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Good, tesla the earnings happened this week, and yes, that was a lot. A lot of what, you ask? Many of the same types of promises and hand gestures we've seen before, but wrapped in slightly different packaging. What's at stake this time reminds me of the pre-earnings era for Tesla around 2018.
Now, to be clear, Tesla has enjoyed profitability since 2020. But it faces downward pressure on its results (the company saw its profits fall 55% year over year) and an aging portfolio of its highest-volume vehicles. (And yes, we covered the new Model 3 Performance variant; I'm talking about new mass-market models here.)
Tesla CEO Elon Musk need to generate new sources of income. And fast. The company cannot wait two years (or more) to launch a new platform that offers an electric vehicle under $25,000.
So, Musk modified that plan, from what we know so far. Which isn't much. During the first-quarter earnings call, Musk laid out an opaque plan, with few details, to launch several cheaper electric vehicles in 2025 (and perhaps even late 2024).
Musk understands that the market has rewarded him in the past for being a forward and innovative thinker, even if those plans don't come to fruition. So Musk took advantage of that futuristic lever too, promising higher levels of automated driving capability in his FSD driver assistance software and a robotaxi (again). Lest you forget, Musk announced during the company's Autonomy Day in 2019 that Tesla was launching a robotaxi network the following year. Musk has talked about the Tesla Network and his ambitions to allow owners to put their vehicles on the ride-hailing app since 2016.
Shareholders responded with joy because the future is now, or maybe next year. Well, maybe at the end of the decade? Anyway, it's exciting.
On an unrelated note, recently deceased high-profile Tesla executive Drew Baglino sold around 1.14 million of its shares to worth 181.47 million dollars. The presentation described it as a stock option exercise.
Come on!
a little bird
TO little bird He pointed out to me that Valeo C.T.O. Geoffrey Bouquot leaves the company after eight years. For those unfamiliar, Valeo is a French auto parts supplier that has ventured into the electric vehicle and automated driving space. The company even has an ai research center dedicated to automotive applications.
That electric vehicle sector had been promising for Valeo, but this last quarter reflected what is happening in the rest of the sector. The company posted lower sales in the first quarter after sales of its high-voltage electrification system fell by almost half. Okay it's now adapt to the demands of car manufacturers also known as hybrids.
Do you have a suggestion for us? Email Kirsten Korosec at [email protected], Sean O'Kane at [email protected] or Rebeca Bellan at [email protected]. If you prefer to remain anonymous, Click here to contact uswhich includes SecureDrop (instructions here) and various encrypted messaging applications.
Offers!
Who has offers? We make. Here are a few that stood out.
chemical mixturea company using ai to accelerate the development of batteries for next-generation electric vehicles, raised $20 million in a Series A financing round led by Ibex Investors. Other participants included Mayfield Fund, Berkeley SkyDeck and Urban Innovation Fund, as well as strategic investors BNP Paribas Solar Impulse Venture Fund, Global Brain's KDDI Open Innovation Fund III and Porsche Ventures.
jet launcher, a sustainable fuel technology company and fuel producer, received an undisclosed investment from the Microsoft Climate Innovation Fund. TO report in Axios Pro says the company is raising $100 million and expects to close this quarter.
Advancedan Austin, Texas-based startup that manages a network of semi-truck parking facilities. raised 12.5 million dollars in a Series A financing round led by GreenPoint Partners. The new company, founded in 2021 under the name Semi-Stow, also received backing from Speedwagon Capital Partners.
Radical, A Seattle-based startup developing solar-powered high-altitude autonomous aircraft, raised $4.5 million in a seed round led by Scout Ventures, with additional funding from investors including Inflection Mercury Fund and Y Combinator.
SoleraThe automotive software-as-a-service and data company is considering an initial public offering that could raise more than $1 billion. Bloomberg reported.
Raw futurea Spanish startup that manufactures off-road electric motorcycles, proposed 25 million euros of Big Bets. The company will use the funds to expand production capacity for its Stark VARG electric off-road motorcycle.
Notable readings and other tidbits
ADA
He National Highway Traffic Safety Administration It closed a long-running investigation into Tesla's Autopilot driver assistance system after reviewing hundreds of crashes linked to its misuse, including 13 that were fatal and “many more with serious injuries.” Tl;dr: The agency called Tesla's driver engagement system “weak” and said it was “not appropriate for Autopilot's permissive operating capabilities.”
autonomous vehicles
CT reporter Rebeca Bellan has been following legislative activity in California, one of the hotbeds of audiovisual activity. Check out the latest on four bills being considered by the state legislature and how one in particular could put cities in a more powerful position.
Electric vehicles, charging and batteries.
Future Faraday It's about to be torn off of the Nasdaq capital market (a level within the stock market for lower-value companies) because its share price has been too low for too long.
fisker is planning more layoffs less than two months after cutting 15% of its workforce. The company expects to file for bankruptcy protection within the next 30 days if it can't come up with that money, according to a regulatory filing.
Mercedes gave us a close look at the next All-electric G-Class — the “Birkin bag” of the automaker's portfolio. Read more about how it compares to the gasoline version.
rivian offers discounts of up to $5,000 on its electric vehicles (and a year of free charging) to customers who want to trade in eligible gas-powered trucks and SUVs. Those eligible vehicles, which include the Ford F-150, reveal which customers Rivian is targeting.
The future of flight
amazon ended Prime Air's drone delivery operations in Lockeford, California. The central California city of 3,500 was the company's second drone delivery site in the United States, after College Station, Texas.
Joby AviationThe California company that develops electric aircraft, signed a memorandum of understanding with three Abu Dhabi government departments to establish a electric air taxi service ecosystem.
Zipline passed a major milestone this week. One of his autonomous drones, called “Zips,” transported two bags of intravenous fluid from Zipline's distribution center in the northern western region of Ghana to a local health center: the company's millionth delivery.
technology in the car
Here's a nerdy one I enjoyed. Automotive electronics supplier electrobit announced EB corbos Linux for security applications. What do those words mean? Ars Technica has a good explainer, but basically Elektrobit developed an open source-based automotive operating system that has been certified for automotive safety compliance. If you are interested in “software defined vehicles”, this is important!
This week's wheels
Image credits: Kirsten Korosec
He 2024 Lexus LC 500h It is not an electric vehicle. But here at TC we are also interested in hybrids! Plus, it's been a minute since I spent any time exploring the numerous offerings from the Lexus brand. The Lexus LC 500h starts at $101,250, but the version I drove went up to $113,350 thanks to some additional premium touches like an upgraded audio system, a retractable wing, and a carbon fiber roof.
The Lexus LC 500h is not a vehicle you see every day, or even every year. I guess it's because coupes aren't as popular these days (crossovers dominate), although I quite like the look and proportions of the Lexus LC 500h and its V8-powered twin.
This vehicle comes with a 3.5-liter six-cylinder hybrid engine that produces 354 horsepower thanks to the addition of an electric motor that delivers power to the rear wheels. Another electric motor is the one that charges the vehicle's battery.
The funny thing is that this vehicle has a multistage transmission. This basically means that Lexus took its electronically controlled continuously variable transmission system and then added another gearbox (a four-speed transmission) behind it. The idea is that this will give drivers a sportier experience and 10 different gear selections through the paddles behind the steering wheel when the vehicle is in manual mode. Lexus' multi-stage hybrid system has been around for years, but I had yet to try it.
My Take: After a while in manual mode, I found myself putting it back into “drive” and letting the vehicle do the work for me.
