains on track with its goal to produce 52,000 vehicles in 2023.
- In Q3, Rivian produced 16,304 vehicles at its plant in Normal, Illinois.
- As of the end of Q2, the company had $10.2B in cash, having sold $1.3B in convertible notes in March.
- Rivian stock, however, was down 5.52% for the day and -1.31% WoW on Tuesday morning.
|     | |
| 2 | | Beta Technologies announced a long-term deal with Garmin for its G3000 integrated flight deck for the CX300 fixed-wing aircraft and the A250 eVTOL. Beta expects the CX300 to be in service starting in 2025 and the A250 in 2026. More: - Garmin's system is based on an open architecture enabling integration with Beta's flight control, propulsion, and battery management system.
- $GRMN, however, was down 0.32% for the day and -0.67% WoW on Tuesday morning.
Zoom Out: - Last week, Beta performed the first international flight using an all-electric aircraft from Plattsburgh, New York, to Montreal.
Q: Would you fly in an eVTOL if it was commercially approved? Join the conversation here. | | | |
| A message from our sponsor, Munch. |  | | Extract Gold from your Videos Getting tired of manually editing social media clips from long videos? The mind-numbing task of finding the best parts of the video, adding subtitles, coming up with a witty post, posting them and praying to the winds they will perform well? Reduce all that to just 3 clicks with Munch. By utilizing proprietary computer vision and NLP models, Munch extracts roughly 1,000 data points from any video - gestures, facial expressions, overlays, objects, as well as spoken keyword recognition. Furthermore, Munch revolutionizes the process of trend-spotting and keyword research by associating each clip with pertinent marketing insights and trend forecasts. What do you get from Munch? - Clips perfectly cut for the desired platform
- Clear marketing insights
- On-brand customization to subtitles
- Aspect ratio adjustments
- Supporting over 10 languages
Start Munching | |
|
| 3 | | Ford announced the layoff of 330 workers at facilities supporting its Chicago Assembly Plant, where the United Auto Workers union held walkouts. This follows the layoff of 600 workers at Ford's Michigan Assembly Plant. More: - The layoffs include workers at its engine plant in Lima, Ohio, in addition to stamping plant workers in Chicago.
- The strikes have also led LM Manufacturing, a supplier of seats for the Ford Bronco, to lay off 650 employees.
- "I believe we could have reached a compromise on pay and benefits, but so far, the UAW is holding the deal hostage over battery plants," said Ford CEO Jim Farley.
- Last week, UAW president Shawn Fain said, "Farley is lying about the state of negotiations."
| | | |
| 4 | | Bankrupt EV company Lordstown Motors is planning to sell its remaining assets to its former CEO Steve Burns' firm, LAS Capital. The deal, expected to be completed by the end of October upon approval, consists of $10M. More: - The deal would include battery and motor manufacturing equipment, intellectual property, and any completed Endurance vehicles.
- Burns left Lordstown Motors in 2021 following an investigation by the board of directors that found inaccuracies in the pre-order disclosures of the Endurance pickup truck.
- Lordstown filed for bankruptcy in June. It went public via SPAC in late 2020, raising approximately $675M.
- The automaker went bankrupt after Foxconn declined to purchase $47M in shares.
| | | |
| A message from our sponsor, Sandhill. |  | | IPO Season is back! Recent IPOs from companies like Instacart, Klaviyo, and Arm have opened the door to more startups going public in the coming months. Sandhill Markets opens up access for accredited individuals to invest in these institutional Pre-IPO deals like Stripe, Anthropic, Databricks and Epic Games. How does it work?
Through Auctions. We don’t set the price. You and other investors do: - Databricks last round was at ~$73/share
- Rippling last round: ~$43/share
- Flexport last round: ~$14/share
Bids for all of these start at $1. New auctions every week. This week's auction is Epic Games 🥳 Check Auction Prices Here | |
|
| 5 | | Chinese automaker BYD revealed it sold 286,903 plug-in vehicles in September, increasing by 43% YoY. Exports comprised 28,039 units for the month, growing by 262% YoY. More: - BYD's battery-electric vehicle sales consisted of 151,193 units, increasing by 59% YoY.
- The automaker sold 551 commercial vehicles.
- Year-to-date, BYD has sold 1,048,413 battery-electric vehicles, growing by 80% YoY.
- The top models were the Song series and the Qin models, with 62,840 and 45,072 sales across PHEV and BEV units.
| | | |
| 6 | | Boeing CEO Dave Calhoun said the recovery of travel demand is "more resilient than I ever would have imagined coming out of COVID — a lot of pent-up demand for just passenger traffic and tourism, and businesses coming back." Calhoun highlighted that the challenge is regaining the resiliency of the supply chain prior to the pandemic. More: - Calhoun said he is bullish about sales in China, adding that competition with the locally-produced C919 aircraft by Comac would take "a pretty long time."
- Boeing delivered 35 planes in August, decreasing from 43 in July.
- $BA was up 0.77% for the day but down 3.46% WoW on Tuesday morning.
| | | |
| 7 | | Quick Hits: - It's been 150 years since the last great leap in engine technology. Invest in LiquidPiston to be part of the next one.*
- Tesla is adding a new feature that lets vehicle owners request live location data.
- Volkswagen hired former Tesla and Rivian engineering director Sanjay Lal to develop a new software platform for EVs.
- Beta Technologies opened its new facility at Burlington International Airport, where it plans to assemble the Alia CTOL and VTOL.
- Even the best engineers can run into challenges. Straight from the cloud experts at DoiT, .*
*This is sponsored content. | | | |
| Upcoming Events | | OCT
12 | | Panel discussion on cybersecurity insights for financial services companies* | | | | | | | OCT
16 | | Meet Our Fund 5, Building and Investing in AI | | | | | | * This is a sponsored event | | | |
Term of the Day Large language models: Large language models (LLMs) are a statistical method that helps predict the following outcome in a given sequence of input. Question of the Week Do you share details about your salary with your coworkers? Join the conversation |
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 | |
| |
| |
|
| |
|
| |
Comments
Post a Comment