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Am I the only one whose head is spinning from all the transfer news this week? As a reminder, it’s only Thursday morning. Let’s jump!
Wait, before I do that, one housekeeping item: We won’t have a newsletter next week due to the 4th of July holiday. See you July 11!
Little birds
A little bird reached out to tell us about it Sea trip 35 employees were recently laid off. Cruz confirmed the cuts and added some important context. They are described as routine role eliminations rather than layoffs – the latter usually undertaken for financial reasons. And yes, we know that this represents a small reduction (just 1% of their workforce) compared to the 24% round of layoffs at the end of last year. However, we are paying attention to everything that is going on at Cruz.
Separately, Cruz announced a staff reorganization that will bring the company’s safety functions under Chief Safety Officer Steve Keener and merge two teams (Customer Success and Remote Assistance). This reorganization is part of the company’s ongoing investment in safety, according to the company.
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Deals!
![Terminal money](https://techcrunch.com/wp-content/uploads/2019/10/money-the-station.png?w=680)
I’m going to put Rivian–Volkswagen Group A draw in the bucket of things I wouldn’t expect in 2024. It’s a huge deal, and a weird one at that.
Here’s what we know so far. The deal is supposed to give VW access to Rivian’s existing electrical architecture and software platform. Meanwhile, Rivian will get some nice cash from VW and manufacturing expertise that should help the electric car company reduce its costs.
This deal has the potential to bring $5 billion into Rivian’s coffers. But initially, the VW Group will invest $1 billion in Rivian via unsecured convertible notes that will be converted into Rivian common stock once specific regulatory approvals are obtained. This is expected to happen in the fourth quarter of this year. The VW Group will then buy another $1 billion of Rivian common stock in 2025 and 2026. The remaining $2 billion will go to the joint venture, divided between an initial investment and a loan in 2026.
This joint venture will be a 50-50 partnership with the co-CEOs, who will report to both Rivian and Volkswagen Group. Rivian will share its electrical engineering expertise with VW and is expected to license existing intellectual property to the joint venture.
There’s a lot to learn here, so stay tuned as we publish this story.
Other deals that caught my eye…
Ether fuelan e-fuel startup that produces fuel for aviation and marine shipping, has raised $30.4 million in a $34.3 million round, according to a public filing.
Bit sensora South Korea-based startup developing 4D imaging radar, has raised $25 million in a Series B round.
Fetcher, A startup founded in 2019 that provides the infrastructure for dynamic pricing systems used by airlines has raised $90 million in a Series B funding round led by Battery Ventures.
Jeterthe food delivery startup, will undergo a restructuring that includes Abu Dhabi wealth fund Mubadala Investment Company Investment of 250 million dollars The Financial Times reported that the company had acquired majority control of Turkish grocery operations.
SkycellA Swiss startup that has developed hardware and software to transport drugs has raised $116 million in a Series D funding round. SkyCell is now valued at $635 million, the company told TechCrunch.
Whisk Aero, a subsidiary of Boeing, has acquired Verocel, a software verification and validation company serving the aviation industry for 25 years. The terms were not disclosed.
Notable Readings and Other Stories
![](https://techcrunch.com/wp-content/uploads/2019/12/the-station-ride-hailing1.png?w=680)
Self-driving vehicles
If I were a betting woman, I might bet on that. Sea trip He will be back on the streets of San Francisco by the end of 2024. Why? Some developments have begun to point in this direction.
First, Cruz agreed to pay a $112,500 fine to California regulators for failing to provide complete information about an accident involving one of its robotaxis last year. As appointed Mark Whittena video game veteran who was most recently CTO of Unity, as its CEO.
Project 3 Mobilitythe Croatia-based autonomous vehicle startup Rimac GroupA new name was announced, Vern – As in Jules Verne’s novel – and some details about the project. Verne was founded by Matej Rimac and two close friends from the Rimac Group, Marko Pejković, who is now CEO of Verne, and Adriano Modri, Nevera designer and Chief Design Officer of Verne. The plan is to launch a two-seater autonomous electric vehicle designed for urban environments and equipped with Mobileye technology by 2026, starting in Zagreb, Croatia, where the Rimac Group is headquartered.
Uber for shipping And Aurora Innovation It announced a multi-year collaboration that will see Aurora’s self-driving technology offered on Uber Freight’s network through 2030. Read more to learn the ins and outs of this deal.
Waymo The company has removed the wait list for its robo-taxi service in San Francisco, giving anyone the ability to download the app and then instantly call one of its robo-taxis in San Francisco. Nearly 300,000 people have registered on the waiting list since last year.
Electric cars, charging and batteries
Bankruptcy Proceedings for Fisker It’s shaping up to be as eventful as the last year the EV company started. One of the most surprising admissions: Fisker was apparently facing “potential financial distress” as early as last August. For context, this is the same month that Fisker held a Product Visibility Day event to promote multiple new models in development, including a low-cost electric car and an electric pickup truck.
Meanwhile, a battle is raging over Fisker’s assets, with one lawyer claiming the startup has been liquidating assets “outside of court oversight.” The issue is the relationship between Fisker and its largest secured lender, Heights Capital Managementa subsidiary of financial services company Susquehanna International Group.
Software, applications and in-car technology
CDK, which makes customer management software for car dealerships and auto shops to handle their customers’ records and vehicles, is still sorting out the damage from successive cyberattacks. This problem caused major damage to 15,000 car dealerships and auto stores across the United States that depend on the company’s software. The company says it will take “several days” to resolve the issue.
Stellantis Amnesty International President Berta Rodriguez Hervás has left the automaker, Automotive News reported.
Wheels this week
![Bugatti Tourbillon Master](https://techcrunch.com/wp-content/uploads/2024/06/bugatti-tourbillon-main.jpg?w=680)
I didn’t get a chance to drive this particular car, but wow, I have to share what I saw up close. I’m talking about Bugatti Tourbillonthe successor to the Bugatti Chiron and the first vehicle to be introduced since its merger with Rimac.
The Bugatti Tourbillon is special for many reasons – and not just because of the base price of €3.8 million or that only 250 examples will be made. I would argue that this Bugatti watch embodies what luxury might look like in the future digital age.
There are no giant screens inside, a modern detail that seems to have become a standard requirement in every new car these days. Instead, the cornerstone of the comfortable interior is the instrument cluster, which was designed and built with the help of Swiss watchmakers. The instrument cluster, which has more than 600 parts and includes precious stones such as sapphires and rubies, is held in place while the steering wheel rotates around it.
![](https://techcrunch.com/wp-content/uploads/2024/06/bugatti-tourbillon-watch.jpg?w=680)
Then there is the payment system. Bugatti It ditched its popular quad-turbo 8.0 W16 engine and instead created a naturally aspirated V16 and an electric powertrain with three electric motors. The car has a 25 kWh battery that provides a range of about 60 to 70 kilometers (37 to 43 miles). “The electric range is perfectly adequate if you need it, especially to make the car future proof, in case in some areas you can’t run with a combustion engine at all,” noted Rimac Group founder and CEO Mate Rimac.
So forget screens and apps. You won’t find them here. Instead, innovation and technology look more like art.