Inspiration wants to help commercial fleets go electric, and it has already started by financing electric mobility company Revel’s ride-hail fleet of blue Teslas. The startup, which finances electric vehicles and has plans to build, own and operating the corresponding charging infrastructure, came out of stealth on Wednesday with an initial $200 million in capital… Continue reading Inspiration, an EV asset financing firm, comes out of stealth with $200M and Revel as first customer
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Chinese EV startup Nio’s journey to the West
Nio, a Chinese electric vehicle startup listed on the NYSE, will be in at least six European markets by 2022. The firm shared its ambitions for Europe on its earnings call this week. Nio is already taking orders for its electric SUVs and shipping small batches in Norway, its first stop outside China. It didn’t… Continue reading Chinese EV startup Nio’s journey to the West
Rivian raises $12B in one of the hottest IPOs of 2021
Electric automaker Rivian has priced its initial public offering at $78 a share, pushing it far above its targeted share price as investors dove in the year’s most highly anticipated IPO. Updated: the story haas been updated to reflect the regulatory filing figures. The company offered 153 million shares of common stock at the $78… Continue reading Rivian raises $12B in one of the hottest IPOs of 2021
Workhorse reports $81M loss, plans to redesign C-1000 electric cargo van
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
Tesla starts retrofit program for cameras on older vehicles with ‘Full Self-Driving’
Tesla has launched a retrofit program for Autopilot cameras on older vehicles with the “Full Self-Driving” package. Starting with the introduction of its Autopilot 2.0 suite of sensors in 2016, Tesla started selling all of its cars with the promise that they have all the hardware necessary to achieve full self-driving capability with future software… Continue reading Tesla starts retrofit program for cameras on older vehicles with ‘Full Self-Driving’
Workhorse’s new CEO admits the startup’s electric van is no workhorse
The new CEO of struggling EV startup Workhorse admitted Tuesday that he’s not sure the company’s C-1000 electric van can stand up to the kind of punishing work required by delivery companies. In other words, Workhorse’s EV isn’t a workhorse. “As I’ve talked to the big customers at UPS, FedEx, others, they expect to have… Continue reading Workhorse’s new CEO admits the startup’s electric van is no workhorse
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
India: Zoomcar raises $92m led by US-based SternAegis Ventures
SternAegis acted as the exclusive placement agent for this offering and ThinkEquity acted as a special advisor. Zoomcar intends to use the proceeds from this financing to grow its car-sharing marketplace in India and markets across Asia and the MENA region. It said it will continue to invest in its advanced engineering and data science… Continue reading India: Zoomcar raises $92m led by US-based SternAegis Ventures
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