American Airlines reports $10M net income / BMW invests in rare earths company

Plus, Mobileye revises guidance for 2023

Inside Transportation For April 27, 2023

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Hey Insiders — Thanks for catching up on the latest transportation news with us. Here's what is happening with American Airlines' earnings, Mobileye's revised projections, and BMW's latest investment. Nicolas /p/mobilitynerd

1 American Airlines reported a net income of $10M for the first quarter, up from a net loss of $1.63B in Q1 2022. While cargo revenue decreased by 38.7% YoY to $223M, passenger revenue increased by 42% YoY to $11.1B.  Q: How will passenger demand change American Airlines' Q2 performance? Share your insights on Inside.com.

2 Intel's self-driving tech unit, Mobileye, revised its expectations for 2023 from an original range of $2.19B and $2.28B in revenue to $2.06B and $2.11B. This may be a result of Tesla lowering its prices in China, where Mobileye supplies competitors Zeekr and NIO.

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3 BMW's i Ventures announced an investment in Canadian rare earth company Cyclic Materials, leading a $27M Series A with Energy Impact Partners. Last month, BMW participated in DeepDrive, a Munich-based developer of electric drives, and Plus One Robotics, a parcel-handling robotics platform for logistics.

4 Vietnamese electric vehicle company VinFast announced it raised $2.5B in funding from its parent company, Vingroup, and its chairman Pham Nhat Vuong. In February, the company cut an undisclosed number of positions in the U.S., impacting its mobile service operations and EV charging infrastructure teams.

5 Emirates announced it would deploy robot assistants at Dubai International Airport that check in passengers by scanning their faces and matching them to passports and guide customers to the luggage drop-off area. The airline also revealed it is launching flights to Montreal in July. Q: What innovations are needed at airports? Share your thoughts on Inside.com.

6 Joby Aviation announced an agreement with Toyota to supply key eVTOL components. The automaker invested $394M in Joby's Series C in 2020.

7 BYD reported ~$596.56M in net profit for the first quarter, increasing by 410.9% YoY. The Chinese automaker sold 552,076 "new energy vehicles" (incl. PHEVs) in Q1, rising by 93% YoY. Q: How will BYD sales perform amid an increase in competitive pricing in the Chinese market? Share your insights on Inside.com.

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Nicolas Saravia Sr. Analyst Nicolas S. is a Sr. Analyst at Inside, covering transportation and startup trends. He is an avid map maker and data nerd. Nicolas has worked in the shared-scooter space, as well as advised e-bike and moped startups. Follow him at @MobilityNerd. This newsletter was edited by Aaron Crutchfield

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