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Hello dear readers and welcome back! We hope you had a wonderful start to the New Year. We hope you enjoyed some rest and relaxation, because in 2024, it’s all about CES.
Yes, we’re in Las Vegas once again for the annual tech trade show. Although the Big Three U.S. automakers – Ford, GM, and Stellantis – won’t have their grand displays and announcements this year, there will be plenty of automotive and other transportation companies and startups in attendance. We’ll be on the lookout all week for exciting and innovative technology. Wish us luck! ;D
Honda, Kia, and Vinfast will be showcasing their electric vehicles, while Hyundai’s Supernal will reveal an electric vertical take off and landing vehicle. Mercedes, on the other hand, will focus on software and in-cabin experience. AI is a common theme throughout the event, and surprisingly, hydrogen fuel will also have a presence.
Stay tuned for our coverage throughout the week.
Contact
If you have any tips, comments, or complaints, please email Kirsten at kirsten.korosec@techcrunch.com. You can also reach us at tips@techcrunch.com, and if you prefer to remain anonymous, click here to contact us using SecureDrop or encrypted messaging apps.
Deal of the Week
While things have been a bit quiet lately, there have been a few deals worth sharing.
One of note is Gbike, a Seoul-based shared e-scooters and e-bikes operator that is preparing to go public on the Korean stock market and is looking into acquisition targets. Founder and CEO Walter Yoon told TechCrunch that the company is in talks to acquire companies in the micromobility industry in order to increase their market share ahead of their planned IPO in early 2025.
“Details have not been finalized yet, but we’re currently considering around three to five targets for acquisition,” Yoon said, adding that they have not yet decided how many acquisitions they will complete.
Here are a few other noteworthy deals:
- Bumper, a London-based startup that offers auto repair financing, raised $18 million in a round led by AutoTech Ventures. Other participants include Shell Ventures, InMotion Ventures, Porsche Ventures, and Revo Capital. Bumper also secured $30 million in debt.
- Revfin, an Indian fintech startup that provides auto loans for electric two-wheelers and three-wheelers, raised $14 million in a Series B round led by Omidyar Network.
- Salt Creek Capital acquired Vantage Vehicle International, a California-based maker of low-speed utility vehicles.
- Swap Energy, an Indonesian EV battery startup, raised $22 million in a Series A round led by Qiming Venture Partners, with participation from GGV Capital and existing investor Ondine Capital.
Notable Reads and Tidbits
ADAS
Contributor Tim Stevens tested the advanced driver assistance systems in Tesla, BMW, Ford, GM, and Mercedes. Here’s how they measured up.
Autonomous Vehicles
Aurora and Continental passed the first major hurdle in their $300 million partnership to produce thousands of autonomous hardware kits for self-driving trucks.
China’s robotaxi industry is facing new challenges and a sense of caution after witnessing the drama at Cruise. TC reporter Rita Liao dives deep into how these startups are dealing with it all.
Nuro has struck a deal with safety-focused software company Foretellix to assist with virtual testing of their automated driving system, aiming to cut R&D costs.
Electric Vehicles, Charging, and Batteries
2024 will be a crucial year for India, as the country navigates the challenges of offering growth capital to late-stage startups while trying to attract Tesla and other foreign EV manufacturers. Click here to learn more.
Fisker is struggling to meet internal sales goals, according to documents.
Rivian delivered 10% fewer EVs in the fourth quarter compared to the third, causing investors to worry about a decline in demand. However, the company did exceed their production goals for 2023, providing some positive news.
More than 20,000 of Superpedestrian’s electric scooters will be auctioned off later this month, along with other equipment from their US operations, following the company’s closure on December 31. This article from TechCrunch delves into what Superpedestrian’s downfall means for the e-scooter industry.
Tesla shipped a record number of electric vehicles in Q4, helping them meet their targets for the year, primarily driven by the popularity of their cheapest vehicle.
The US government has released a list of EVs that qualify for the full federal tax credit under new, more stringent guidelines. Click here for a list of qualifying EVs and more details on what prompted this change.
VinFast plans to invest up to $2 billion to build a factory in India.
Cities
TC reporter Rebecca Bellan focuses on the overlooked technology that kept cities moving in 2023.
Uber has been quietly testing a flexible pricing service in over a dozen cities in India.
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