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| Here is your Transportation briefing: - 📈 Activist investor Carl Icahn revealed a nearly 10% stake in JetBlue Airways. ✈️
- 🚗 Cruise has named Steve Kenner as its inaugural chief safety officer.
- 💰Copenhagen-based logistics startup Portchain has successfully raised $5M in funding.
Robel
p/Robel-Kelkile | |
| 1 | | Cruise has appointed Steve Kenner as its first chief safety officer in response to last year's incident involving a pedestrian and one of its robotaxis. Kenner will oversee safety management systems, directly reporting to Cruise's president and chief administrative officer, Craig Glidden. More: - Louise Zhang will retain her position as VP of safety and systems.
- Kenner's appointment follows a critical report on Cruise's handling of the October incident, which led to government investigations and the grounding of the robotaxi fleet.
- In the incident, a car with a human driver hit a pedestrian in San Francisco, who landed in the path of the driverless Cruise vehicle. The Cruise vehicle detected the impact and attempted to pull over, dragging the pedestrian and worsening their injuries.
- The move comes as General Motors, Cruise's parent company, has announced a reduction in investment and organizational restructuring efforts following the incident.
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| 2 | | The National Highway Traffic Safety Administration (NHTSA) has initiated an investigation into Lucid Motors' windshield defroster recall. NHTSA noted worries that relying solely on notifications for a malfunctioning defroster could pose safety risks for drivers. More: - The recall affected 2,042 Lucid Air sedans with a faulty high-voltage coolant heater from supplier Webasto AG.
- Lucid's solution involves an over-the-air update to identify affected cars and warn drivers if the part fails.
- NHTSA expressed concerns that Lucid's solution may not adequately address the issue.
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| 3 | | Activist investor Carl Icahn has disclosed a nearly 10% stake in JetBlue Airways, citing the undervaluation of the airline stock. The move led to a more than 15% share spike during extended trading. More: - As revealed in regulatory filings, the activist investor plans to initiate discussions with JetBlue regarding potential board representation.
- JetBlue Airways expressed openness to constructive dialogue with investors as it continues executing plans to enhance shareholder and stakeholder value.
- Icahn's history has included previous involvement in the airline industry, notably his acquisition of TWA in the late 1980s, eventually leading to bankruptcy.
- JetBlue has been focused on cost-cutting measures and operational improvements to regain profitability post-COVID and after a proposed merger with Spirit Airlines was recently denied by a federal judge citing reduced competition.
- Despite the challenges, JetBlue appointed a new CEO, Joanna Geraghty, and additional airline veterans to lead the company forward.
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| 4 | | Copenhagen-based logistics startup Portchain has secured $5M in funding. The round was led by Angular Ventures. More: - Portchain, a logistics startup, helps bring data to solve terminal capacity and collaborates with over 100 terminals.
- The funding will be utilized for hiring new talent, advancing product development, and refining existing services.
- With this investment, Portchain's total raised capital reached $10M, including previous investments from MX Ventures and angel investors from the shipping industry.
- Portchain has secured a five-year agreement with major container carrier Hapag-Lloyd to deploy its flagship product, Portchain Connect, across the carrier's network.
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| 5 | | Stellantis, parent company to Chrysler, Jeep, Ram, and Dodge, announced it will adopt Tesla's electric vehicle charging plug for its future EVs. The transition will begin in 2025, offering adapters during the interim for customers with CCS plugs. More: - Stellantis was the last major holdout as other major automakers, including Ford, GM, and Volkswagen Group, adopted Tesla's charging standard.
- Tesla's Supercharger network, cited for its reliability and abundance, will now be accessible to Stellantis EV customers, potentially alleviating concerns about EV charging infrastructure.
- Stellantis and other automakers are involved in a joint venture to install fast-charging EV stations in the U.S., which will now feature Tesla's charging plugs alongside CCS outlets.
- The Supercharger network boasts 45,000 chargers worldwide, with 12,000 located in the U.S.
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| 6 | | Thousands of Uber, Lyft, and DoorDash drivers announced plans to strike on Valentine's Day to protest low pay and unsafe working conditions, with rallies and app shutdowns scheduled in 10 cities. The Justice For App Workers coalition, representing over 100,000 drivers, advocates for improved wages and safety measures, particularly amid concerns about decreased pay during winter. More: - Drivers plan to hold rallies at airports in 10 cities and will not provide rides to or from airports during the strike.
- Uber responded, stating that past driver protests had no significant impact on business and emphasized strong driver earnings, with drivers making about $33 per utilized hour in Q4 2023.
- Lyft stated in a white paper that drivers earned $30.68 per hour, including tips and bonuses, but $23.46 per hour after expenses in the second half of 2023.
- Lyft recently committed to ensuring drivers receive at least 70% of the fare paid by passengers, aiming to improve pay transparency and address longstanding criticisms regarding driver compensation.
Note: Inside.com Founder and CEO Jason Calacanis is an investor in Uber. | | | |
| 7 | | QUICK HITS: - Visa and Mastercard have come to a historic $5B settlement, marking a pivotal moment for small business owners.*
- In San Francisco's Chinatown neighborhood, a crowd of individuals vandalized a Waymo robotaxi and subsequently set it ablaze, marking the latest clash between driverless vehicles and the public in the city.
- GM announced that the Equinox EV will be priced at $34,995 with a range of 319 miles.
- Lilium, an eVTOL company, has selected Orlando Airport as the hub for Florida's electric aviation sector.
- Dive into advanced tips and tricks with the Kubernetes Cookbook. Get your copy compliments of the cloud experts at DoiT.*
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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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