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Welcome back to TechCrunch Mobility, the same weekly newsletter you've been reading, but with a new name and a few changes.
As I mentioned last week, this remains your hub for news and ideas about the future of transportation! This week, read about how Mercedes mistakenly exposed its source code, the last of the Cruise-GM saga, tesla Electric vehicle sales warning and more.
Come on!
a little bird
Economic headwinds may be easing somewhat, but businesses are still under pressure. Autonomous vehicle and electric vehicle startups (even those that have since gone public) are trying to cut costs in hopes of expanding their runway for capital. Aurora Innovation, for example, laid off about 3% of its workforce; electric vehicle company Polar Star confirmed to TechCrunch that it has also cut about 15% of its global workforce, flexible port It is reportedly looking to cut another 20% of jobs, and package delivery company Veho said it has laid off 19% of its corporate/exempt employee workforce.
Now, a few little birds tell us that canoo and Future Faraday (both electric vehicle startups that went public through mergers with special purpose acquisition companies) are cutting salaries or laying off employees. Faraday has confirmed that he has cut salaries and laid off employees without providing further details. Sources tell us Canoo is also laying off workers.
Do you have a suggestion for us? Email Kirsten Korosec at [email protected] or Sean O'Kane [email protected]. If you prefer to remain anonymous, Click here to contact uswhich includes SecureDrop (instructions here) and various encrypted messaging applications.
Offer of the week
At the TC climate table, journalist Harri Weber spoke with ArcTern Partner director Murray McCaig on its third (and recently closed) $335 million fund.
ArcTern plans to inject this capital into climate-focused startups that can generate super-fast returns. Specifically, the Toronto-based firm focuses on startups that use proven technology in new ways. And your bet? Decarbonize mobility. Although electric vehicle sales have slowed lately, McCaig sees this as a “small problem.”
The VC believes North America is about to reach a tipping point where EV adoption takes off like a rocket, as it has in Norway.
Other offers that caught my attention…
clear movement raised an additional $4 million, bringing its Series B round to approximately $43 million, according to a recent filing of Form D.
Corvus Energya fuel cell and energy storage systems company focused on marine, offshore and port applications, has secured an undisclosed investment from Woven Capital, Toyota's growth fund.
mountaina Copenhagen-based electric vehicle charging software startup, tech.eu/2024/01/23/copenhagen-based-startup-monta-raises-eur80m-to-boost-ev-ecosystem/” target=”_blank” rel=”noopener”>raised 80 million euros ($86.9 million) in the Series B financing round co-led by Energize Capital, GreenPoint Partners and the Danish state-backed Export and Investment Fund.
Power of Ziona lithium metal battery developer based in Tucson, Arizona, technology-for-electric-vehicles/” target=”_blank” rel=”noopener”>raised $75 million from battery maker LG Energy Solution, mathematician and investor Jim Simons' Euclidean Capital and former Google CEO Eric Schmidt's family office management company, Hillspire LLC.
Vroom is closing its online used car marketplace and moving all of its resources and capital into two business units focused on auto financing and ai-based analytics. As a result, around 800 employees, or 90% of its workforce, will lose their jobs.
Notable readings and other tidbits
autonomous vehicles
The internal review of Cruise and the October 2 event that led to the G.M. The subsidiary that lost its permits to operate robotaxis in California finally went down. The tl;dr through the report made by quinn emanuel: Cruise did not intentionally mislead regulators. So what went wrong at Cruise? Lack of judgment, leadership missteps, an “us versus them” relationship with regulators and an obsession with correcting the inaccurate media narrative that the Cruise AV, and not the human-driven Nissan, had caused by the accident were factors that contributed to the company's failure. issues.
Cruise also revealed that the Justice Department and the National stock market Commission They have also opened investigations into the company. Virtually every agency you can think of is investigating the incident, including the California Department of Motor Vehicles, the California Public Utilities Commission and the National Highway Traffic Safety Administration.
Finally, the 195-page document also included in its appendix a heavily redacted report by Exponent that analyzed the technical problems on October 2, specifically why the robotaxi initiated a stopping maneuver that then dragged the pedestrian who became trapped underneath. More to come on that front.
Electric vehicles, batteries and charging.
porsche closed two variants of the Macan EV, a long-delayed project that will test whether consumers still have the drive to opt for an electric vehicle that costs more than $78,000.
tesla The earnings season started with a bit of a bad smell. Yes, the company delivered a record 1.8 million electric vehicles in 2023, but profits suffered (especially when looking at its operating income) due to its price cuts that reduced margins, as well as higher research and development expenses. development and the cost of putting the Cybertruck into production. While solar deployments declined, energy storage was one of the most optimistic areas, with 125% year-over-year growth.
Software and other automotive technologies
Mercedes Benz accidentally exposed a trove of internal data after leaving a private key online that gave “unrestricted access” to the company's source code.
tesla plans to spend $500 million to build one of its supercomputers called “Dojo” at its factory in Buffalo, New York, the state's governor, Kathy Hochul, announced during a press conference on Friday, just days after the CEO Elon Musk described the project as a “long process.” shot.” Musk also made an interesting comment on social media that downplayed the investment and noted that the company would spend a lot more money on Nvidia hardware in 2024.
This week's wheels
Image credits: Ride1Up
This week's wheels come from TC editor Devin Coldewey, who recently purchased the Ride1up Series 700 electric bike.
I hesitated for a few months about purchasing a new electric bike, trying to find the right balance between the moped-style throttle and traditional pedal assist. In the end I stayed with him Ride1up 700 Series, which offered a kind of package (at Black Friday prices) that meant a minimum of complications for a maximum of usefulness. Mudguards, luggage rack, lights, everything included.
While assembly was a little tricky (don't try this if you haven't built a bike before), the final product is, now that I've put a few miles on it, pretty solid. Some of the ergonomics could be better and the custom luggage rack doesn't fit any of the saddlebags I wanted; However, the large, solid frame and oversized wheels are reassuring on the road and the throttle is excellent for navigating both the Seattle hills and Seattle drivers.
It's heavier (62 pounds), so I wouldn't carry it up any ladders or hang it from a regular bike hook. But it's already opening up a different “zone” in my mind for getting around the city: too far to walk comfortably, too close to justifiably drive, and too hilly to pedal. Turns out that's a lot of Seattle!
This definitely won't be my last electric bike, but I'm happy with it as my first. If I had it to do over again, I might have gone for the lighter LTD with its torque-sensing pedal assist, but oh well.
