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Earlier than we soar into the information, I needed to steer you towards a latest TechCrunch Fairness podcast episode with Waabi co-founder and CEO Raquel Urtasun.
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Acquired a tip for us? Electronic mail Kirsten Korosec at kirsten.korosec@techcrunch.com, Sean O’Kane at sean.okane@techcrunch.com or Rebecca Bellan at rebecca.bellan@techcrunch.com. Or take a look at these directions to discover ways to contact us by way of encrypted messaging apps or SecureDrop.
The Rivian-Volkswagen Group three way partnership has been formally finalized. Earlier than the events signed on the dotted line, it received about 16% greater. The deal will now inject as much as $5.8 billion into Rivian’s coffers with $1 billion already delivered by way of a convertible notice.
We don’t know the entire particular phrases, however it’s value noting that this will likely be an unbiased firm co-led by Rivian’s head of software program Wassym Bensaid and Volkswagen Group’s chief technical engineer, Carsten Helbing. The staff, which will likely be closely loaded with Rivian engineers, will likely be based mostly in Palo Alto, California. It’s going to ultimately arrange three extra websites in North America and Europe.
A lingering query — and one requested by a number of media (together with moi) throughout a press convention — is what occurs to VW’s struggling software program arm, Cariad? VW Group CEO Oliver Blume claims that Cariad will nonetheless play a “central position.” We’ll see.
In the meantime, Rivian continues to be battling a provider downside that curbed manufacturing and minimize into income. In its Q3 earnings, Rivian reported $874 million of income, greater than 34% decrease than the identical interval final 12 months. However wanting on the hole between manufacturing (13,157) and deliveries (10,018) means that demand can also be a difficulty.
That VW cash is wanting fairly candy proper now.
Different offers that received my consideration …
Simply Eat Takeaway, the Netherlands-based meals supply firm, is promoting its U.S. enterprise Grubhub to New York-based Surprise Group in a deal valued at $650 million. That’s 91% lower than the $7.3 billion Simply Eat Takeaway paid for the corporate simply 4 years in the past.
Silicon Valley battery startup Lyten is buying manufacturing belongings from Northvolt, the Swedish battery producer that has struggled in latest months and is brief on capital. The businesses didn’t disclose monetary phrases however did say Northvolt will promote manufacturing gear it inherited in its 2021 acquisition of Cuberg, one other battery startup.
NASA gave out 5 analysis awards value $11.5 million to firms engaged on sustainable plane ideas, together with JetZero.
Vatn Techniques, a Portsmouth, Rhode Island-based firm creating underwater autonomous vessels, raised $13 million in a seed spherical led by DYNE Ventures and with participation from Lockheed Martin Ventures, RTX Ventures, In-Q-Tel, and others. The spherical brings the startup’s whole funding to $16.5 million.
Vecna Robotics, a warehouse robotics startup that developed autonomous forklifts and different pallet movers, has raised $14.5 million. However the increase wasn’t precisely what received my consideration; it was the appointment of Karl Iagnemma, the previous president and CEO of Motional. Iagnemma has been within the AV world for a few many years now, largely in pursuit of commercializing autonomous automobiles (i.e., robotaxis). This new place places him on the helm of a startup (through which he was an early investor, btw) that already has industrial prospects.
Monarch Tractor, the autonomous electrical tractor startup, has laid off staff as a part of a restructuring that may see it prioritize non-agricultural prospects, license its autonomous expertise, and enhance gross sales of its AI-powered farm administration software program. Acquired a tip about Monarch? Attain out to Sean O’Kane at sean.okane@techcrunch.com.
Yelp agreed to purchase RepairPal, a web site for automotive restore estimates, for $80 million in money. The acquisition is anticipated to shut by the tip of the 12 months, topic to customary closing circumstances.
Waymo dropped its waitlist in Los Angeles, opening the robotaxi service as much as the general public. The service space is now about 80 sq. miles of Los Angeles County.
Welp, Zoox co-founder and CTO Jesse Levinson instructed us at Disrupt 2024 that the Amazon-backed firm’s customized robotaxi can be hitting the streets of San Francisco and Las Vegas. And now they’ve formally arrived. These are only for staff proper now and can ultimately be opened as much as invited members of the general public.
Canoo retains making an attempt to carry on, however its prospects don’t look nice. The EV startup-turned-SPAC instructed shareholders in its Q3 earnings “it should proceed to take aggressive actions to consolidate our operations, cut back prices, and catch-up to our plan.” As a part of that plan, Canoo’s exec staff, which incorporates chairman and CEO Tony Aquila and new CFO Kunal Bhalla, will take “short-term pay cuts for long-term incentives.” Reminder: Aquila’s agency has lent Canoo cash, and among the many phrases is an 11% rate of interest.
In different Canoo information, the corporate tested its electric vans for Walmart with out airbags regardless of warnings from staff, sources instructed Fortune.
Lucid began taking orders for the Gravity SUV. If it wasn’t already clear, Lucid’s future hinges on the success of this EV.
Tesla issued a recall for greater than 2,000 Cybertrucks, the sixth for the reason that EV launched a 12 months in the past. And no, it’s not one that may be fastened by a software program replace. Talking of Tesla, the automaker is a part of the trillion-dollar membership (market cap) once more thanks partly to shareholders betting a Trump presidency will profit the corporate led by ally Elon Musk.
Exosonic, a startup creating supersonic industrial air journey and UAV tech, stated it’s shutting down after failing to seek out the capital wanted to proceed operations.
This week, I’m again with a pair extra Waymo robotaxi tales from TechCrunch workers members who had their first rides whereas in San Francisco for Disrupt 2024. As I discussed final week, I’ve been in a great deal of autonomous automobiles, together with driverless Waymos, so I assumed it might be enjoyable to share some first-timers’ views.
From UK-based reporter Paul Sawers: “Whereas I’ve written in regards to the autonomous automobile business for a few years, taking my first trip in an precise self-driving automotive was fairly mind-blowing — it felt like I’d been catapulted into the longer term. I couldn’t assist however stare on the empty driver’s seat and marvel at the truth that we had been maneuvering by way of the streets of San Francisco. It wasn’t vastly nerve-wracking, however that’s most likely as a result of we weren’t going a lot quicker than about 25 to 30 miles per hour. I believe if I used to be on the freeway in that factor, it is likely to be just a little extra bushy.
Extra broadly, there was one thing just a little jarring about seeing all these humanless vehicles creeping round avenue corners— marginally dystopian, just like the machines had been lastly taking management.”
From reporter Rebecca Bellan: “I rode in as many Waymos as I may in the course of the week of Disrupt, and it felt kind of like a trip at Disneyland. It moved sluggish and cautiously, and I wasn’t actually fearful about crashing. Most rides went with out incident, barring one through which the robotaxi regarded poised to drive in the direction of a pedestrian however then fortunately swerved.
“My fundamental gripe is that the automobiles usually started to drive off earlier than you reached them, doubtless because of an absence of entry to metropolis curbsides. I’m unsure how the ‘Driver’ decides it’s time to drive half a block up and wait there as an alternative, however this little train had my editor Kirsten and I chasing one down a few blocks and a (fortunately well-lit) alleyway earlier than we may come aboard.”
Senior reporter Sean O’Kane wrote: “I’ve lined AVs lengthy sufficient that I anticipated my first style of Waymo’s cautious rollout to go tremendous easily — and it did. I didn’t count on to really feel so viscerally simply how costly these present automobiles are, from the whirring lidars to the high-price I-Paces. I’m excited to trip once more sometime quickly, however I hope by then Waymo may have made extra progress on making a viable enterprise.”
What’s “This week’s wheels”? It’s an opportunity to be taught in regards to the completely different transportation merchandise we’re testing, whether or not it’s an electrical or hybrid automotive, an e-bike, or perhaps a trip in an autonomous automobile.
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