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Motional, Supported by Hyundai, Secures Financial Leverage with Bridge Financing

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Autonomous vehicle technology startup Motional has secured a bridge loan that provides a temporary financial reprieve as the company searches for a longer-term source of funding, TechCrunch has learned. Motional CEO Karl Iagnemma told staff in a companywide email viewed by TechCrunch that the company’s board of directors approved the bridge financing. After a wave of consolidation and shutdowns in the nascent autonomous vehicle industry, Motional is one of the few companies left that’s still pursuing a commercial robotaxi service. The company operates an autonomous vehicle taxi service in Las Vegas (still with human safety operators behind the wheel) on Uber, Lyft and Via platforms. The autonomous vehicle company last had layoffs in December 2022, when it cut about 10% of its workforce.

Motional, Backed by Hyundai, Trims Workforce by 5% in Pursuit of Autonomous Future

Image 1 Motional Ioniq 5 Robotaxi Manufactured At Hmgics
Motional, the autonomous vehicle company borne out of a joint venture between Hyundai Moor Group and Aptiv, told employees Wednesday it will cut about 5% of its workforce, TechCrunch has learned. The autonomous vehicle company last had layoffs in December 2022, when it cut about 10% of its workforce. Motional operates an autonomous vehicle taxi service in Las Vegas (still with human safety operators behind the wheel) on Uber, Lyft and Via platforms. A production-ready autonomous vehicle, equipped with the kind of redundancies designed for safe operations without a human driver, is a critical milestone required for commercial operations. During CES 2024, the company announced plans to work with Kia on a next-generation vehicle that will enter commercial operations later this decade.