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| Here is your Transportation briefing: - 🚗 Tesla hit all-time high in deliveries.
- 📈 Rivian saw a 10% drop in deliveries.
- GIN E-Bikes raised £510,000 in funding.
Thanks for reading! Robel
p/Robel-Kelkile | |
| 1 | | Maersk has halted all shipping through the Red Sea and Gulf of Aden indefinitely again following an attack on one of its vessels by militants. The decision reflects concerns about safety and potential disruptions in the region, impacting global trade and oil prices. More: - The second-largest ocean carrier globally suspended Red Sea transits indefinitely and will redirect ships around Africa's Cape of Good Hope.
- The suspension followed an attack on the Maersk Hangzhou by Houthi rebels, prompting armed conflict and the intervention of U.S. military helicopters.
- Maersk initially banked on Operation Prosperity Guardian for safe passage through the Red Sea, a bet that ultimately failed amid escalating tensions and security concerns.
- Around 12% of global trade and approximately 3 million barrels of crude oil pass through the Red Sea daily, underscoring the significance of this route.
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| 2 | | Tesla achieved a new delivery record in Q4, surpassing estimates with 484,507 deliveries and meeting its 2023 delivery target. The move could reassure investors amid rising global competition in the EV market. More: - Q4 deliveries hit 484,507, outperforming Wall Street estimates and marking an all-time high for Tesla, exceeding its previous record by nearly 20,000 units.
- Tesla's production of 494,989 vehicles surpassed Bloomberg's estimates, with 476,777 being high-volume Model 3 and Model Y EVs, surpassing expectations.
- In 2023, Tesla saw a 38% year-over-year growth in deliveries to 1.81 million vehicles and a 35% increase in production to 1.85 million, slightly below its targeted 50% compound annual growth rate.
- The move comes as Tesla could face competition in China, where BYD surpassed its Q4 EV deliveries, indicating a potential shift in the global EV market dynamics as BYD looks to expand into new territories like Europe.
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| 3 | | The Port of New Orleans secured $73.77M in federal funding for the Louisiana International Terminal project to enhance cargo movement along the Mississippi River and U.S. inland waterways. The funding, part of the Mega Grant Program, supplements private investments and commitments to the port. More: - The federal grant aids in constructing the Louisiana International Terminal (LIT), removing air-draft restrictions to accommodate larger vessels, thus boosting Louisiana's import/export capabilities and fostering inland growth.
- Ports America and Mediterranean Shipping Co. (through Terminal Investment Limited) have pledged $800M for the terminal's development, forming a public-private partnership with Port NOLA.
- Louisiana lawmakers allocated $30M for early LIT development costs and committed $50M to design the St. Bernard Transportation Corridor, connecting the terminal to the interstate system.
- The project is in the federal permitting and design phase, aiming to construct a cutting-edge container terminal in Violet, Louisiana.
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| 4 | | GIN E-Bikes, founded by Marina Vlasenko and Rahul Pushp in the U.K., raised £510,000 ($646,000) in investments. The funding came primarily from Ukrainian investment company Toloka.vc to bolster its innovative e-bike offerings and expand into new markets. More: - GIN E-Bikes specializes in hybrid bikes for long-distance journeys, debuting its GIN X E-Bike at £999.
- The company introduced the GIN X E-Bike with an Integrated Display priced at £1190, featuring an innovative handlebar-integrated display, enhancing user experience.
- The investment will help facilitate the launch of a specialized cargo bike for delivery drivers equipped with carbon and folding frames for enhanced portability.
- GIN E-Bikes aims to scale production to 200 units monthly by 2024, utilizing the funds to increase sales volumes and expand its market presence in Poland and Ukraine.
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| 5 | | GM's Cruise has filed a lawsuit against the city of San Francisco, claiming unfair taxation amounting to $108M over seven years. The company noted the city tied tax liabilities to GM's global revenue, primarily associated with its Cruise self-driving unit, despite minimal local operations. More: - The lawsuit argues that Cruise, as a separate entity, only began generating revenue in a small amount last year, and GM's primary business in the city comprises minimal retail sales, approximately $677,000 in 2022.
- San Francisco taxed GM based on Cruise's presence, despite GM's core automotive business having negligible sales, no physical locations, or significant personnel within the city.
- GM contends that the taxation method does not fairly reflect its actual business operations within the city, citing California mandates that require accurate representation of business activities for taxation purposes.
- In addition to the $108M in back taxes, the suit seeks $13M in interest and penalties.
- The tax dispute arises as San Francisco aims to revitalize its tech image, delaying plans to increase business taxes amidst concerns of urban decline post-pandemic, including issues like homelessness and retail flight.
- The move comes as the company is also grappling with the fallout from Cruise losing its operating license in California in October following high-profile robotaxi accidents.
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| 6 | | Rivian produced 17,541 vehicles in Q4 but delivered 13,972 to customers, a 10.2% decline in deliveries from the previous quarter. The stock slipped 9.75% on the news. More: - Despite consistent production growth throughout the year, Rivian experienced a decrease in deliveries, potentially indicating a softening demand for its premium EVs like the R1T truck and R1S SUV.
- The company, known for its high-priced electric vehicles, has refrained from price reductions faced by other automakers grappling with diminishing demand for expensive EVs, a trend prompting some companies to scale back production or slash prices.
- Rivian's current challenge lies in its production cost exceeding revenue generated per vehicle, with the company losing a significant amount ($32,495 per vehicle in the second quarter) due to high manufacturing expenses.
- Despite the quarterly setback, the company surpassed its 2023 full-year production guidance, producing 57,232 vehicles and delivering 50,122, indicating growth beyond its projections.
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- UPS announced plans to shut down its ground sorting facility during the day at its Louisville hub.
- A BART transit train in California's East Bay derailed and caught fire.
- Hundreds escaped unharmed after a Japan Airlines plane erupted in flames following a collision on a Tokyo runway. It's the first hull-loss incident involving an Airbus A350.
- Eileen Vélez-Vega, Puerto Rico Department of Transportation and Public Works Secretary, has been selected as one of 27 members of the Transforming Transportation Advisory Committee by the U.S. Department of Transportation, tasked with advising on transportation innovation plans and strategies.
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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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