Welcome again to Prime Time News24 Mobility — your central hub for information and insights on the way forward for transportation.
Earlier than I bounce into the all Prime Time News24 — and boy there was lots! — I’ve an essential replace for all of you pretty readers. Prime Time News24 Mobility is shifting to Thursdays! It will likely be the identical publication crammed with information and insights on the sector, however simply touchdown in your inboxes Thursday morning. Enroll right here at no cost — simply click on Prime Time News24 Mobility!
EV startup Fisker laid off extra staff to “protect money” as chapter inches ever nearer; ride-hailing firm Ola minimize about 180 jobs and ousted its chief government, Hemant Bakshi, merely 4 months after appointing him to the submit; and lidar firm Luminar slashed its 700-person workforce by 20% as a part of a restructuring to undertake an “asset mild” enterprise mannequin.
Oh, after which there was Tesla CEO Elon Musk, who axed the automaker’s international Supercharger community crew. That perplexing choice comes simply as non-Tesla EV drivers achieve entry to the community.
That’s to not say all the transportation sector was surrounded by financial storm clouds. There have been brighter moments as effectively. Let’s go test it out!
Somewhat chook
Within the fallout from Tesla’s nice Supercharger culling, we’ve spoken to a number of little birds, together with those that had been laid off and people working at different automakers. As I discussed above, Elon Musk gutted Tesla’s international Supercharger group of about 500 individuals. Insiders at a number of completely different automakers — all of that are adopting Tesla’s charging tech — mentioned they didn’t see this coming. “Shocked” and “shocked” had been the most typical phrases I heard.
On the worker entrance, there was a scarcity of communication from human assets within the hours instantly following the mass layoff. Some informed me they and their fellow former co-workers had not obtained details about severance and that communication had stopped altogether. Just a few of these people had obtained severance emails by Friday. All the individuals I communicated with had been nonetheless struggling to grasp why Musk would minimize the Supercharger crew — a corporation that’s basic to Tesla and its EV gross sales. Others surmised solely Elon and perhaps the previous head of the Supercharger crew, Rebecca Tinucci, would ever know the reply.
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Offers!
It’s been a minute since we heard of an autonomous automobile startup elevating a considerable amount of cash — or heck any cash in any respect. That each one modified this week when Motional scored a necessary multi-million-dollar win, courtesy of Hyundai.
Hyundai’s complete dedication is $1 billion, however there are essential particulars. Right here’s the way it breaks down. Hyundai invested $475 million instantly into Motional as a part of a broader deal that features shopping for out three way partnership accomplice Aptiv. Hyundai is spending one other $448 million to purchase 11% of Aptiv’s frequent fairness curiosity in Motional.
The short backstory: Motional was fashioned in 2019 as a $4 billion three way partnership between Hyundai and Aptiv. Motional has spent the previous a number of years plugging away at its autonomous automobile tech, working towards a objective of launching a robotaxi service utilizing driverless Hyundai Ioniq 5 automobiles in 2024. As Motional and Hyundai acquired nearer — the businesses introduced plans in November to co-develop production-ready variations of the all-electric Ioniq 5 robotaxi — it appears Aptiv started to grasp its personal monetary limitations. By January, Aptiv chairman and CEO Kevin Clark flagged that the corporate would cut back its possession curiosity in Motional and cease allocating capital to the enterprise because of the excessive price of commercializing a robotaxi enterprise and the lengthy highway forward to earnings.
The choice, whereas not significantly stunning to the trade insiders I spoke to, nonetheless put Motional and Hyundai in a sticky spot. Would Hyundai step up? Would outdoors traders step in? Hyundai answered the decision.
My query is will Motional, with the blessing of Hyundai, search out different traders? That can all come all the way down to how a lot capital Motional is burning by way of and whether or not it continues to chase the identical robotaxi targets. If that’s the case, it appears the corporate will finally want extra capital.
Different offers that acquired my consideration …
LiNova Power, a California-based startup growing polymer cathode batteries, raised $15.8 million in a Sequence A funding spherical led by Catalus Capital, which was joined by Saft, a subsidiary of TotalEnergies, Chevron Know-how Ventures and a syndicate of traders.
Rivian was awarded an eye-popping $827 million incentives package deal from the state of Illinois, funds that can be used to construct out manufacturing traces for its next-generation EV, the R2.
Viking Holdings, the luxurious cruise operator backed by personal fairness agency TPG and the Canada Pension Plan Funding Board, raised $1.54 billion in its IPO.
X Shore, a Swedish electrical boat maker based in 2016, raised €8.5 million in new funding from a number of unnamed present backers, together with founder Konrad Bergström.
Notable reads and different tidbits
ADAS
The Nationwide Freeway Site visitors Security Administration opened an investigation into Ford’s hands-free driver-assistance system, BlueCruise, after it was discovered to be energetic throughout two latest crashes that killed a number of individuals.
The NHTSA made one other large transfer within the sector and finalized a brand new Federal Motor Car Security Commonplace that can make automated emergency braking, together with the flexibility to detect and robotically brake for pedestrians, normal on all passenger vehicles and light-weight vans by September 2029. The company mentioned the security normal is predicted to considerably scale back rear-end and pedestrian crashes. Now, the NHTSA isn’t choosing the know-how automakers have to make use of. Various pc imaginative and prescient and lidar corporations have reached out to me to notice the way it could possibly be useful to their enterprise fashions.
Autonomous automobiles
TC contributor Tim Stevens takes us behind the scenes of the primary Autonomous Racing League occasion in Abu Dhabi that pitted a self-driving automotive in opposition to a Method 1 driver. His take? Sure, there have been struggles; he additionally noticed lots of progress.
Electrical automobiles, charging & batteries
Bear in mind final yr when Henrik Fisker proudly debuted two prototypes designed to catapult his eponymous EV startup into the mainstream? TC reporter Sean O’Kane discovered the engineering agency that helped develop these automobiles is suing Fisker for $13 million in damages. Learn extra to find out about this lawsuit, plus a number of others.
This week’s wheels
Picture Credit: Emme Corridor
I turned the wheel over to TC contributor Emme Corridor this week for a check drive of the brand new all-electric Acura ZDX Sort S. You’ll be able to learn all the overview right here, plus I recommend you watch her video of the hands-free superior driver-assistance system within the automobile. For many who need a sneak peek earlier than committing to the longer learn, right here’s the gist.
Corridor anticipated pleasure and delight. As a substitute, it was extra meh. Right here’s one of many whys. The Sort S weighs over 6,000 kilos. Even when the load is evenly distributed entrance to rear, that’s lots of heft to get round a flip. She preferred the hefty steering, however there wasn’t a lot suggestions taking place.
“The torque is all the time there on nook exit and physique roll is stored in test, but I’m not feeling the delight,” she wrote, including that the 275/40 Continental Premium Contact 6 summer season tires on the Sort S supplied up loads of grip, however the low-profile sidewall mixed with the tougher run-flat rubber compound meant that the experience was only a contact harsh.
Corridor’s pursuit of an all-electric SUV that’s enjoyable by way of the twisties continues.
