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| Hey Insiders — Today, we're bringing you the latest on VinFast's valuation growth, plus Redwood Materials' massive round. Scroll down for news on American Airlines, Mullen, and Joby Aviation. Let us know which areas you would like us to cover next. If you find this newsletter helpful, please share it with a friend or colleague. Thanks for reading! Nicolas
p/mobilitynerd | |
| 1 | | Joby Aviation is reportedly considering Ohio or North Carolina for the location of its eVTOL manufacturing site. Jobyy currently has a 120,000-square-foot facility at the Marina Municipal Airport in California, where it builds prototypes and conducts testing. More: - The new facility would have 580,000 square feet.
- The news would leave other airports in its shortlist out of contention for Joby, including the previously reported Marina Airport and Coleman A. Young Municipal Airport in Detroit.
- Toyota, one of Joby's main investors, is investing $5.9B in an EV manufacturing facility in North Carolina.
- North Carolina also includes the site selected in 2020 by Chinese eVTOL developer EHang.
- Joby also has a $55M contract with the U.S. Air Force, which has Wright-Patterson Air Force Base in Ohio.
Q: Would you ride an eVTOL to get around your city? Join the conversation here. |     | |
| 2 | | On Monday, Vietnamese electric vehicle company VinFast became the world's third-most valued automaker, surpassing a $160B market capitalization. The rise of more than 75% since its listing puts it ahead of General Motors' $45.76B and Ford's $47.93B valuation. More: - As of Tuesday morning, VinFast is valued at $152.62B.
- The market cap growth sets VinFast behind Toyota's $270B and Tesla's $781.55B as the most valued automakers.
- VinFast is almost entirely owned by the VinGroup conglomerate, with a 99.7% stake.
- As of the end of June, there were 137 VinFast EVs in the United States.
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| 3 | | Redwood Materials, a battery recycling company founded by Tesla co-founder J.B. Straubel, raised more than $1B as part of its Series D. The company surpassed a post-money valuation of $5B. More: - Redwood is currently building a recycling center for copper foil on a 175-acre site in Sparks, Nevada, and a 600-acre facility in Charleston, South Carolina, for anode copper foil and cathode.
- The company is expecting an output of 100 GWh per year of active cathode and anode foil, enough to power 1 million EVs by 2025.
- Redwood received a $2B conditional loan from the Advanced Technology Vehicle Manufacturing program under the U.S. Department of Energy in February.
- The new round was led by Goldman Sachs and Capricorn's Technology Impact Fund, with participation from Microsoft Climate Innovation Fund, Deepwater Asset Management, and OMERS.
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| 4 | | The U.S. Department of Transportation issued American Airlines a $4.1M fine for violations of the rule prohibiting tarmac delays longer than three hours without the option to deplane. The agency found that the airline breached the rule 43 times between 2018 and 2021. More: - 5,821 passengers were affected by American's 43 tarmac delays for longer than three hours.
- The airline claims the flights involved comprised 0.001% of its total during the time period.
- "American has committed substantial time and resources to improve its performance on tarmac delays, such as the deployment of Hub Efficiency Analytics Tool to shift arrivals and departures around severe weather to help avoid conditions that can lead to lengthy tarmac delays," stated the company.
- $AAL closed up 1.03% for the day but down 3.73% WoW on Monday.
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| 5 | | Mullen began production of its Class 3 electric truck at its plant in Tunica, Mississippi. The company plans to gradually increase its vehicle output to 6,000 units per year. More: - The Three truck has an EPA range of 120 miles and a carry capacity of 5,800 pounds.
- The vehicle qualifies for the $7,500 tax incentive under the Inflation Reduction Act.
- The company received an order from Marion Automotive for 1,000 trucks in May.
- Mullen stock had until Sept. 5 to comply with a closing price at or above $1 for 10 consecutive business days or face delisting; however, $MULN closed down 7.80% for the day on Monday at a share price of $0.60.
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| 6 | | Hundreds of flights were canceled or delayed in the U.K. on Monday as its air traffic control service experienced a multi-hour outage. The National Air Traffic Service said that while it resolved the issue, flight schedules could take time to return to a normal cadence. More: - More than 27% of all flights arriving and departing the U.K. were canceled on Monday, per Cirium.
- 785 arrivals and 790 departures were canceled.
- The issue occurred as passengers were returning from holiday and summer vacations.
- The U.K.'s Civil Aviation Authority said the outage was not caused by a cyberattack.
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- Alaska Airlines plans to increase wages for pilots by more than 11.2% starting in September.
- OceansLab announced the construction phase of a 60-ft. hydrogen-powered racing boat.
- Honda announced it is expanding the Power Pack Exchanger e, its moped swappable battery system, to Indonesia.
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INSIDE TRANSPORTATION LEADERBOARD (ALL-TIME) |
 | 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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