Introducing The Station, a weekly newsletter dedicated to the world of transportation. Sign up now to receive the newsletter every weekend directly in your inbox for free. Welcome back to The Station, your go-to source for all things related to moving people and packages from Point A to Point B. This week has been full of exciting developments, from automakers’ profits and Tesla’s range inflation drama to Waymo’s decision to pause autonomous driving and Cruise’s expansion into another city. By the way, you can also find me on the TechCrunch equity podcast, where I’ll be making regular appearances. If you have any tips, comments, or complaints, feel free to email Kirsten at kirsten.korosec@techcrunch.com. And don’t forget, you can always leave us a note at tips@techcrunch.com. If you prefer to remain anonymous, you can contact us securely using SecureDrop (instructions here) or encrypted messaging apps. Now, let’s dive into this week’s news.
Micromobbin’
Besides the news about Lyft considering selling its electric bike division, what else is there to talk about? Lyft recently stated in a blog post that it has received strong interest in its bike and scooter business and is exploring various options to serve more riders in more cities. However, this announcement contradicts what CEO David Risher previously mentioned in interviews, where he expressed support for electric bikes and stated that Lyft planned to focus on its core ride-sharing business. Some have speculated that this may signal the end of shared micromobility, but I’m not so sure. What do you think?
Deal of the Week
Instead of highlighting a specific deal, I want to draw your attention to a trend that has emerged in recent deals. Have you noticed the focus on EV charging and software? It seems to be a common theme. Some notable deals this week include:
– AmpliFleet, an electric vehicle fleet management software startup, raised $10 million in a Series A financing round.
– EV.energy, a UK-based electric vehicle charging software startup, raised $33 million in a Series B round.
– Flipturn, a startup that developed software for managing EV truck fleets, raised $4.5 million in a seed round.
– Voltage Pole, a New York City-based startup that developed hardware for turning utility poles into EV charging points, raised $3.6 million in an initial round.
Notable Readings and Other Tidbits
– Cruise, an autonomous vehicle company, is expanding its testing to new cities, including Atlanta.
– Rafaela Vasquez, the security driver involved in the 2018 Uber autonomous vehicle accident, pleaded guilty to negligent homicide and was sentenced to three years of supervised probation.
– Waymo is shifting its focus from autonomous trucks to carpooling, with limited testing to continue.
– Ford and GM both posted earnings this week, with a focus on gasoline and hybrid trucks and SUVs. Ford expects its EV business to lose $4.5 billion in 2023, while GM plans to cut costs by $1 billion.
– Broads, a San Francisco-based startup, will bring its modular EV battery swapping technology to Mitsubishi Fuso electric trucks.
– Tesla has been accused of exaggerating range estimates for its electric vehicles, leading to concerns among owners.
Miscellaneous
– Lacuna Technologies, a startup that provided software services to cities for transportation policies, has shut down.
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The Station is a weekly newsletter dedicated to all things transportation. Sign up here – just click on the station — to receive the newsletter every weekend in your inbox. Sign up for free.
Welcome back to The Station, your central hub for all past, present and future means of moving people and packages from Point A to Point B.
Hello frenzy! I came back from vacation and wow! There was a lot going on this week, from automakers’ profits and Tesla’s range inflation drama to Waymo putting the brakes on autonomous driving and Cruise expanding into another city.
Another note, you can find me at by TechCrunch equity podcasta place where I will perform on a semi-regular basis, including this episode that came out on friday!
Forward!
Want to reach out with a tip, comment, or complaint? Email Kirsten at kirsten.korosec@techcrunch.com.
Reminder that you can leave us a note at tips@techcrunch.com. If you prefer to remain anonymous, Click here to contact uswhich includes SecureDrop (instructions here) and various encrypted messaging apps.
Micromobbin’
Is there anything else to talk about besides Lyft Considering selling your electric bike division?
Lyft posted on its blog that it had received “strong inbound interest” in its bike and scooter business.
The company stated:
As a leading bike-share provider, serving solutions in more than 53 markets in 15 countries, it is only fitting that Lyft listen to credible proposals and explore strategic partners and options in various ways to serve more riders in more cities. We expect this part of the business to continue to be a significant part of Lyft’s offering now and in the future.
The announcement goes against what new CEO David Risher has told reporter Rebecca Bellan in previous interviews. Risher, who is known as a big supporter of electric bikes, said the company planned to focus on its core ride-sharing business and become profitable, but two-wheeler sharing didn’t appear to be on the chopping block.
The news led some here at TechCrunch to declare that shared micromobility was officially dead. I’m not so sure.
What do you think?
offer of the week
Instead of a deal of the week, I would like to draw your attention to the list of deals below. Do you see a pattern emerging?
Yes me too. EV charging and software seems like one thing, huh?
Other deals that caught my eye this week…
amplifier controlan electric vehicle fleet management software startup, raised $10 million in the Series A financing round led by Westly Group. Other investors included AngelPad and Lorimer Ventures.
dawn raised $820 million in a simultaneous public and private offering (a deal we covered last week). As I mentioned on the Equity podcast, hidden inside the SEC filing detailing the deal, we learned that Uber invested $1 million in the private placement and $74 million in the public monitoring. Factoring in Class B shares, Uber has a 22% stake in Aurora.
EV.energyUK-based electric vehicle charging software startup, grossed $33 million in a Series B round led by National Grid Partners with participation from new investors Aviva Ventures, WEX Venture Capital and InMotion Ventures, as well as existing investors Energy Impact Partners, Future Energy Ventures and ArcTern Ventures.
flipturna startup that developed a software management system for EV truck fleets, raised $4.5 million in a seed round led by Accel.
Fieldthe developer of battery energy storage systems launched by former Bulb Energy co-founder Amit Gudka, raised £200 million of DIF Capital Partners.
voltage polea New York City-based startup that developed hardware that turns utility poles into charging points for electric vehicles, grossed $3.6 million in an initial round led by RWE Energy Transition Investments with participation from Twynam Funds Management, Exelon Foundation, Good News Ventures and Climate Capital.
vw group made a couple of deals with Chinese automakers aimed at boosting sales in China, including taking a 5% stake Valued at approximately $700 million from XPeng as part of an agreement to jointly develop and produce two mid-size electric vehicles for China. In a separate agreement, Audi expanded a partnership with SAIC. Reporter Rita Liao provides insight into what this deal could mean for future alliances between China and the West.
Notable readings and other tidbits
autonomous vehicles
Cruise Autonomous vehicles came to Nashville this week for the test; A robotaxi service is expected to follow. Cruise will also begin testing in multiple new cities as part of its aggressive commercial ramp, according to the company. If the company is racing page provides some clue, it seems atlanta It is one of them.
Do you want proof that Cruise is speeding up? A year ago, Cruise only operated in San Francisco. cruise has since it expanded to Austin, Dallas, Houston, Phoenix and more recently miami.
Rafaela Vasquezthe security driver who was behind the wheel of an Uber ATG autonomous vehicle when it struck and killed a pedestrian in Tempe in 2018, pleaded guilty to danger Vásquez was sentenced to three years of supervised probation.
waymo is touching the brakes on autonomous trucks and transferring most of its capital, resources and talent to a commercial bet: carpooling. I won’t call it a complete shutdown as limited testing will continue. But the program as it was once is over. It appears that most of the people on the team have kept their jobs at Waymo, according to sources. (It’s still early days, though; we’ll see how it all pans out once the show wraps.)
Profits
Ford and GM both posted earnings this week and there were some general themes; that is, that business is good if you are selling gasoline and hybrid trucks and SUVs. The electric vehicle business? Well, that’s a bit of a money loser. Both companies raised their profit forecasts for the year, and GM said it would cut costs another $1 billion while it focuses on making more money.
ford, what now break down the earnings for three business units, it is adjusting its EV plans. The big bottom line is that Ford expects its electric vehicle business to lose $4.5 billion in 2023, double what it previously forecast. And the company seems to be more bullish than ever on hybrids, which reminds me of by Bill Ford comments back in 2016 about seeing hybrids as a transitional or bridging technology. At the time, the sentiment was about consumer adoption. These days, Ford is learning that hybrid technology applied to trucks is particularly attractive to buyers.
Electric vehicles, batteries and recharging
Broada San Francisco-based startup, brings its modular EV battery swapping technology to Mitsubishi Fuso electric trucks this winter.
GM will not kill the Chevy Bolt EV after all. This will be a next-generation Bolt EV based on the new Ultium platform and battery design. I am fascinated by this reversal because it happened so fast (3 months!). Will it continue to be assembled at the Orion plant? Reminder: Orion was supposed to be redesigned for electric truck production once Bolt was discontinued at the end of 2023.
tesla exaggerated range estimates for its electric vehicles for years, prompting owners to flood its service center over concerns their vehicles needed service, according to a report. new detailed report from Reuters. how do i score on my own story, one of the persistent problems with range estimates is their variability, which allows some car manufacturers to push the limits of the system. While the EPA reviews and approves those estimates, it allows automakers to use one of two methods to reach those figures: use a standard formula that converts fuel economy results, or perform additional tests to get their own range estimate. Tesla has always done the latter, which gives much better numbers.
Miscellaneous
Lacuna TechnologiesA startup that sold software services to cities to help create and enforce transportation policies has shut down, according to a LinkedIn post from product leader Samuel Jackson. (h/t the source who pointed me to the publication).
Interrupt!
beep beep! Taking place in San Francisco from September 19-21, TechCrunch Disrupt 2023 is where you’ll get the inside scoop on the future of mobility. Come and hear from today’s leading mobility entrepreneurs on what it takes to build and innovate for a more sustainable future. Save up to $600 when you purchase your pass now through August 11, plus save 15% on top with promo code STATION. Learn more.
Tesla’s range-flation problem, Waymo reverses on self-driving trucks and Ford tweaks its EV playbook
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