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| Here is your Transportation briefing: - 🚗 LuSmart, the Indian ride-hailing startup, secured $25M in funding.
- ⚡ Arrival, the commercial EV startup, to be delisted from Nasdaq 📉.
- 🛫 American Airlines announced it is reshaping its customer service staffing.
- 🚘 Renault scrapped its IPO plans for its electric vehicle business, Ampere 🛑.
- 🔑 Lincoln trimmed its sales network.
- 🚌 Germany's Verdi trade union declared a near-nationwide local transport strike ⚠️.
Thanks for reading! Robel
p/Robel-Kelkile | |
| 1 | | LuSmart, an Indian ride-hailing startup, raised a fresh $25M funding injection. The round was led by ResponsAbility, focusing on expanding the EV charging infrastructure and maintaining an all-electric fleet model. More: - BluSmart aims to expand its current 35 charging stations to about 95-100 stations, supporting its fleet expansion from 6,000 to 10,000 EVs.
- Introducing the BluElite loyalty program attracted 2,000-3,000 subscribers, contributing to the startup's revenue.
- Despite facing a market slowdown and criticism for introducing "rush-hour" pricing, BluSmart has remained committed to its all-electric fleet model.
- BluSmart plans to utilize the fresh capital to strengthen its EV charging infrastructure, emphasizing its commitment to being a full-stack EV mobility player.
- The startup has since raised a total of $66M.
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| 2 | | Arrival, a commercial EV startup, will be delisted from the Nasdaq stock exchange due to late financial reporting and failure to submit a remediation plan. The company, which went public through a SPAC merger in 2021 with a valuation of $13B, has struggled with operational challenges and shifting focus, leading to its current valuation of around $20M. More: - Arrival secured a $50M lifeline two months prior, hoping to sustain operations as it explored asset sales while reportedly considering administration led by EY, akin to bankruptcy.
- Founded on a promise of efficient electric vehicle production, Arrival struggled to deliver on its vision, facing operational setbacks and leadership changes.
- Arrival's trajectory mirrors that of many EV SPAC peers, struggling with operational challenges and financial difficulties despite initial optimism and high valuations.
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- Neat, right? Only problem prior to their raise: other than a lot of patents, they didn’t have any revenue to show for it to VCs or other would-be investors.
Enter StartEngine & Crowdfunding - Timeplast’s innovative approach found paydirt with crowdfunding investors on StartEngine, who placed many, many small bets on the company.
- That momentum allowed Timeplast to launch digital ads to attract still more investors and ultimately max out a $5M offering.1
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| 3 | | American Airlines announced it is reorganizing its customer service staffing, cutting 335 jobs in Phoenix. The company will create a new Customer Success Team for complex travel needs, with simpler inquiries transitioning to international teams providing 24/7 support. More: - Affected employees will have the opportunity to apply for positions on the new Customer Success Team before it opens to wider candidates, and those not finding employment within the company will be offered severance and outplacement support.
- The number of positions for the Customer Success Team in Phoenix was not immediately specified.
- Employees impacted by the restructuring will continue to work and receive pay until March 30.
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| 4 | | Renault has abandoned its plans to publicly list its electric vehicle business, Ampere, citing sluggish stock market conditions, despite previous estimates suggesting the IPO could be worth up to €10B. This decision reflects weakened EV demand in Europe, stiff competition from Chinese rivals, and challenges in achieving favorable valuations amidst market volatility. More: - The company emphasized its ability to fund Ampere's development internally, highlighting its strategic plan, Renaulution, which generates sustainable cash flow to finance future endeavors.
- Despite the cancellation of the IPO, Renault's alliance partners, Nissan and Mitsubishi, have confirmed plans to invest in Ampere, demonstrating ongoing support for the electric vehicle business.
- Qualcomm's investment in Ampere was contingent on the IPO, leaving open the possibility for discussions regarding alternative investment arrangements.
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| 5 | | Lincoln Motor Co., Ford's luxury unit, announced it is strategically reducing its sales network, focusing on major car markets in the U.S., following a decrease of over 100 dealers in 2023. The company emphasizes individualized approaches with remaining dealers while transitioning toward a fully electric luxury brand under President Dianne Craig's leadership. More: - The major markets represent 90% of luxury vehicle sales.
- The company's approach to dealer buyouts is customized, considering the unique needs of each dealer rather than adopting a uniform strategy.
- Which dealers are being bought out and specific buyout amounts remain undisclosed.
- The move comes as sales figures indicate mixed performance across models, with declines in Aviator and Corsair sales but notable growth in Navigator sales.
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| 6 | | Germany's Verdi trade union has announced a near-nationwide local transport strike, excluding Bavaria, to pressure employers amidst failed wage negotiations. Demands include reduced weekly hours and more holidays. More: - Approximately 90,000 employees from over 130 municipal companies will walk off the job.
- Verdi emphasizes the urgent need to improve working conditions in public transport, citing frequent cancellations of buses and trains due to inadequate staffing.
- The announcement comes shortly after train drivers ended their longest railway strike, indicating ongoing labor disputes within the transportation sector in Germany.
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- Airbus assumed control of the Space Coast constellation factory.
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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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