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| Here is your Monday Transportation briefing: - 🚖 Waymo received the green light to charge for robotaxis in L.A. and S.F.
- 🛰️ Lockheed Martin announced it made a bid to acquire Terran Orbital.
- 🚂 A Norfolk Southern freight train derailed in Pennsylvania's Lehigh Valley, spilling oil and plastic pellets.
Thanks for reading! Robel
p/Robel-Kelkile | |
| 1 | | Waymo has obtained approval from the California Public Utilities Commission to operate commercial robotaxi services in Los Angeles, the San Francisco Peninsula, and on San Francisco freeways. This move marks the removal of the last barrier for the Alphabet company to charge for rides in these areas. More: - Waymo has operated a commercial service in San Francisco since August and was previously allowed to offer free driverless rides in parts of Los Angeles.
- The approval comes after a suspension of Waymo's application last month to expand its services in Los Angeles and San Mateo counties, allowing for additional review due to protests from various entities.
- Waymo had been conducting a community tour in Los Angeles and received a warm welcome with over 15,000 people using the service, including 50,000 people joining the waitlist.
- Despite the approval, Waymo initially suggested it might not immediately start charging for rides in Los Angeles.
- Waymo co-CEO Tekedra Mawakana highlighted the integration of the service into people's daily lives, with trips being used for everyday errands, dining out, and education.
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| 2 | | Lockheed Martin has proposed acquiring Terran Orbital, offering to purchase the company's outstanding common stock at $1 per share in cash, assuming its outstanding debt of $313M and paying $70M for Terran's warrants. This bid values Terran Orbital at just below $600M, significantly lower than its $1.8B valuation when it went public via a SPAC in early 2022. More: - Lockheed's bid comes amidst Terran Orbital's struggles in the market due to shifting risk environments, despite its status as a significant stakeholder with a 28.3% ownership.
- Lockheed emphasized its position as Terran's largest revenue-generating customer in its proposal letter, highlighting its close relationship with the company.
- The proposed acquisition marks a significant development in the aerospace industry, potentially reshaping the landscape for both Lockheed Martin and Terran Orbital.
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| 3 | | Boeing announced it is in discussions to acquire Spirit AeroSystems, the fuselage manufacturer for Boeing's 737 Max jets, amidst ongoing efforts to address production flaws on the aircraft. Spirit's shares surged 15% following the announcement. More: - Boeing previously spun off Spirit AeroSystems in 2005, and Spirit now generates about 70% of its revenue from Boeing and a quarter from Airbus.
- Both companies aim to strengthen aviation safety and quality through potential reintegration, though the deal's finalization remains uncertain.
- Spirit has faced financial challenges, appointing former Boeing executive Pat Shanahan as interim CEO.
- At the same time, Boeing grapples with production issues on its 737 Max, highlighted by a recent incident involving an Alaska Airlines flight in which a panel flew off the plane midair.
- The FAA has intensified scrutiny over Boeing's production lines, demanding a plan from the company to enhance quality control and safety systems within 90 days.
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| 4 | | Porsche Cars North America appointed Christine Russell Fleischer as VP of customer experience, effective March 15, reporting to Timo Resch, president and CEO. Previously with Infiniti USA, Fleischer will oversee CX at PCNA, building on the company's longstanding commitment to exceptional customer experiences. More: - Porshe established the VP of customer experience role in 2009 and further emphasized its commitment in 2015 by opening a $100M customer experience center and headquarters in Atlanta.
- Fleischer noted she aims to enhance the consistency and uniqueness of the Porsche brand's customer experience, leveraging her experience from roles at Infiniti USA and BMW.
- In recent months, several corporations, including Southwest Airlines and Verizon, have joined Porsche in appointing CX leaders.
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| 5 | | Doroni Aerospace of Florida has announced its new model, the H1X, featuring coaxial ducted fans and pusher props, slightly slower but lighter than its predecessor. The H1X utilizes coaxial fans positioned in wider ducts along the wings for improved control authority during VTOL operations. More: - The H1X, following Doroni Aerospace's first manned eVTOL flight in June, offers a cruise speed of 120 mph for up to 40 minutes of flight time, with a focus on improved control and noise suppression.
- With a weight of 1,350 pounds and the capability to carry 500 pounds of payload, the H1X prioritizes efficiency and versatility, targeting a broad range of potential users.
- The inclusion of EV quick chargers enables convenient and rapid charging, providing a full charge in just 25 minutes.
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| 6 | | A Norfolk Southern freight train derailed in Pennsylvania's Lehigh Valley, spilling diesel and plastic pellets into a nearby river. No injuries have been reported, and local authorities have stated there is currently no hazardous material threat to the community. More: - The National Transportation Safety Board announced it is sending a team to investigate the derailment, which occurred when an eastbound train collided with a parked train on the same track and was subsequently struck by a westbound train.
- The incident comes over a year after a Norfolk Southern train derailed in East Palestine, Ohio, releasing toxic chemicals and prompting concerns about long-term environmental impacts and railway safety regulations.
- Activist group Ancora Holdings, with a significant stake in Norfolk Southern, has called for CEO Alan Shaw to step down, citing concerns about the company's handling of the East Palestine disaster.
- The move comes as President Joe Biden visited East Palestine in February to express support for the community and advocate for stronger railway safety measures, while the Environmental Protection Agency and White House officials have urged Norfolk Southern to facilitate and fund cleanup efforts and provide support for affected communities.
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- Strikes resulted in a near-total halt of public transportation services throughout Germany.
- Council members in Los Angeles unanimously voted 12-0 to authorize the Department of Transportation to enter into a contract exceeding $10M with Bike DBA Tranzito. The contract will facilitate the provision of on-demand transportation services, including bike and car-sharing, at designated sites within the cities of Los Angeles and Long Beach.
- Janet Yellen commended the United States' strong relationship with Chile as an integral component of the electric vehicle supply chain in the U.S.
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 | Writer | | Born and raised in the Bay Area but currently residing in North Carolina, 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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