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| Here is your end-of-the-week Transportation briefing: - 🚗 Lucid, the EV car company, missed its Q4 estimates.
- 📉 Hertz announced it is selling part of its Tesla fleet.
- 💰Munich's car subscription provider FINN raised a €100M Series C funding round.
Thanks for reading! Robel
p/Robel-Kelkile | |
| 1 | | Due to severe drought conditions affecting the Panama Canal, Maersk has announced that vessels carrying freight from Oceania will no longer travel through the canal. Instead, Maersk will use a "land bridge" strategy, utilizing ports in Panama and existing rail infrastructure to service containers. More: - Maersk shifted strategy due to ongoing low water levels in the Panama Canal, affecting vessels from Oceania.
- Containers will be serviced via a "land bridge" using the Ports of Balboa and Manzanillo, with an existing rail over a distance of 80 kilometers across Panama.
- Severe drought has led to water depth and weight restrictions in the canal, prompting additional container surcharges by ocean carriers.
- The Panama Canal is popular for East Coast trade, being faster than alternative routes like the Suez Canal.
- 40% of U.S. container traffic passes through the Panama Canal, moving approximately $270B in cargo annually.
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| 2 | | Luxury electric car manufacturer Lucid Motors delivered 6,001 of the 8,428 cars produced in 2023. Despite launching a more affordable model and cutting prices, the company struggled to meet demand. More: - In the fourth quarter, the company built 2,391 cars and delivered 1,734, representing a 31% and 10% decline, respectively, compared to the same period in 2022.
- Despite launching the more affordable Lucid Air Pure model in October and reducing prices, Lucid's sales figures did not significantly improve.
- In late 2023, Lucid mentioned shipping 800 cars to Saudi Arabia for assembly, but it's unclear if these were included in the reported figures.
- The production and sales performance in 2023 was only marginally better than in 2022, where Lucid built 7,180 cars and delivered 4,369.
- Lucid's forthcoming electric SUV is anticipated to ship by the end of 2024, and while Saudi Arabia committed to buying up to 100,000 EVs over the next decade, the current factory's limited capacity poses a challenge until expansion later in the decade.
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| 3 | | Hertz announced it will sell one-third of its predominantly Tesla electric vehicle fleet, citing lower EV demand and unexpectedly high repair costs. Hertz will recognize approximately $245M in incremental net depreciation expense related to the sale. More: - Hertz will use the proceeds to purchase gas cars.
- The sell-off began last month and will extend through 2024, with reports indicating steep discounts on electric vehicles.
- The move follows Hertz's previous plans to buy 100,000 EVs from Tesla by the end of 2022, a goal that was not achieved.
- Hertz CEO Stephen Scherr cited high repair costs and Tesla's price cuts as factors impacting the EV fleet's value.
- Despite initial commitments, Hertz has not fulfilled plans to purchase 175,000 EVs from General Motors and 65,000 from Polestar.
- The company has not clarified the impact of the EV fleet sell-off on its plans with General Motors and Polestar.
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| 4 | | Munich-based car subscription provider FINN closed a €100M Series C funding round at a valuation of $600M. The round was led by Planet First Partners and included participation from existing investors HV Capital, Korelya Capital, UVC Partners, White Star Capital, and Picus Capital. More: - The company facilitates a platform where individuals and enterprises can engage in car leasing transactions.
- The majority of the capital will be allocated to expanding FINN's electric car offerings, with a goal to surpass 80% of low-emission vehicles in its fleet by 2028.
- Co-founder and CEO Maximilian Wühr emphasized the need for an accelerated shift to electric mobility to meet international climate targets.
- Founded in 2019 and entering the US market in 2022, FINN reported an Annual Recurring Revenue of €160M and over 25,000 active subscriptions in 2023.
- Since its inception in 2019, FINN has raised over $1B from various investors.
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| 5 | | Spanish mobility company Cabify secured a €15M loan from BBVA Spark to accelerate its strategic plan, emphasizing sustainable urban mobility with profitable growth. This marked Cabify's first substantial financing with a Spanish credit institution, supporting its commitment to environmental initiatives and the expansion of its electric vehicle fleet. More: - Cabify, founded in Madrid 12 years ago, attained unicorn status in Spain in 2018 and has raised $584.1M in funding, including a recent $110M in March last year.
- The ride-sharing company achieved the distinction of being the first in its sector to reduce total emissions despite an increase in trip volume through its platform.
- Cabify recently introduced 200 new electric cars in Madrid, operated by Vecttor, a subsidiary, as part of its commitment to progressive decarbonization and achieving 100% zero-emission trips on its platform by 2025 in Spain and 2030 in Latin America.
- Present in over 40 cities in Spain and Latin America, Cabify maintains a global growth rate of over 30%, emphasizing sustainable practices and profitability.
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| 6 | | Drone maker DJI announced the international release of its FlyCart 30 delivery UAV, a robust and heavy-duty drone designed for deliveries by businesses, public agencies, and militaries. The drone was initially launched in China last August. More: - The FlyCart 30 is designed for businesses, public agencies, and military applications, emphasizing robustness, payload capacity, and operational flexibility.
- The drone features a coaxial four-axis, eight-blade configuration and carbon fiber propellers, enabling a maximum flight speed of 20 m/s.
- DJI positions the FlyCart 30 as overcoming traditional transport challenges, offering large payload capacity, long operational range, high reliability, and intelligent features for efficient and flexible delivery in various scenarios, including mountain, offshore, and emergency rescue transportation.
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- GXO announced it will close its Memphis facility, resulting in the termination of 211 employees.
- The FAA launched a probe into whether Boeing neglected to ensure the safety of specific aircraft following an incident where a door blew off an Alaska Airlines plane.
- Delta increased fourth-quarter profit by more than double but reduced its earnings forecast for 2024.
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 | Writer | | Born and raised in the Bay Area, Robel Kelkile is passionate about all things tech, venture, and financial education. He has previously served both universities and state governments in their engagement strategy and tracking legislation. | | This newsletter was edited by Aaron Crutchfield | |
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