Hyundai antes up $1B for AV startup Motional and Elon unplugs the Tesla Supercharger team | TechCrunch

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EV Startup fiskar laid off more employees “Preserve cash” as bankruptcy approaches; ride-hailing company Hailstone Nearly 180 jobs cut and removed its chief executive, Hemant Bakshi, only four months after being appointed to the post; and lidar company luminous cut its 700-person workforce up to 20 As part of the restructuring to adopt an “asset light” business model.

oh, and then there was Tesla ceo Elon Muskwho fired the automaker Global Supercharger Network Team, The perplexing decision comes as non-Tesla EV drivers gain access to the network.

This does not mean that the entire transportation sector was surrounded by economic storm clouds. There were bright moments too. Let’s check it out!

a little bird

In the fallout from Tesla killing its legendary Supercharger, we spoke to several people Little birds, including people who were laid off and people who worked for other automakers. As I mentioned above, Elon Musk Destroyed Tesla’s global Supercharger organization of about 500 people. Insiders at several different automakers — all of which are adopting Tesla’s charging technology — said they don’t see that happening. “Shocked” and “stunned” were the most common phrases I heard.

On the employee front, there was a lack of communication from human resources in the hours right after the mass layoffs. Some people told me that they and their fellow former coworkers had not received information about the separation and that communication had completely ceased. Some of them had received severance emails by Friday. Everyone I spoke to was still struggling to understand why Musk would cut the Supercharger team — an organization that is fundamental to Tesla and its EV sales. Others speculated only on Elon and perhaps the former head of the Supercharger team, Rebecca TinucciWill we ever know the answer?

Got a tip for us? E-mail Kirsten Korosec But [email protected], sean o’keane But [email protected] Or Rebecca Bellan But [email protected], If you prefer to remain anonymous, Click here to contact usIncluding SecureDrop (instructions here) and various encrypted messaging apps.

Deals!

It’s been a minute since we heard about an autonomous vehicle startup raising a substantial amount of money — or no money at all. This week it all changed Motional secured an essential multi-million-dollar win, courtesy of Hyundai,

Hyundai Total The commitment is $1 billion, but there are important details. Here’s how it breaks down. Hyundai invested $475 million directly in Motional as part of a broader deal that also includes buying joint venture partner Aptiv. Hyundai is spending an additional $448 million to buy 11% of Aptiv’s common equity interest in Motivational.

Quick background: Motional was formed in 2019 as a $4 billion joint venture between Hyundai and Aptiv. Motional has spent the past several years working on its autonomous vehicle technology, working toward the goal of launching a robotaxi service in 2024 using driverless Hyundai Ioniq 5 vehicles. As Motional and Hyundai grow closer — the companies announced plans in November to co-develop a production-ready version of the all-electric Ioniq 5 robotaxi — it seems Aptiv has begun to understand its financial limitations. By January, Aptiv President and CEO Kevin Clark indicated that the company would reduce its ownership interest In Motional and stop allocating capital to the venture due to the high costs of commercializing the robotaxi business and the long road ahead to profits.

This decision, although not particularly surprising to the industry insiders I spoke to, still puts Motional and Hyundai in a difficult position. Will Hyundai step up? Will outside investors step in? Hyundai answered the call.

My question is, will Motional, with Hyundai’s blessing, look for other investors? It will all depend on how much capital Motional is spending and whether it continues to pursue the same robotaxi goals. If so, it seems likely the company will eventually need more capital.

Other deals that caught my attention…

Lenovo EnergyThe California-based startup developing polymer cathode batteries raised $15.8 million in a Series A funding round led by Catallus Capital, joined by TotalEnergies subsidiary Saft, Chevron Technology Ventures and a syndicate of investors.

Rivian awarded with a wink $827 million stimulus package From the state of Illinois, the funds will be used to build production lines for its next generation EV, the R2.

Viking HoldingsThe luxury cruise operator, backed by private equity firm TPG and the Canada Pension Plan Investment Board, Raised 1.54 billion dollars In its IPO.

x noiseA Swedish electric boat manufacturer founded in 2016, Raised €8.5 million in new funding from several unnamed existing supporters, including founder Konrad Bergström.

Notable readings and other news

ADAS

National Highway Traffic Safety Administration opened an investigation In Ford’s BlueCruise, a hands-free driver-assistance system, was found to be active during two recent crashes that killed several people.

NHTSA took another big step in this area and finalized a new Federal Motor Vehicle Safety Standards which will include the ability to perform automatic emergency braking Detect and automatically brake for pedestrians, standard on all passenger cars and light trucks by September 2029. The safety standard is expected to significantly reduce rear-end and pedestrian crashes, the agency said. Now, NHTSA is not picking on the technology used by automakers. Many computer vision and lidar companies have contacted me to learn how this could be beneficial to their business models.

autonomous vehicle

TC Contributor tim stevens takes us behind the scenes Of earlier Autonomous Racing League The Abu Dhabi incident in which a self-driving car collided with a Formula 1 driver. His take? Yes, there were struggles; He also saw a lot of progress.

Electric vehicles, charging and batteries

remember last year when heinrich fischer Proudly launching two prototypes designed to bring your EV startup into the mainstream? TC reporter Sean O’Kane has learned that the engineering firm that helped develop those vehicles is suing Fisker for $13 million in damages. Read more To learn more about this lawsuit as well as many others.

this week’s wheels

Image Credit: emme hall

I handed the wheel to a TC contributor emme hall To test drive the new all-electric this week Acura ZDX Type S, can you read Full review hereAlso I suggest you watch his video Hands-free advanced driver-assistance systems in the vehicle. For those who want a glimpse before reading longer, here’s the gist.

Hall expected joy and happiness. Instead, it was more meh. Here’s one reason. The Type S weighs more than 6,000 pounds. Even though the weight is evenly distributed front to rear, it’s still a lot of weight to get into a turn. He liked the heavy steering, but wasn’t getting much feedback.

“Torque is always there when cornering and body roll is kept under control, yet I’m not feeling happy,” he wrote, running on 275/40 Continental Premium Contact 6 tires on the Type S. Summer tires offer a lot. The grippy, but low-profile sidewalls combined with the tough run-flat rubber compound meant the ride was just a touch harsh.

Hall’s search continues for an all-electric SUV that can be fun through ups and downs.