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Welcome back to TechCrunch Mobility — your go-to source for news and insights on the future of transportation. In the last edition of TechCrunch Mobility, we discussed the challenges facing the Fisker company. Things have taken a turn for the worse since then.
Just recently, Fisker announced a production pause for six weeks due to a cash crunch. With only $121 million in cash and some restricted funds, Fisker’s hopes for a financial boost through convertible notes and a possible partnership with a major automaker were dashed when negotiations fell through. The stock plummeted, trading halted, and Fisker faced delisting from the New York Stock Exchange.
These issues are symptomatic of larger problems within the company, including mishandling millions in customer payments during a delivery expansion, as revealed by TC reporter Sean O’Kane.
Now, let’s dive into the latest updates, from the fate of bankrupt EV startup Arrival to the innovative efforts of startup Ionobell and the $1 billion boost for Lucid.
A little bird
Insiders share valuable information with us, and we’re here to pass it on. Got a tip? Email Kirsten Korosec at kirsten.korosec@techcrunch.com or Sean O’Kane sean.okane@techcrunch.com. If you prefer to remain anonymous, contact us.
Deal of the week
Amidst the challenges faced by EV startups, Lucid secured a $1 billion investment from Saudi Arabia’s Ayar Third Investment. This infusion provides crucial capital for Lucid’s growth, but the company still faces hurdles in bringing its future vehicles to market. Other notable deals include investments in companies like Cyvl.ai, Ember, Ionobell, and Iron Sheepdog.
Notable reads and other tidbits
ADAS
Tesla is offering U.S. customers a free trial of its Full Self-Driving Beta system, highlighting the company’s shift towards software-driven revenue streams. Meanwhile, Arrival sold assets to Canoo, creating an intriguing dynamic in the EV space.
The U.S. Environmental Protection Agency announced new emissions standards for heavy-duty vehicles, potentially driving the adoption of electric trucks.
In-car tech
GM faces executive changes in its software and digital services team, signaling ongoing shifts in the company’s strategy.
This week’s wheels
Image Credits: Kirsten Korosec
Testing out the 2024 Land Rover Defender 110 X-Dynamic SE, I explored its capabilities and features. With a focus on both urban and off-road performance, this Defender impressed with its blend of style and functionality.
While facing challenges, the automotive industry continues to innovate and evolve, showing resilience and a commitment to the future of transportation.
