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The amount of transportation news this week has been overwhelming, and it’s only Thursday morning! Let’s dive in!
Before we proceed, a quick update: There will be no newsletter next week due to the July 4 holiday. See you on July 11!
A little bird
Recently, a little bird informed us that Cruise made some workforce reductions. Cruise clarified that these were routine role eliminations, not layoffs for financial reasons. The company also announced a reorganization to enhance safety functions and integrate certain teams.
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Deals!
The Rivian–Volkswagen Group partnership is a surprising development with significant implications. Rivian will provide VW access to its technology, while VW will invest $5 billion into Rivian. The deal involves various investments and a joint venture for mutual technology sharing.
Stay tuned for more updates as we delve further into this partnership.
Other notable deals include:
Aether Fuels raised $30.4 million, Bitsensing secured $25 million in funding, Fetcherr raised $90 million, Getir received a $250 million investment, SkyCell raised $116 million, and Wisk Aero acquired Verocel.
Notable reads and other tidbits
Autonomous vehicles
Recent developments suggest Cruise may resume operations in San Francisco by the end of 2024. Cruise agreed to a fine for a previous incident and appointed a new CEO. Additionally, Project 3 Mobility announced its rebranding as Verne and plans to launch an autonomous vehicle in 2026.
Electric vehicles, charging & batteries
Bankruptcy proceedings and asset disputes are unfolding at Fisker, revealing financial challenges faced by the EV company. Stellantis saw its AI chief resign, adding to the industry shake-up.
Software, apps & in-car tech
CDK is managing cyberattacks that are affecting car dealerships and auto shops. Meanwhile, Berta Rodriguez-Hervas departed from Stellantis.
This week’s wheels
Although I didn’t drive it, the Bugatti Tourbillon is a standout vehicle. Priced at 3.8 million euros with only 250 units available, it represents the future of luxury in a digital era.
Unique features include a Swiss watchmaker-designed instrument cluster and a V16 engine with electric powertrain. Innovation in this Bugatti showcases a blend of luxury and technology.
