Welcome back to TechCrunch Mobility! In this edition, we’ll be discussing the recent Tesla earnings, the company’s plans for future electric vehicles, and some other updates in the mobility industry. Let’s dive in.
Tesla recently released its earnings report, and it’s safe to say that there were a lot of high expectations for the company. While Tesla has been profitable since 2020, it is now facing challenges in maintaining its bottom line. Profits fell by 55% year over year, and the company is also dealing with an aging portfolio of high-volume vehicles.
To address these challenges, Tesla CEO Elon Musk needs to generate new sources of revenue. The company can’t afford to wait two years or more to launch a new platform for a sub-$25,000 electric vehicle (EV). So, Musk has tweaked his plan. During the earnings call, he presented a vague plan to launch multiple cheaper EVs in 2025 or possibly even late 2024.
Musk understands the importance of being a forward thinker and innovator in the market. Even if his plans don’t always come to fruition, he knows that the market rewards him for his visionary approach. So, he also made promises regarding automated driving capability and a robotaxi service. This isn’t the first time he has talked about these ideas, but shareholders responded positively nonetheless.
In other news, the Chief Technology Officer of Valeo, Geoffrey Bouquot, is leaving the company after eight years. Valeo is a French car parts supplier that has been making significant strides in the EV and automated driving space. However, the company experienced lower sales in the first quarter, partially due to a decline in high-voltage electrification system sales. To adapt, Valeo is now focusing more on hybrid systems to meet automakers’ needs.
Now, let’s take a look at some recent deals in the industry.
Chemix, a company using AI to accelerate the development of next-gen EV batteries, raised $20 million in a Series A funding round. The funding was led by Ibex Investors, with participation from Mayfield Fund, Berkeley SkyDeck, and other strategic investors.
LanzaJet, a sustainable fuels technology company and fuels producer, received an investment from Microsoft’s Climate Innovation Fund. The exact amount was not disclosed, but Axios Pro reported that LanzaJet is raising $100 million and expects to close the funding round this quarter.
Outpost, a startup that manages a network of semi-truck parking facilities, raised $12.5 million in a Series A funding round. The funding was led by GreenPoint Partners, with backing from Speedwagon Capital Partners.
Radical, a startup developing solar-powered, high-altitude autonomous aircraft, raised $4.5 million in a seed round. The funding was led by Scout Ventures, with additional support from Inflection Mercury Fund, Y Combinator, and other investors.
Solera, an automotive data and software-as-a-service company, is reportedly considering an initial public offering (IPO). The IPO could raise more than $1 billion, according to Bloomberg.
Stark Future, a Spanish startup that produces off-road electric motorcycles, raised €25 million from Big Bets. The funding will be used to expand the production capacity for its Stark VARG electric off-road motorcycle.
Moving on to some notable reads and tidbits from the industry.
The National Highway Traffic Safety Administration (NHTSA) recently closed its investigation into Tesla’s Autopilot driver-assistance system. The agency reviewed hundreds of crashes involving the system and concluded that Tesla’s driver engagement system was “weak” and not suitable for Autopilot’s operating capabilities.
TC reporter Rebecca Bellan has been keeping track of legislative activity related to autonomous vehicles (AVs) in California. Check out her latest report on four bills being considered by the state legislature and how they could impact cities.
In the electric vehicle (EV) space, Faraday Future is facing challenges as its share price remains low. The company may be delisted from the Nasdaq Capital Market if its share price doesn’t improve.
Mercedes provided a closer look at its upcoming all-electric G-Class vehicle. The company showcased the vehicle’s design and features, highlighting how it compares to the gas-powered version.
Rivian, an EV manufacturer, is offering discounts of up to $5,000 and a year of free charging to customers who trade in eligible gas-powered trucks and SUVs. This move reveals Rivian’s target market and its strategy to attract customers.
In the future of flight sector, Amazon ended its drone delivery operations in Lockeford, California. This comes after the company’s second U.S. drone delivery site in College Station, Texas.
Joby Aviation, a California-based company developing electric aircraft, signed an agreement with three Abu Dhabi government departments to establish an electric air taxi service ecosystem.
Zipline, an autonomous delivery drone company, achieved a major milestone by completing its millionth delivery. One of Zipline’s autonomous drones delivered two bags of IV fluid from its distribution center in Ghana to a local health facility.
In the in-car tech space, Elektrobit, an automotive electronics supplier, announced EB corbos Linux for Safety Applications. This open source-based automotive operating system has been certified for automotive safety compliance and is an important development for software-defined vehicles.
Lastly, let’s take a closer look at the 2024 Lexus LC 500h. While it’s not an EV, the hybrid vehicle is still an interesting addition to the Lexus brand. It comes with a 3.5L, six-cylinder hybrid engine and a multistage transmission, giving drivers a sportier experience. Overall, the Lexus LC 500h offers a unique driving experience and showcases the brand’s commitment to both performance and sustainability.
That’s a wrap for this edition of TechCrunch Mobility. We hope you found these insights and updates valuable. Stay tuned for more news and discussions on the future of transportation!
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