electric

Canoo Acquires Assets from Struggling EV Startup Arrival after Bankruptcy

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Bankrupt commercial EV startup Arrival has sold some of its assets, including advanced manufacturing equipment to Canoo, another struggling startup trying to build and sell electric vehicles. Canoo said the purchased assets, packed into more than 20 container ships, will be sent to the company’s facility in Oklahoma. The company previously acquired all of the new, and “like-new” assets owned by Arrival’s business unit in the United States. Arrival announced in January that it planned to sell off assets and IP from its U.K. division after filing for bankruptcy protection in the U.K. Arrival never produced any commercial vehicles at scale and its market valuation is now around $7.7 million.

“Saudi Arabia Pledges Additional $1 Billion to Lucid Motors in Quest for Affluent Electric Vehicle Customers”

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Lucid Motors is raising another $1 billion from its biggest financial backer, Saudi Arabia, as it looks to blunt the high costs associated with building and selling its luxury electric sedan. The fresh funding comes just a few weeks after Lucid told investors that it only plans to build around 9,000 of its Air electric vehicles this year, a slight bump over last year’s output. It lost $2.8 billion in 2023 and finished the year with just shy of $1.4 billion in cash and equivalents. Lucid also plans to start building its electric Gravity SUV at the end of this year. Lucid announced the investment less than three weeks after CEO Peter Rawlinson told the Financial Times that he was wary of relying too heavily on Saudi Arabia to keep shoveling money into its proverbial furnace.

Transforming the Commercial EV Leasing Industry: Pelikan Mobility’s Revolutionary Software Solution

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Chances are you may have noticed that many commercial vehicles are now electric vehicles — think about delivery vans, telecom minivans, utility maintenance trucks, etc. That’s why Pelikan Mobility has been building a platform and a leasing solution that address this challenge caused by the switch to EVs for commercial fleets. Many companies lease their commercial vehicles and Pelikan Mobility believes that pricing is broken for commercial EVs. Leasing contracts — even for commercial vehicles, even for electric vehicles — end far too quickly. It will also have to raise a debt fund for that new business as Pelikan Mobility plans to address large customers.

“Candela’s Ferries Experience Electrifying Growth with $25M Injection of Funds”

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Electric boat maker Candela is approaching cruising speed with $25 million in new funding and the first commercial deployment of its new P-12 ferry, in New Zealand. The P-12, a ferry design that can handle up to 30 passengers, made its debut late last year. Like any other industry, you have to know when to buy and when to build, and big boating companies are happy to buy — or invest. Candela’s boats use hydrofoils with electric engines mounted on the bottom to effectively fly above the surface of the water once they get past a certain speed, vastly reducing energy consumption — historically and understandably a sticking point for electric boating. Theh $25 million round was led, as mentioned, by Beneteau, with participation from EQT Ventures, Ocean Zero LLC, and Kan DelaAB.

“Government Pushes Electric Vehicle Agenda as India’s Two-Wheeler Startups Skyrocket to 150+ Players”

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The number of startups in India’s electric two-wheeler market has surged to over 150 from 54 in 2021, driven by government incentives to promote clean vehicles and cut oil imports, according to a new analysis. “Most are competing in the mainstream, and 85% of the 65 models launched last year were such products: high-speed as against speed and range-constrained products, which used to be a feature of the startups,” Bernstein analysts wrote. The government has offered incentives under its FAME II scheme, which provides subsidies to buyers and was recently extended to 2024. Bernstein’s analysis found low barriers to entry, with electric two-wheelers built using outsourced models and readily available components. Most established automotive companies have been granted PLI while only a few startups qualified, potentially providing a cost advantage for major incumbents, Bernstein said.

“Wrangler Unveils Revolutionary All-Terrain E-Bike: Set to Attract Adventurous Riders Beyond Urban Europe”

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When it comes to design, it definitely looks like a Cowboy bike with its pill-shaped front light, angular design and soft matte colors. Again, everything has been designed to make the Cowboy Cross more comfortable than existing Cowboy bikes. There are two designs for the aluminum frame as the Cowboy Cross is available in step-over and step-through variants. So it’s going to be important to make sure that the Cowboy Cross can easily be maintained over the long haul. “There was a big overlap of customers considering both VanMoof and Cowboy bikes,” Roose said.

“Rebranded and Revamped: The Resilience of Lordstown Motors against Foxconn”

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A decade ago, both Fisker Automotive and Coda sold themselves off to other buyers in their Chapter 11 restructurings. Now known as Nu Ride Inc., the reconstituted version of Lordstown Motors will also pursue “potential business combinations,” though it did not say what kinds of mergers it is seeking. It sold the former General Motors factory it once owned to Foxconn; the assets related to its electric pickup truck were snapped up by Lordstown founder Steve Burns. Lordstown Motors sued Foxconn in June 2023 when it initially filed for bankruptcy protection. Lordstown’s lawsuit has more or less been on hold while the Chapter 11 proceedings played out.

India’s Reduction of Import Tariffs on Electric Vehicles Position Tesla for Successful Expansion

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India will lower import taxes on certain electric vehicles for companies committing to invest at least $500 million and setting up a local manufacturing facility within three years, a move that could potentially bolster Tesla’s plans to enter the South Asian market. Firms meeting these requirements will be allowed to import 8,000 EVs a year at a reduced import duty of 15% on cars costing $35,000 and above. India currently levies a tax of 70% to 100% on imported cars depending on their value. The decision could pave the way for Tesla to enter India, as the Elon Musk-led company has been in talks with the government to lower import duties on its electric cars for years. The move also aligns with India’s goal to boost the adoption of EVs and reduce its dependence on oil imports, with the country setting a target of achieving 30% electric vehicle sales by 2030.

Uber’s Chief Executive Officer Unveils Strategies for Expanding Driver Electric Vehicle Accessibility and Combatting Emissions at SXSW

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Uber CEO outlines plans for increasing driver EV access, reducing emissions at SXSW Dara Khosrowshahi explains his priorities for Uber now that it's achieved profitabilityUber’s future will be greener, more affordable, and able to challenge Amazon at its own rapid delivery game, CEO Dara Khosrowshahi predicted while on stage this week at SXSW. To achieve that, Uber has to make it easier and cheaper for drivers to access electric vehicles. Uber said emissions are calculated based on Uber Green and Uber Comfort Electric rides, and the amount of CO2 emissions avoided compared to UberX or Uber Comfort trips of the same distance. Riders can go to their account section of the Uber app to access the “estimated CO2 saved” feature, which shows all the emissions saved by taking Uber Green and Uber Comfort electric rides. Since then Uber has partnered with autonomous sidewalk delivery startups Cartken and Serve Robotics and robotaxi companies Waymo and Motional.

“Major Accomplishments and Setbacks in the World of Automated Vehicles: Waymo Secures Vital Robotaxi License, Fisker Implements Additional Layoffs, and Hopes for Apple Car Diminish”

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I was in Los Angeles earlier this week where I interviewed Waymo co-CEO Tekedra Mawakana on stage at our StrictlyVC LA event. The approval removes the last barrier for the Alphabet company to charge for rides in these expanded areas. Yup, that’s right the Apple ended plans to build and sell an autonomous electric car. Electric vehicles, batteries & chargingXiaomi showed off its first electric car, the SU7, at Mobile World Congress. I’ve taken numerous rides in Waymo robotaxis, but never one in Los Angeles.