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