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Welcome back to TechCrunch Mobility — the same weekly newsletter you’ve been reading, but with a new name and a few changes.
And as I mentioned last week, this continues to be your central hub for news and ideas about the future of transportation! Read this week about how to do it Mercedes He accidentally exposed its source code, which is the latest in Cruze-GM long story, Tesla EV sales warning and more.
Let’s go!
Little birds
Economic headwinds may be easing slightly, but companies are still under pressure. Autonomous vehicle and electric vehicle startups — even those that have since gone public — are trying to cut costs in hopes of stretching their capital. Aurora InnovationFor example, it laid off about 3% of its workforce; EV company Pole Star It has also cut about 15% of its global workforce, she confirmed to TechCrunch. Flexport It is reportedly looking to cut another 20% of jobs, and parcel delivery company Veho said it has laid off 19% of its headcount/exempt employees.
Now, some little birds are telling us so Kano And Faraday future Both electric vehicle startups that went public through mergers with SPACs are either cutting salaries or furloughing employees. Faraday confirmed that it had reduced salaries and furloughed employees, without providing further details. Sources tell us Canoo is also furloughing workers.
Got a tip for us? e-mail Kirsten Korosek At kirsten.korosec@techcrunch.com or Sean O’Kane sean.okane@techcrunch.com. If you prefer to remain anonymous, Click here to contact uswhich includes SecureDrop (Instructions here) and many encrypted messaging applications.
Deal of the week
At TC’s climate desk, reporter Harry Weber spoke arctern Managing partner Murray McCaig Its third fund (which recently closed) was worth $335 million.
ArcTern plans to pump this capital into climate-focused startups that can deliver very quick returns. Specifically, the Toronto-based company focuses on startups that use proven technology in new ways. And his bet? Decarbonizing mobility. Although electric car sales have slowed recently, McCaig sees this as just a “small blip.”
The venture capital fund believes North America is about to reach a tipping point where electric vehicle adoption takes off like a rocket, as it has in Norway.
Other deals that caught my attention…
Clear movement It raised an additional $4 million, bringing its Series B round to about $43 million, according to A Submit the final Form D.
Corvus energyToyota, an energy storage and fuel cell systems company focused on marine, offshore and port applications, has received an undisclosed investment from Woven Capital, Toyota’s growth fund.
Montaan electric vehicle charging software startup based in Copenhagen, It raised 80 million euros ($86.9 million) in a Series B funding round co-led by Energize Capital, GreenPoint Partners, and the state-backed Export and Investment Fund of Denmark.
Sion powera lithium metal battery developer based in Tucson, Arizona, It raised $75 million From battery manufacturer LG Energy Solution, mathematician and investor Jim Simons’ Euclidean Capital, and former Google CEO Eric Schmidt’s family office management firm Hillspire LLC.
From It is shutting down its online used car market and shifting all of its resources and capital to two business units focused on auto financing and AI-enabled analytics. About 800 employees, or 90% of its workforce, will lose their jobs as a result.
Notable Readings and Other Stories
Self-driving vehicles
Internal audit of Sea trip And the October 2 event that led to GM The subsidiary has lost its permits to operate robotaxis in California. tl;dr via the report he conducted Quinn Emanuel:Cruz did not intentionally mislead organizers. So what went wrong with Cruz? The lack of judgement, mistakes made by the leadership, the “us versus them” relationship with regulators and the focus on correcting the inaccurate media narrative that the Cruise AV, not the human-driven Nissan, caused the accident all contributed to the company’s rise. problems.
Cruz also revealed that Ministry of Justice And the Securities and Exchange Commission Investigations were also opened against the company. Pretty much every agency you can think of is now investigating the crash, including the California Department of Motor Vehicles, the California Public Utilities Commission, and the National Highway Traffic Safety Administration.
Finally, the 195-page also included in its appendix a heavily redacted report by Exponent that looked into the technical issues on October 2, specifically why the robot maneuvered the vest which then pulled out the pedestrian who was trapped underneath. More to come on this front.
Electric vehicles, batteries and charging
Porsche The Japanese automaker has unveiled two variants of the Macan EV, a long-awaited project that will test whether consumers still have the desire to buy an electric car that costs more than $78,000.
Tesla Earnings season has started with a bit of a bad smell. Yes, the company delivered a record 1.8 million electric vehicles in 2023, but profits suffered (especially when considering its operating income) due to price cuts that squeezed margins as well as higher R&D expenses and the cost of getting the Cybertruck into production. While solar deployment declined, energy storage was one of the most optimistic areas, growing by 125% year-on-year.
Software and other in-car technology
Mercedes Benz She accidentally exposed a trove of internal data after leaving a private key online that granted “unrestricted access” to the company’s source code
Tesla It plans to spend $500 million to build one of its so-called “Dojo” supercomputers at its factory in Buffalo, New York, Gov. Kathy Hochul announced during a news conference on Friday, just days after CEO Elon Musk described the project as “long-term.” Shot.” Musk also made an interesting comment on social media that downplayed the investment, noting that the company will spend more money on Nvidia hardware in 2024.
Wheels this week
This week’s wheels come from TC editor Devin Coldewey who recently purchased the Ride1up 700 Series e-bike.
I hesitated for a few months when purchasing a new e-bike, trying to find the right balance between motorcycle-style throttle and traditional pedal assist. In the end I went with Raid 1UP 700 series, which offered a sort of package deal (at a Black Friday price) that meant minimal fuss for maximum benefit. Fenders, rack, lights, all in the deal.
Although the assembly process was a bit complicated (don’t try if you’ve never put a bike together before), the finished product – now that I’ve put some miles on it – is very sturdy. Some of the amenities could be better and the custom rack didn’t fit any of the baskets I wanted; However, the large steel frame and oversized wheels are reassuring on the road, and the throttle is excellent for navigating hills and Seattle drivers.
It’s on the heavier side – 62 pounds – so I wouldn’t be taking it up any stairs or hanging it on a regular bike hook. But it does open up a different “area” in my mind for getting around the city: too remote to easily walk, too close to justifiably drive, and too hilly to pedal. Turns out that’s a lot of Seattle!
This certainly won’t be my last e-bike, but I’m happy with it as my first. If I had to do it over again, I’d probably go for the lighter LTD model with torque-sensing pedal assist, but hey.