Welcome back to the world of transportation! This week has been a whirlwind of news that covers various aspects of the industry. From tariffs on Chinese EVs to an ongoing Tesla strike in Sweden, there’s plenty to catch up on. So, let’s dive in!
Autonomous Vehicle Updates
First, let’s talk about some updates in the autonomous vehicle space. Remember Roborace, the autonomous vehicle racing series that never took off? Well, it seems like it won’t be making a comeback anytime soon. The roborace.com domain is up for sale, signaling the end of any revival attempts. On the other hand, there have been some changes at Motional, an autonomous vehicle startup. The company recently received a $475 million investment from Hyundai but had to make some tough decisions as a result. More than 550 employees, around 40% of its workforce, have been laid off, impacting various departments within the company.
Exciting Deals
Despite the trade war with China and potential softening of EV demand, Zeekr Intelligent Technology Holding, a Chinese EV brand under Geely Holdings, managed to raise $441 million through an IPO on the New York Stock Exchange. The company sold 21 million shares at $21 per share. This successful IPO gives Zeekr the capital it needs to expand outside of China in 2024. It’s worth noting that President Joe Biden has plans to increase tariffs on Chinese EV imports from 25% to 100% in 2024, so Zeekr’s stability in the market is impressive.
In other news, Kyle Vogt, the founder of Cruise, has started a new VC-backed robotics startup called the Bot Company. Despite the controversy surrounding Vogt’s departure from Cruise after a pedestrian accident involving one of the company’s robotaxis, investors are still backing his new venture. Vogt raised $150 million for the Bot Company from prominent figures in the tech industry.
Additionally, Li Industries, a lithium-ion battery recycling startup, raised $36 million in a Series B funding round. The funding was co-led by Bosch Ventures, Khosla Ventures, and LG Tech Ventures, among others. This investment will further support Li Industries’ mission of sustainable battery recycling.
Notable Updates
In the autonomous vehicle space, Cruise has reportedly reached a settlement with the pedestrian who was hit by one of its robotaxis. The settlement is estimated to be between $8 million and $12 million. Cruise is also ramping up its robotaxi testing in Phoenix with “supervised” autonomous driving. However, Waymo’s autonomous vehicle software is under investigation after federal regulators received reports of crashes and potential traffic safety violations.
Moving on to electric vehicles, the U.S. National Highway Traffic Safety Administration has opened a fourth investigation into the Fisker Ocean SUV. This investigation focuses on multiple claims of “inadvertent Automatic Emergency Braking.” As for Tesla, the company is still undergoing job cuts. CEO Elon Musk previously announced layoffs of over 10% of the workforce, but reports suggest that the cuts have exceeded that initial target. In California alone, 601 workers have been affected.
Now, let’s talk about some new wheels on the market. The 2024 Mercedes-Benz eSprinter is an all-electric cargo van with impressive features. It boasts a range of 273 miles, surpassing the Ford E-transit van’s range of 159 miles. The interior is designed with functionality in mind, and the infotainment system provides essential information for commercial drivers. The eSprinter also has EV-specific features, such as a navigation setting that calculates optimized routes with charging stops based on real-time traffic and topography.
One notable feature of the eSprinter is its regenerative braking system, which offers five selectable recuperation levels. The “D Auto” setting automatically applies the brakes based on the traffic situation, but it may take some getting used to. While it provides convenience, it can occasionally hit the brakes unexpectedly if a vehicle enters your lane from a distance.
In conclusion, the world of transportation has seen significant developments this week. From changes in the autonomous vehicle industry to EV investments and new vehicle releases, there’s plenty to keep up with. Stay tuned for more exciting updates in the future!