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| Here is your Thursday Transportation briefing: - 🌴California proposed slashing $4.8B 💰 from climate and transportation initiatives.
- 🚗 Tesla unveiled the latest Model 3.
- 🚁 Walmart announced plans to broaden its drone delivery reach.
Thanks for reading! Robel
p/Robel-Kelkile | |
| 1 | | Lordstown Motors, a bankrupt EV startup, faces a potential $45M penalty for violating federal securities laws. The Securities and Exchange Commission (SEC) filed the claim during Lordstown's Chapter 11 bankruptcy proceedings. More: - Lordstown had faced allegations of fraud, including misleading investors about preorders, prompting internal investigations and executive resignations.
- Struggling post-investigation, Lordstown filed for Chapter 11, selling its manufacturing plant to Foxconn.
- Confidential settlement talks between Lordstown and the SEC continued but reached a critical point with the bankruptcy deadline.
- If the SEC's claim proceeds, it could be the largest penalty for an EV startup since Nikola settled for $125M in 2021.
- The move comes as other EV startups, including Hyzon, Spruce Power (formerly XL Fleet), and Canoo, have faced SEC penalties in recent years.
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| 2 | | Tesla has launched the revamped Model 3 sedan in the United States, following its debut in China and Europe four months ago. The significant changes focus on interior enhancements, including a new ambient light bar, touchscreen displays, improved sound dampening, and upgraded materials. More: - This is the Model 3's first significant overhaul since its debut in 2017.
- Exterior changes feature new headlights, taillights, and a streamlined front nose.
- The gear selection is now automatic or on the touchscreen, with stalks removed from the steering column.
- Two variants are available: the rear-wheel-drive version starting at $38,990 and the Long Range version at $45,990, boasting a range increase to 341 miles.
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| A message from our sponsor, Calendly. |  | | Turn scheduling from a pain point into a competitive advantage The average meeting takes 7.5 emails to schedule. All that back-and-forth, plus reminders and follow-ups — it's a poor experience for you, your customers, and your prospects. Calendly lets you eliminate that busywork and delight everyone you meet. Teams that use Calendly are seeing: - 2x conversion rates (CallRail)
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| 3 | | Hyundai's eVTOL division, Supernal, unveiled the S-A2 concept, an electric aircraft set for production by 2028, designed for short trips and regional hops. The S-A2 features eight tilt rotors and an egg-shaped cabin and boasts a cruise speed of 120mph and an altitude of 1,500 feet. More: - The S-A2 is designed for short trips and regional flights, addressing noise and pollution concerns associated with traditional helicopters.
- Supernal emphasizes noise reduction, with the eVTOL operating as quietly as a dishwasher, emitting 65 decibels during takeoff and landing and 45dB while cruising.
- Supernal plans to leverage Hyundai's mass production capabilities, but regulatory approval remains a significant challenge, requiring three types of FAA certification: type certification, production certification, and air carrier certification.
- While a focus on battery technology is crucial, Supernal plans to adapt to lighter cells as technology advances, addressing the power-to-weight ratio challenge in electric flight.
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| 4 | | European micromobility companies Tier and Dott have announced a merger. Despite both companies dealing with layoffs and strategic shifts, the merger aims to enhance operational efficiency and scale for profitability, with the leadership team seeing changes. More: - The merger is in response to industry challenges, including shutdowns like Superpedestrian and Bird's bankruptcy.
- Tier recently laid off 22% of its workforce and sold Spin to Bird for $19M before Bird's bankruptcy.
- Lawrence Leuschner, Tier's co-founder and CEO, will become chairman, and Henri Moissinac, Dott's co-founder and CEO, will be the CEO of the new entity.
- The funding round for the new entity involves existing investors, including Mubadala Capital, Sofina, Estari, M&G, Prosus Ventures, Novator, and White Star Capital, while SoftBank's Vision Fund 2 is not participating.
- Both applications will continue to be available in the App Store and Google Play Store, with operations spanning more than 20 countries, including key markets like Berlin, Brussels, Dubai, Helsinki, London, Madrid, Paris, Rome, Tel Aviv, and Warsaw.
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| A message from our sponsor, Placer.ai. |  | | 8 Retail Trends to Watch in 2024 2023 was another tumultuous year as inflation, high interest rates, and general economic headwinds continued to constrain consumer behavior. Still, this year also revealed many bright spots across various consumer-facing sectors, from retail to dining to advertisement to entertainment. Which of these developments are likely to shape the consumer landscape in 2024? Read the whitepaper to find out: - Why will events continue creating significant opportunities for their surrounding areas?
- How will placemaking impact everything from shopping center design to office space layout to retailer's product offerings?
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| 5 | | California, facing a $68B deficit, has proposed cuts of $4.8B to climate and transportation initiatives in its released budget. Notably, the plan includes reductions in subsidies for electric vehicles (EVs). More: - Gov. Gavin Newsom's proposed cuts include subsidies for electric vehicles (EVs) and funding for various clean energy programs and initiatives across the state.
- The proposed budget aims to backfill spending by shifting over $1B in costs to a fund fueled by revenue from the state's cap-and-trade program, aiming to avoid deeper general fund cuts.
- The largest proposed cut targets clean transportation and mobility programs, including initiatives to enhance pedestrian and cyclist-friendly city environments, along with reductions in incentives for electric trucking in port-related goods transportation.
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| 6 | | Walmart announced plans to expand drone deliveries in partnership with Wing and Zipline to cover 75% of Dallas-Fort Worth by the end of the year. The move would enable deliveries to 1.8 million households within a 30-minute window. More: - 75% of the 120,000 items available in a Walmart Supercenter meet the size and weight requirements for drone delivery.
- Walmart's drone service, in partnership with Wing and Zipline, is already approved by the Federal Aviation Administration (FAA) and has been operational in Texas.
- The expansion follows Walmart's successful completion of over 20,000 drone deliveries in the last two years, making drone delivery a tangible reality for millions of additional Texans.
- Wing, owned by Alphabet, is the first drone delivery company in the U.S. to receive FAA approval for an entire metro area, marking a paradigm shift in regulatory approvals for advanced drone flight operations beyond visual line of sight (BVLOS).
- Walmart and Wing initially launched the drone delivery service in 2021, and the expansion builds on successful customer adoption, with regular customers ordering on average two to three times a week.
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- A significant component of the North American cargo fraud issue involves hijackings in Mexico, with a reported 8% increase in incidents, reaching 6,030 cases between January 2023 and September 2023.
- Werner Enterprises revealed that Nathan Meisgeier, currently serving as the chief legal officer, has assumed the additional position of the company's president.
- Freight prices are poised to increase on Monday, with disruptions and delays in product deliveries caused by extended transit times around Africa.
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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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