Uber-owned Careem reveals $400 million investment spinout
Good morning! Happy National Pet Day! From pet food and accessories to veterinary care and pharmaceuticals, the pet industry is a complex network of suppliers, manufacturers, and retailers that rely on efficient supply chain management to ensure the well-being of our furry friends. ☕️
———
In 2019, Uber acquired Careem, a leading ride-hailing company operating across the Middle East, North Africa, and South Asia, in a deal valued at over $3 billion. Despite the acquisition, Careem has continued to operate as a separate brand and platform within the Uber organization, offering its services in its markets. Now, Careem has announced its plan to establish a technology subsidiary, with Uber Technology owning a 50% stake. The spinout will involve a $400 million investment, while Careem will remain fully owned by Uber. The subsidiary will focus on developing a "super-app" that integrates ride-sharing, food delivery, COVID-19 PCR testing booking, and laundry services.
Read more about this multi-million-dollar deal in the featured article by CNBC News and how it will benefit Uber. Uber is providing ongoing support to Careem and its new subsidiary, and there is a lot of anticipation for the launch of this new app. Will it live up to the hype? Only time will tell…
Featured Article:
Uber-owned Careem launches spinout with $400 million investment from UAE tech holding company | CNBC
“Careem’s ride-hailing business remains fully owned by Uber, which acquired it for $3.1 billion in 2019. Uber’s stake in the spinout is currently undisclosed.”
Electric Vehicles & Manufacturing 🔋
Tesla to Open a New Factory in Shanghai
Tesla Inc. has announced that it will build a new factory in Shanghai to create a new megapack battery, which will increase tensions between Beijing and Washington. The megapack battery is a large-scale energy storage unit that was announced in China after Elon Musk's visit. The construction of the factory is supposed to start in the third quarter of 2023, and production is expected to begin in the second quarter of 2024. The battery unit is capable of powering an average of 3,600 homes for an hour, and the factory will produce over 10,000 packs or 40 GWh per year.
Shanghai is a major city in China that has become a global hub for manufacturing and trade. There are several reasons why Shanghai is considered a good place to set up factories, including its strategic location, skilled labor force, established industrial ecosystem, business-friendly environment, infrastructure and facilities, growing consumer market, and government support, making it an attractive location for both domestic and international businesses to set up factories.
Military Logistics & Border Issues 🌏
Incoming: Logistics Exercise Involving the U.S. Army
The United States has been conducting a record-setting logistics exercise in the Indo-Pacific, which is considered one of the most challenging theaters in the world. A two-week training is set to start in late July, during which the Army will face numerous challenges and tough terrains in Australia. While other drills will also be emphasized, most of the focus will be on prioritizing logistics, which will be treated as a warfighting function.
Talisman Sabre is a biennial joint military exercise conducted by the United States and Australia. It is one of the largest military exercises in the Asia-Pacific region and is designed to enhance interoperability and cooperation between the two countries' armed forces. The exercise involves a wide range of military activities, including joint training, field exercises, live-fire exercises, amphibious operations, and humanitarian and disaster relief operations.
The objectives of Talisman Sabre include improving military readiness, enhancing interoperability and coordination between U.S. and Australian forces, strengthening regional security and stability, and promoting mutual understanding and cooperation between the two countries' armed forces. The exercise provides an opportunity for U.S. and Australian forces to train together in a realistic and challenging environment, exchange tactics, techniques, and procedures, and develop their capabilities for joint and combined operations.
Let’s Get Global 🌎
✈️ China Conducts Second Consecutive Day of Military Exercises Near Taiwan. China has been conducting military exercises with aircraft and ships for two consecutive days now. Taiwan has reported detecting 58 aircraft from the Chinese army, with over 30 of them being warplanes. Many fear that these exercises could escalate into airstrikes or a war, starting sooner than anticipated.
iLevel With You 🏡
More topics for the average American household to consider…
⛏️ Renewable Energy Requires More Mining. When people say that renewable energy is the future, they don't always realize what it takes to get there. Building one wind turbine requires 2,500 tons of concrete and 900 tons of steel, and that's not even considering all the plastic used, which is not a renewable source.
🖥️ The Disposal of E-Waste in Landfills. In the last eight years, over 420.3 million metric tons of e-waste have been produced, and by 2050, this number is expected to double. Even though computers and electronics only account for 2% of waste in landfills, they make up over 70% of the toxicity in them. It is up to us to decide whether to recycle or resell our e-waste or let it end up in the waste stream.
🏠 Younger and more diverse individuals increasingly joining the at-home workforce. A recent study has revealed that since the onset of the pandemic in 2020, the percentage of people working from home has increased from 5% to nearly 18% in just three years. Additionally, the percentage of individuals aged 25 to 34 working from home has risen by almost 10%, and there has also been an increase in the number of people from diverse racial backgrounds joining the remote workforce.
Get Smart 🧠
Ramp up that brain power for these advanced topics…
📦 Challenges arise for FedEx with the integration of ground and express services. FedEx has recently announced that they will be combining their ground and express services, but this move may cause more problems than they anticipated. The company claims that the merger will result in $6 billion in savings, but it could also impact labor classifications and network capacity.
🚢 After dockworker walkout, West Coast port unions' bargaining power diminishes. Last Thursday, a shortage of manpower prompted dockworkers to walk out, resulting in the closure of both West Coast ports. Many experts suggest that the unions no longer hold the upper hand, as trade has recently shifted towards East Coast and Gulf ports.
💰 Investment in direct delivery services surges by 66%. Many North American companies across various industries have reported that their direct-to-consumer delivery model has increased since 2020. Over 35% of them have stated that it has increased significantly.
The Workday Dash is an aggregation of articles regarding the transportation logistics, trucking, and supply chain industries for November 28, 2024, from iLevel Logistics Inc.