Electric vehicle startup Workhorse Group is hemorrhaging money. During the company’s third-quarter earnings call, Workhorse reported an $81 million loss, blaming an increase in operating costs and a suspension of production due to recalls. Revenue is also in the negative to the tune of $576,600, which is largely related to refunds issued to customers who… Continue reading Workhorse reports $81M loss, plans to redesign C-1000 electric cargo van
Author: Tech Crunch Online News
Motional and Lyft to launch driverless commercial robotaxi service in Las Vegas in 2023
Lyft and Motional, the Aptiv-Hyundai joint venture aimed at commercializing autonomous driving technology, have announced plans to launch their first fully driverless ride-hail service in Las Vegas in 2023. The news follows multiple years of collaboration, both between the two companies and within the City of Sin. By the second half of next year, Motional… Continue reading Motional and Lyft to launch driverless commercial robotaxi service in Las Vegas in 2023
The Station: Nuro scoops up new investors, Rivian gets sued and ride-hailing inches towards profitability
The Station is a weekly newsletter dedicated to all things transportation. Sign up here — just click The Station — to receive it every weekend in your inbox. Hello readers: Welcome to The Station, your central hub for all past, present and future means of moving people and packages from Point A to Point B. The… Continue reading The Station: Nuro scoops up new investors, Rivian gets sued and ride-hailing inches towards profitability
Uber squeaks tiny adjusted profit in Q3 despite $2.4B net loss
Today after the bell American ride-hailing giant Uber reported its third-quarter financial results. Critically, the long-unprofitable company managed to squeak $8 million worth of adjusted EBITDA — a very modified profit metric — while still posting net losses of more than $2 billion. The adjusted-profit result comes days after Lyft, Uber’s domestic rival, also recently… Continue reading Uber squeaks tiny adjusted profit in Q3 despite $2.4B net loss
Lyft reports adjusted profitability again as revenue per rider rises
Lyft reported Tuesday its second consecutive quarter of adjusted profitability as riders returned to the U.S. ride-hailing company’s service. The ride-hailing service, which competes with Uber in the ride-hailing business, reported revenues of $864.4 million in the third quarter, a 73% pop from the $499.7 million in the same year-ago period. Analysts expected revenue of… Continue reading Lyft reports adjusted profitability again as revenue per rider rises
Cruise lays out its plan for ‘how’ it will make robotaxis a reality
The string of engineers who spoke Thursday night during a deep dive into Cruise’s autonomous vehicle technology never mentioned Tesla’s name. They didn’t have to, although the message was clear enough. GM’s self-driving subsidiary Cruise presented a technical and deployment roadmap — at a granular level — that aimed to show how it has built… Continue reading Cruise lays out its plan for ‘how’ it will make robotaxis a reality
Lime raises $523M as it prepares to go public
Shared electric micromobility giant Lime has closed a $523 million raise in convertible debt and term loan financing, money that Lime CEO Wayne Ting says is the next step on the company’s path to going public next year. Lime will use the capital to invest in its decarbonization efforts, refresh a significant portion of its… Continue reading Lime raises $523M as it prepares to go public
Autonomous driving startup Momenta raises another $500M
In the wake of a $300 million investment from General Motors in September, Momenta, an autonomous driving solution provider from China, announced today an additional $500 million added to its Series C round. The new injection brings the total of the startup’s Series C to over $1 billion. Momenta adapts what it calls a two-legged… Continue reading Autonomous driving startup Momenta raises another $500M
Theodore Tewksbury to take over as Velodyne CEO
Velodyne Lidar is welcoming a new CEO. The sensor company said that Theodore Tewksbury would take over the role starting November 10, the most recent in a string of changes to Velodyne’s C-suite since the beginning of this year. “I was attracted to Velodyne for a very simple reason which is, as you all know,… Continue reading Theodore Tewksbury to take over as Velodyne CEO
Nikola sets aside $125 million to settle with SEC
Electric truck developer Nikola Corp. is in talks with the U.S. Securities Exchange Commission to pay a $125 million civil penalty, part of an ongoing probe by the regulator into whether the company mislead investors, the company reported in its third-quarter earnings. Nikola would pay the settlement in installments, and had earmarked the funds in… Continue reading Nikola sets aside $125 million to settle with SEC