Welcome back to TechCrunch Mobility – the same weekly newsletter you’ve been reading, but with a new name and a few changes.
This is still your central hub for news and insights on the future of transportation. This week, read about how Mercedes mistakenly exposed its source code, the latest in the Cruise-GM saga, Tesla’s EV sales warning and more.
Let’s go!
A little bird
Economic headwinds might be easing a bit, but companies are still getting squeezed. Autonomous vehicle and EV startups are trying to cut costs. For instance, Aurora Innovation and Polestar have both reduced their workforces.
Additionally, it has been reported that Canoo and Faraday Future are either reducing salaries or furloughing employees. Faraday has confirmed the reduction of salaries and furloughed employees, and sources suggest Canoo is also furloughing workers.
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Deal of the week
Over at the TC climate desk, reporter Harri Weber spoke to ArcTern Managing Partner Murray McCaig about its recently closed $335 million fund. ArcTern plans to invest the capital into climate-focused startups that can deliver quick returns, specifically those focused on decarbonizing mobility.
Other recent deals include…
Clearmotion raised an additional $4 million, bringing its Series B round to about $43 million. Corvus Energy secured an investment from Toyota’s growth fund, and, Monta raised €80 million ($86.9 million) in Series B funding round co-led by Energize Capital.
Sion Power raised $75 million from battery manufacturer LG Energy Solution, mathematician and investor Jim Simons’s Euclidean Capital, and former Google CEO Eric Schmidt’s family office management company Hillspire LLC. Vroom is shutting down its online used car marketplace and focusing on auto financing and AI-powered analytics.
Notable reads and other tidbits
Autonomous vehicles
The internal review of Cruise and the events that led to the GM subsidiary losing its permits to operate robotaxis in California has been released. Additionally, the Department of Justice and the Securities and Exchange Commission have opened investigations into Cruise.
Finally, a report by Exponent looked into the technical problems of the robotaxi on October 2. More to come on that front.
Electric vehicles, batteries & charging
Porsche unveiled two variants of the Macan EV, and Tesla delivered a record 1.8 million EVs in 2023, but saw profits suffer due to price cuts and higher expenses.
Software and other in-car tech
Mercedes-Benz accidentally exposed internal data, and Tesla plans to spend $500 million on a “Dojo” supercomputer at its Buffalo, New York factory.
This week’s wheels
Image Credits: Ride1Up
This week’s wheels comes from TC editor Devin Coldewey who recently bought the Ride1up 700 Series e-bike.
After much thought, Devin opted for the Ride1up 700 Series, finding it to be a solid choice for getting around the city.
While assembly was a bit involved, the final product is reassuring on the road and excellent for navigating hills.
This won’t be his last ebike, but he’s pleased with it as his first.
