Welcome to FLD Magazine, your go-to source for all things related to startups, entrepreneurship, emerging technologies, and global business trends. In this week’s edition of The Station, we’ll be discussing the latest news and updates in the transportation industry.
First up, we have Tesla Investor Day. There was a lot of speculation leading up to the event, but unfortunately, there weren’t many specifics on how the company plans to achieve its goal of shifting towards renewable energy. While there were no new details on Tesla’s next-generation EV or its upcoming factory in Mexico, the company did confirm that it is building a lithium refinery in Corpus Christi. Despite the lack of big product announcements, Tesla remains committed to being a driver of the global shift towards renewable energy.
In other news, Aventon has launched its new electric scooter, the Aventon Pace 500. With a top speed of 28 mph and a range of up to 50 miles, this scooter is perfect for short commutes and urban travel. It’s also affordable, with a price tag of just $1,399.
Finally, we have some exciting news for our readers in Austin. Our team will be attending SXSW, and we’ll be on stage on March 14 and March 15. Be sure to check out the SXSW schedule to find out where you can find us.
That’s all for this week’s edition of The Station. As always, if you have any tips or news to share, feel free to drop us a line at [email protected]. And if you prefer to remain anonymous, you can use our SecureDrop instructions here. Thanks for reading, and we’ll see you next week!FLD Magazine is excited to report on the latest developments in the world of electric bikes and mopeds. Aventon has just released its first cargo e-bike, the Abound, which boasts a payload capacity of 440 pounds, a top speed of 20 miles per hour, a 750w motor, and a range of up to 50 miles. Meanwhile, Cake has launched a B2B subscription service called Cake Subscribe, which provides businesses with everything from vehicles to servicing and insurance for a monthly payment and no money down.
In Delhi, the government has announced that it will only permit electric motorbike taxis, which has caused concern for over 100,000 drivers in the city who rely on services like Uber and Ola. France has proposed a bill that would require owners of e-bikes and e-scooters to register their vehicles, while HumanForest has partnered with Uber Eats to provide couriers with discounted rates on shared e-bikes and e-mopeds.
Indonesia is set to introduce a $460+ two-wheeler EV incentive in March, and Mosa has completed its first public trial in the UK of its smart parking infrastructure to help fight bicycle theft. Ola is investing $920 million in battery and EV production in India’s state of Tamil Nadu, while Rad Power Bikes has launched its next-gen Rad Runner 3 Plus with an extended payload capacity of 350 pounds and a suite of new cargo accessories.
Finally, Yulu and Bajaj Auto are working together to produce a new electric moped for sharing. Stay tuned for more exciting developments in the world of electric bikes and mopeds.
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Ride-hailing companies are still struggling to turn a profit, despite years of growth and billions of dollars in investment. Meanwhile, autonomous vehicle company Aurora is going public through a SPAC deal, and ride-sharing company Via is making its public debut. These are just a few of the notable news and tidbits in the transportation industry this week.
Ride-hailing companies still struggling to turn a profit
Despite years of growth and billions of dollars in investment, ride-hailing companies like Uber and Lyft are still struggling to turn a profit. According to a recent report from The Information, Uber and Lyft lost a combined $12 billion in 2020. The report cites high driver incentives, regulatory challenges, and the COVID-19 pandemic as some of the reasons for the continued losses.
However, some companies are finding success in niche markets. For example, Via, a ride-sharing company that focuses on shared rides and public transportation partnerships, is set to go public through a SPAC deal that values the company at $3.3 billion. Via has partnerships with cities around the world, including New York, Chicago, and London, and has seen success in providing transportation solutions for underserved communities.
Aurora to go public through SPAC deal
Aurora, an autonomous vehicle company that has partnerships with companies like Toyota and Uber, is set to go public through a SPAC deal that values the company at $13 billion. The deal includes a $2.5 billion private investment in public equity (PIPE) from investors like Baillie Gifford and Fidelity. Aurora plans to use the funds to continue developing its autonomous driving technology and expand its partnerships with automakers and logistics companies.
Other notable news and tidbits
In other transportation news, German e-cargo bike rental service Avocargo has filed for insolvency, and German moped manufacturer Kumpan Electric has filed for bankruptcy. Chinese automated driving developer iMotion Automotive Technology Suzhou Co is considering a Hong Kong IPO that could raise $200 million to $300 million, and private aviation booking and membership platform Jet Token plans to go public through a merger with special purpose acquisition company Oxbridge Acquisition Corp.
Lithium-ion battery recycler Li-Cycle Holdings has been conditionally approved for a $375 million loan from the U.S. Department of Energy, and vertical takeoff and landing (VTOL) aircraft manufacturer PteroDynamics has raised $7.5 million in a seed round co-led by existing backer Kairos Ventures and new investors Lavrock Ventures and CS Venture Opportunities Fund. Finally, Stellantis has agreed to sell its distribution business in Turkey for €400 million euros ($425 million) to its local partner.
That’s it for this week’s transportation news roundup. Check back next week for more updates and insights from FLD Magazine.
FLD Magazine: Latest News in Autonomous Vehicles and EVs
As the world moves towards a future of autonomous vehicles and electric cars, the latest news in the industry is always worth keeping an eye on. Here are some of the most recent developments in the world of AVs and EVs.
Ford has created a new subsidiary called Latitude AI, which will work on improving Ford’s existing advanced driver-assistance system known as BlueCruise and developing new automated driving technology for its next-generation of vehicles. The 550-person subsidiary is primarily former Argo employees. This move comes after Ford took a $2.7 billion writedown on Argo.
Aurora and Waymo, two companies attempting to commercialize autonomous trucks, want a five-year exemption from Federal Motor Carrier Safety Administration regulations that require reflective triangles to be placed around a vehicle if it pulls onto a highway shoulder. The companies want to instead use beacons mounted to the trucks.
Waymo has issued a second round of layoffs this year, letting go of 8%, or 209 employees, of its workforce. Meanwhile, the company said it will begin testing its autonomous Jaguar I-Paces without a human safety operator in Los Angeles in the next couple of weeks.
Embark Trucks is in trouble. The company is cutting 70% of its workforce (about 230 employees) and shutting down two offices. CEO Alex Rodrigues noted in an email to employees that the remaining 30% of workers will focus on winding down operations.
Blink Charging had a mixed Q4 and full-year earnings report. Revenue beat analysts’ expectations by 5.2% with $61.1 million for Q4, but the company missed EPS estimates by 4.3%. Blink reported a net loss of $91.6 million. Shares were down for the company as investors worry that Blink has less than one year of cash runway. The company is unprofitable and doesn’t expect to reach that milestone in the next three years.
Innoviz reported $6 million in revenue for 2022, about an 11% increase from 2021. The company, which says its program with Volkswagen is still on track, did see its net losses shrink year over year. Innoviz reported a net loss of $126.8 million in 2022, down 17% from the $153.5 million in losses from the prior year.
Rivian generated $663 million in revenue in the fourth quarter and $1.66 billion for the full year, a result that was buoyed by an uptick in production and deliveries towards the end of the year but still wasn’t enough to meet Wall Street’s expectations. Rivian also said it would increase production in 2023 to 50,000 vehicles, a figure that was lower than expected. Shares fell on the trio of suboptimal news.
Stay tuned for more updates on the latest news in autonomous vehicles and EVs from FLD Magazine.FLD Magazine: Your Source for the Latest News on Startups, Emerging Technologies, and Global Business Trends
In the world of electric vehicles, batteries, and charging, Ford is set to restart production of the Ford F-150 Lightning on March 13. Meanwhile, Redwood Materials has recovered over 1,200 end-of-life battery packs, totaling about half a million pounds of material, through its EV battery recycling program in California. The company is already producing battery materials, anode, and cathode that can be returned directly to U.S. battery cell manufacturers. Scout, the EV upstart spun out of VW Group, has picked South Carolina for its $2 billion factory and plans to bring two rugged EVs, a truck and SUV, to market by 2026.
In the gig economy, Chick-fil-A has opened a break room in NYC for delivery workers to rest, warm up, charge their phones, and have a snack in between deliveries. Zomato is also building out a series of Rest Points for gig workers to relax between deliveries in India. Uber has rolled out updates to its Shop and Pay feature to address out of stock items, digital payments, and order clarity before accepting a trip. The company is also coming for Instacart.
In-car tech is also making waves, with Cariad launching a group application store that will bring dozens of apps, including Spotify, Amazon Music, TikTok, and gaming hubs Vector Unit and FRVR, to Audi and eventually other brands under the VW Group. Ford has also applied for a patent on a system that would use connected car tech to help repossess vehicles.
Stay up-to-date with the latest news and trends in startups, emerging technologies, and global business by visiting FLD Magazine. Our team of expert writers and contributors cover everything from industry news to in-depth analysis and insights. With our smart and viral SEO articles, you can be sure that you’re getting the most relevant and engaging content possible. So why wait? Visit FLD Magazine today and start exploring the world of startups and emerging technologies!Luminar Provides Business Update with Q4 and Full Year 2022 Financials
Luminar, the lidar technology company, recently held its investor day and shared some exciting updates. The company acquired lidar-related IP from Seagate and launched a semiconductor company called LSI. Luminar also unveiled its next-gen Iris lidar and software, which will be integrated into Mercedes vehicles by mid-decade.
In addition, Luminar has hired Swiss Re to evaluate the safety claims of its technology and will develop an insurance product based on those findings. This move shows Luminar’s commitment to ensuring the safety of its products and building trust with its customers.
Meanwhile, Tesla has paused the rollout of its Full Self-Driving beta software in the United States and Canada following a recall of the system. Federal safety regulators warned that the system could allow vehicles to act unsafely around intersections and cause crashes.
Overall, Luminar’s updates demonstrate its continued innovation and dedication to advancing the field of lidar technology. As the industry continues to evolve, it will be exciting to see what new developments Luminar and other companies will bring to the table. Stay tuned for more updates in the future.
On October 17, 2020, the AV (autonomous vehicle) company Starsky Robotics announced that it would be shutting down, becoming the latest in a series of AV companies that have failed to deliver on their promises. The company had raised $20 million in funding and had aimed to revolutionize the trucking industry, but was eventually unable to meet its own deadlines and struggled to secure additional funding.
In contrast, the electric vehicle company Scout Motors has found a new home with the acquisition of Triton Electric Vehicles, a move that will allow Scout to expand its operations and access new markets. The company plans to launch its first production vehicle, the Scout Cart, later this year and is optimistic about its future in the EV (electric vehicle) market.
Meanwhile, Tesla’s Investor Day on October 22, 2020, failed to impress investors. Despite CEO Elon Musk’s promises of groundbreaking new technology and a “compelling vision” for the company’s future, many investors were underwhelmed by the lack of concrete details and the general lack of clarity around Tesla’s plans.
The mixed fortunes of these companies reflect the broader challenges faced by the AV and EV industries. Both sectors are still in their early stages and face significant technological, regulatory, and financial hurdles that must be overcome before they can truly transform the transportation industry.
Despite the challenges, many investors remain optimistic about the future of AV and EV technology. Both sectors are expected to grow rapidly over the next decade, as governments around the world seek to reduce carbon emissions and improve the efficiency of transportation systems.
For companies like Scout Motors, the key to success will be to stay agile and responsive to changing market conditions. As new players enter the market and technology advances, they will need to constantly adapt and innovate in order to stay ahead of the competition.
For Tesla, the challenge will be to continue to deliver on its promises and to maintain its position as a leader in the EV market. Tesla has revolutionized the industry with its innovative designs and cutting-edge technology, but as competition heats up, it will need to work harder than ever to maintain its edge.
Overall, the future of AV and EV technology is bright, but success will depend on the ability of companies to navigate the challenges ahead and deliver on their promises to investors and consumers alike.