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| Here is your start-of-the-week Transportation briefing: - 🚗 VinFast requested an import tax reduction in India.
- 💰Carvana's shares surged 30% following its first-ever annual profit.
- 🤝 The United Auto Workers announced a $40M commitment through 2026 to bolster unionization efforts.
Thanks for reading! Robel
p/Robel-Kelkile | |
| 1 | | Amsterdam delivery platform startup Sparqle raised €1.2M ($1.3M) in funding. The round was led by prominent figures, including the former managing director of Deliveroo EU, former CTO of Just Eat Takeaway, and founder of Bloomon. More: - Sparqle's platform facilitates seamless integration between retailers, e-commerce brands, and eco-friendly delivery methods.
- The company's proprietary software, rider app, and dedicated fleet of e-cargo bikes and electric vehicles optimize delivery routes for efficiency and minimal environmental impact.
- The investment will fuel Sparqle's technological advancements, bolster its sustainable delivery network expansion, and accelerate its entry into new European markets.
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| 2 | | United Airlines has increased its checked bag fees for economy passengers. These changes apply to most flights throughout North America, reflecting a trend seen across the industry this year. More: - Economy passengers booking domestic tickets with United Airlines will now pay $40 for a first checked bag at the airport or $35 if prepaid online, with a $5 increase from previous rates.
- The cost of a second checked bag has also increased by $5, with passengers now facing a fee of $50 at the airport or $45 in advance.
- Exceptions to the fee increase include certain credit card holders, frequent flyers with elite status, active military personnel, and travelers in top-tier classes, who can still check a bag for free.
- United's move follows a similar fee hike by American Airlines earlier in the week, reflecting industry-wide efforts to bolster profits amid rising costs.
- Other airlines, such as JetBlue and Alaska Airlines, have also raised their bag fees this year.
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| 3 | | Carvana's shares surged 30% following its first-ever annual profit announcement and upgrades from Wall Street analysts. CEO Ernie Garcia outlined the company's current competitive position and three-step restructuring plan. More: - Carvana posted its first annual profit of $450M for 2023, a significant turnaround from a loss of $1.59B in 2022, driven by aggressive restructuring efforts.
- Carvana's total gross profit per unit more than doubled to $5,283, indicating strong performance and efficiency improvements.
- Analysts at Raymond James and William Blair upgraded Carvana's stock rating, citing encouraging profit increases, unit growth, and long-term market potential.
- Despite its recent success, Carvana remains focused on its current inventory while considering future expansion plans to enhance customer experience and selection.
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| 4 | | Mercedes-Benz Group announced plans for electric vehicles to represent 50% of its sales by 2030. The move marks a shift from its previous target of achieving this milestone by 2025, citing evolving market dynamics. More: - Mercedes acknowledged changing market demands and the rapid growth of low-cost EVs, mainly influenced by policies in China.
- The company will introduce multiple EVs based on its upcoming Mercedes-Benz Modular Architecture, starting with an all-electric CLA sedan in 2025, along with a new hybrid powertrain in 2026 featuring a four-cycle engine.
- Despite slowing demand for luxury EVs, Mercedes-Benz experienced a 20.7% year-over-year increase in plug-in hybrids and EV sales worldwide in 2023, selling approximately 402,000 units.
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| 5 | | The United Auto Workers (UAW) announced a $40M commitment through 2026 to bolster unionization efforts primarily in southern U.S. joint venture battery plants and non-union auto plants. The move aims to support recent organizing upticks and ensure equal benefits for EV battery plant workers. More: - Over 10,000 non-union autoworkers have signed union cards since December, with notable organizing momentum observed at Volkswagen, Hyundai, and Mercedes-Benz plants despite challenges like unfair labor practice complaints.
- Efforts to unionize EV battery plants aim to ensure comparable benefits and protections for workers as enjoyed by UAW members at other facilities, with General Motors and Stellantis agreeing to include all EV battery plant workers under the UAW master agreement.
- Ford Motor Co., however, did not agree to include EV battery plants under the UAW master agreement but committed to covering future employees at its forthcoming EV battery plant in Marshall, Michigan.
- The UAW's commitment comes amidst concerns about job displacement due to the shift toward electric vehicles, with efforts aimed at securing middle-class-paying, high-quality jobs for workers in the EV sector.
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| 6 | | Vietnamese electric vehicle manufacturer VinFast has requested a reduction in India's import duties on its cars for approximately two years to facilitate customer familiarity. VinFast is currently constructing a factory in Tamil Nadu with an intended investment of up to $2B. More: - The company is investing up to $2B in its Tamil Nadu project, with an initial commitment of $500M for the first five years, targeting an annual production capacity of up to 150,000 vehicles, significantly lower than its main plant's capacity in Vietnam.
- Similar to Tesla, VinFast has requested a reduction in India's 100% import duty on fully-built EVs, although this has faced opposition from domestic automakers.
- Despite India's low electric vehicle sales in 2023, the federal government aims to achieve a 30% market share by 2030 and is devising programs to attract EV manufacturers.
- VinFast is collaborating with around 55 Indian dealers to establish a sales network and is considering possibly introducing its two-wheeler models in India in the future.
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| 7 | | Quick Hits: - Discover the trends shaping 2024 and learn how trust will be the key to business success. Shape your strategy and get ahead with this latest report.*
- Lynx Air announced it will halt operations starting Monday and secure creditor protection.
- Bankrupt Indian airline Go First received two financial offers.
- Sound Transit introduced a digital navigation application for travelers.
- Uber is set to support Nigerian startup Moove in a funding round of up to $100M.
- Note: Inside.com Founder and CEO Jason Calacanis is an investor in Uber.
- Metra and Metrolink announced they will procure rail vehicles with zero emissions.
- Visa and Mastercard have come to a historic $5B settlement, marking a pivotal moment for small business owners. If your business accepts Visa/MC, claim your share today.*
*This is sponsored content. | | | |
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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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