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| 1 | | American semiconductor supplier Onsemi announced the layoff of approximately 900 employees as it expects slower EV growth. The Volkswagen supplier has cut its workforce by 1,360 jobs this year. More: - "We are starting to see pockets of softness, with Tier 1 customers in Europe working through their inventory and increasing risk to automotive demand due to high interest rates," said the company's CEO, Hassane El-Khoury.
- This echoes Elon Musk's concerns during Tesla's earnings call regarding the effects of high interest rates on potential EV buyers.
- Onsemi also adjusted its revenue forecast from its previous expectation of $2.18B to $1.95B to $2.05B.
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| 2 | | Ford boosted its E-Transit commercial van production to 15,789 in September, up by 192% MoM. This brings the total production for the model to 124,804 for the year. More: - Ford invested $95M in its Kansas City Assembly Plant, adding a third shift in April.
- The September number shows a recovery from its E-Transit production low point in August when Ford built 5,399 units.
- The Kansas plant, which also produces the F-150, experienced a parts shortage in August.
- General Motors' commercial van subsidiary halted production earlier this month through the spring of 2024, reportedly due to a battery pack shortage.
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| 3 | | Skyroot, a space company based in Hyderabad, India, announced a $27.5M Series C led by Temasek. The startup was India's first company to launch a private rocket in 2022. More: - Skyroot is preparing for the launch of its second commercial rocket, Vikram-I, in 2024, which can carry ~661 pounds to low Earth orbit.
- The round comes within a week of its competitor Agnikul Cosmo raising $26.7M as it seeks its inaugural launch.
- Skyroot has raised a total of $95.1M since its inception. The company last raised $51M through a Series B led by Waverly in September 2022.
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| 4 | | Jack Cooper Transport is reportedly seeking a bid for bankrupt less-than-truckload carrier Yellow. The news follows letters from a group of senators to Treasury Secretary Janet Yellen, requesting the extension of Yellow's maturity date for its $700M COVID relief loan, on which Jack Cooper's bid would depend. More: - Yellow halted operations in July and laid off its employees, including 22,000 union workers.
- Approximately 12,000 tractors and 35,000 trailers were approved on Friday by a Delaware bankruptcy court to go on sale via auction.
- A $1.52B bid by LTL carrier Estes Express Lines on more than 170 of Yellow's terminals has been preliminary approved by the court.
- Jack Cooper had also filed for Chapter 11 in 2019, having sold assets to Solus Alternative Asset Management to meet more than $300M in debt.
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| 5 | | Ola Electric, an India-based company that produces two-wheel EVs, announced it raised $384.4M as it seeks to build a battery cell factory in Krishnagiri, Tamil Nadu. The funds include $240M in debt from the State Bank of India, with the remainder coming from Singapore-based venture firm Temasek. More: - The new funds would reportedly value Ola Electric at $5.4B.
- The company has a 30% market share in the electric scooters segment in India.
- Ola Electric experienced a $130M loss, generating $330M in revenue, for the fiscal year ending this past March.
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| 6 | | The government of France announced its plan to allocate €200M (~$212M) to its national EV charging infrastructure program, Advenir. The program has installed 110,000 charging points using €320M in funds since 2016. More: - In 2019, the program began subsidizing charging at condominiums for up to 50% of the cost of installation.
- Last year, the French government increased the tax credits for home chargers from €300 to €500.
- The Ministry of Transport is also planning to increase EV rebates for low-income drivers from €7,000 to an undisclosed amount.
- According to industry group Avere, the new measures would increase the number of EVs in France to 13 million.
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- United Airlines plans to add 250,000 seats between its North American hubs and Latin America & the Caribbean.
- Ford filed a patent for a vehicle and air drone security system.
- Toyota reported an 11.6% YoY rise in vehicle sales in September to 921,308 units.
- CATL claims it reached a battery cell output of one pack per 2.5 minutes.
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INSIDE TRANSPORTATION LEADERBOARD (30 DAYS) |
 | 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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