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| Here is your Transportation briefing: - 🚗 Apple put the brakes on its autonomous vehicle project, Project Titan.
- 🛑 Virgin Galactic shared its Q4 earnings report.
- 🚀 Workers at the Mercedes-Benz assembly plant in Alabama have signed union authorization cards.
Thanks for reading! Robel
p/Robel-Kelkile | |
| 1 | | Apple has discontinued its long-standing autonomous electric car project, reallocating some employees to generative AI projects and offering others 90 days to find new roles within the company or face termination. The decision to halt the project reflects shifting priorities and the challenges of entering the automotive sector. More: - Project Titan once had around 5,000 dedicated employees, including high-profile automotive executives from companies like Tesla, Lamborghini, and Ford.
- Since the project began in 2014, Apple couldn't decide whether the car should be an all-electric Tesla competitor or a fully autonomous vehicle similar to Waymo or Cruise.
- Apple's exploration included talks with various partners like Canoo, Hyundai, and Kia for contract manufacturing, intellectual property, and talent acquisition.
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| 2 | | Virgin Galactic reported a narrower-than-expected loss in the latest quarter, with a fiscal fourth-quarter net loss of $104M, or 26 cents a share. This is compared to analysts' expectations of a 30-cent loss per share. More: - Virgin Galactic's fiscal fourth-quarter net loss was $104M, or 26 cents a share, compared to a loss of $151M, or 55 cents a share, in the year-ago quarter.
- The space tourism company's adjusted EBITDA loss was $84M, better than analysts' projected $104M loss, while revenue for the period reached $3M, driven by commercial spaceflights and membership fees.
- Virgin Galactic reported a cash position of $982M in cash, cash equivalents, and marketable securities.
- For the fiscal first quarter, Virgin Galactic anticipates negative free cash flow between $125M and $135M, along with revenue of $2M.
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| 3 | | Norwegian Cruise reported its first profitable year since 2019, with fourth-quarter losses significantly reduced. The company's adjusted profit forecast for the full year of 2023 is about $635M, or $1.23 per share. Q4 performance saw a loss per share of 18 cents compared to an expected 14 cents, and revenue reached $1.99B against an anticipated $1.97B. More: - Throughout the entire year, the company recorded a total revenue of $8.55B, marking a 32% surge from the figures in 2019, alongside a net income of $166.2M.
- This contrasted sharply with the company's loss of $2.27B in 2022.
- Despite cancellations in the Middle East due to violence in Gaza, the company maintained robust demand for most cruises, resulting in a high occupancy rate of 99.2% in the fourth quarter.
- Norwegian Cruise Line Holdings expects a strong performance in 2024, forecasting an adjusted profit of about $635M, or $1.23 per share, and an occupancy rate of approximately 105%, indicating continued consumer demand and growth.
- The company attributed its success to innovation and commitment, highlighted by the delivery of three new ships in 2023, marking the most deliveries in a single year in its 57-year history.
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| 4 | | Intuitive Machines' inaugural moon mission faces an early termination because the spacecraft fell on its side. Despite the setback, flight controllers are assessing the remaining battery life, estimated at 10-20 hours, following the landing that occurred five days ago. More: - Intuitive Machines achieved a historic milestone by landing Odysseus near the lunar south pole, marking the first privately built and operated spacecraft to land on the moon and the closest approach to the lunar south pole by a lander.
- However, the success was overshadowed when it was revealed that the spacecraft tipped over during landing, possibly due to a lateral descent and rapid speed, compromising communication antennae and potentially affecting data gathering.
- The tip-over means shorter battery life because solar panels aren't aimed correctly toward the sun.
- Intuitive Machines and NASA noted they will provide further updates on the mission during a televised news conference, aiming to address the challenges and advancements in the lunar exploration mission.
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| 5 | | Panasonic Energy secured a mineral supply deal with natural graphite producer Nouveau Monde Graphite (NMG). Panasonic Energy will also invest at least $25M in NMG to support the development of its mine and battery material plant as part of a broader effort to strengthen its critical mineral supply chain for upcoming battery production. More: - Panasonic Energy's deal with Nouveau Monde Graphite involves the supply of 18,000 tons of natural graphite annually over seven years to support battery production in North America.
- This deal is part of Panasonic Energy's strategy to secure critical mineral supplies for its battery production facilities in Kansas and Nevada.
- Nouveau Monde Graphite's agreement with Panasonic Energy mirrors its deal with General Motors, indicating the company's commitment to expanding its capacity and demand in response to growing demand from battery and automakers.
- The supply agreements are aligned with NMG's plan to grow its supply chain capacity and comply with regulations such as the Inflation Reduction Act, ensuring responsible sourcing of materials for the North American industry.
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| 6 | | Over half of the hourly workers at the Mercedes-Benz assembly plant in Alabama have signed union authorization cards. This development follows a nationwide trend of non-union autoworkers pushing for better compensation and working conditions, with similar efforts seen at Hyundai and Volkswagen assembly plants in Alabama and Tennessee. More: - This movement is part of a larger UAW effort to unionize nearly 150,000 non-union autoworkers across 13 companies, with demands for notable wage increases, the end of wage tiers, and changes to the use of temporary workers.
- Autoworkers in Alabama have seen real wages decline over the years, while other manufacturing jobs in the state have experienced wage increases, highlighting the disparity in compensation.
- Mercedes-Benz stated it will not interfere in efforts to unionize its Alabama plant.
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| 7 | | Quick Hits: - Discover the trends shaping 2024 and learn how trust will be the key to business success. Shape your strategy and get ahead with this latest report.*
- As SpaceX pursues licensing for its upcoming launch, the FAA concluded its investigation into the Starship incident and closed the case.
- Canada announced plans to invest in the renovation of the Port Windsor Grain Terminal.
- The eVTOL Aircraft Market is projected to experience a Compound Annual Growth Rate of 21.5%, reaching a total of $46.54B by 2034.
- Visa and Mastercard have come to a historic $5B settlement, marking a pivotal moment for small business owners. If your business accepts Visa/MC, claim your share today.*
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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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