Fisker enters dumpster fire territory, Tesla chases FSD revenue | TechCrunch

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welcome back TechCrunch Mobile — A central hub for news and insights about the future of transportation.Remember in the last issue of TechCrunch Mobility, when I wrote about the wheels starting to fall off Fisker the bus? Oh my god, is it?

To give you an idea: Fisker warned on March 18 that the company would suspend production for six weeks and had only $121 million in cash and cash equivalents, $32 million of which was restricted or unavailable immediately. The company had been counting on a $150 million infusion of capital through a convertible note and a potential partnership with another automaker. Those hopes evaporated as quickly as a gasoline-soaked rag as Fisker negotiated with a major automaker (reportedly Nissan). collapse And put the convertible note deal in jeopardy.

Share price plummets 28%, trading suspended, final blow New York Stock Exchange Indicates that measures are being taken Remove Fisker from exchange.

These are all symptoms of larger problems within the company, including one particularly embarrassing one TC reporter Sean O’Kane discovered. Traces of millions of dollars temporarily lost An internal audit began in December and took several months to complete because of the impact on customer payments due to the scale-up of deliveries.

Well, let’s get to the rest, including where are the bankrupt EV startups? arrive Asset end, configuration file at startup Ion clock Hopes to increase electric vehicle range by recycling silicon battery materials and increase funding by $1 billion wide awake.

a little bird

Founders, investors, engineers, policy experts and others tell us something. We are here to deliver the verifiable message that these people know. birdie Shared with us.

Any advice you can give us?e-mail Kirsten Korosek exist or Sean O’Kane If you wish to remain anonymous, Click here to contact uswhich includes SecureDrop (Description here) and various encrypted messaging applications.

Trades of the week

money station

Being a senior executive at an electric vehicle startup isn’t easy these days. Just ask the guys at Fisker. (Sorry, too early?)

Amid all the EV startup bankruptcies and other dismal events, there is some positive news. wide awakealso had its own struggles, Raised another $1 billion from its biggest financial backer, Saudi Arabia. Ayal Third InvestmentAn affiliate of Saudi Arabia’s Public Investment Fund agreed to buy $1 billion worth of Lucid shares, which will increase Saudi Arabia’s current stake of about 60%.

A billion dollars in growth is a lot of money, but it won’t last long if you want to design, build, sell and service vehicles. This provides Lucid with a significant capital cushion; however, it does not end its existential crisis. If the company hopes to survive and expand, it must successfully bring its next-generation Gravity SUV to market and carve out new business for its existing Air sedan.

Other deals that caught my eye…

CYVL.aiis a Boston-area startup that helps municipalities and civil engineering companies track the condition of transportation infrastructure. Raised $6 million The round was led by Companyon Ventures, with participation from Argon Ventures, Aero X Ventures and Alumni Ventures, and participation from existing investors MassVentures, Launch Capital and RiverPark Ventures.

emberis a Scottish start-up that is building one of the UK’s first all-electric intercity bus networks, Raised $14 million Received Series A financing led by Inven Capital, with participation from Investors 2150 and AENU.

Ion clockA seed-stage startup that says its silicon will be cheaper than existing rivals and help improve the range of electric vehicle batteries has closed without pricing $3.9M seed extensionTechCrunch has learned exclusively that Dynamo Ventures and Trucks VC led the round.

Iron Collieis a startup developing freight software for brokers and contractors. Raised $10 million Received Series B financing led by SJF Ventures, with participation from Grand Ventures, Supply Chain Ventures and other strategic partners in the construction industry.

Noteworthy Reads and Other Tidbits

Advanced driver assistance system

Tesla A one-month free trial of $12,000 will be offered to every customer in the U.S. Fully autonomous driving beta version driver assistance system, as long as they own a car with compatible hardware. The company also reportedly made it mandatory for potential buyers to get a demo of the software before buying a new Tesla, at the request of CEO Elon Musk. Tesla appears to be turning to FSD as another financial lever to pull as profits from car sales shrink.

Electric vehicles, charging and batteries

arrive sell some of its assetsincluding advanced manufacturing equipment, Kanu, another troubled startup trying to build and sell electric vehicles. You can’t make this stuff up, guys!

this U.S. Environmental Protection Agency declare new emission standards Targeted at heavy-duty vehicles sold in the U.S. between 2027 and 2032, the regulations will increasingly limit emissions from new heavy-duty trucks. Technically There is no requirement that these non-polluting heavy-duty trucks be electric, leaving it up to manufacturers to decide how to meet the standards, whether through hydrogen-powered fuel cells, better fuel efficiency or other alternative fuels. However, many believe this will mean a push to consider the rule’s potential impact: The heavy-duty truck category applies to more than 100 vehicle types, including delivery vans, garbage haulers, utility trucks, haulers, shuttles and vocational vehicles such as schools buses as well as tractor-trailers.

in-car technology

General Motors Lost another senior executive involved in the company’s software and digital services efforts. You may remember former Apple executive Mike Abbott, executive vice president of software and services at General Motors. Step down Edward Kummer, the former president of Nordstrom Rack’s online operations who joined GM in 2021 to lead its new digital business team, has left GM earlier this month due to health concerns, According to the Detroit News.

This week’s wheel

Land Rover Defender 110-x

Image Source: Kirsten Korosek

I rarely test combustion engine cars, but I made an exception this week when I had the opportunity to drive one for a few hundred miles. 2024 Land Rover Defender 110 X-Dynamic SETechnically, folks, this has a six-cylinder mild-hybrid EV powertrain, so that still qualifies, right?

My experience with the Land Rover Defender is limited to the non-body-on-frame models from a few decades ago. So I’m looking forward to finally getting my hands on the modern version of the Land Rover Defender when it officially returns in 2020. The spec I drove is priced at just under $88,000 and includes some pricey upgrades and 22-inch wheels that might suit affluent urban customers. But with different tires, this aluminum monocoque Defender can definitely handle off-road conditions. I’ve played dirt trails – no rock crawling – and it handles well with no squeaks, rattles or clunks, even on washboard terrain.

I’m not a fan of the advanced driver assistance systems, especially how the driver uses the adaptive cruise control. But there are a lot of features I do like, including a very quiet ride, adaptive air suspension, glossy black over white paint details, a fully functional rear door with an easy-to-reach spare tire, and an air-cooled cubby to keep snacks cool. rooms and interior design that combines practical functionality with sturdy, high-quality materials.

One last word about the interior – you won’t find a big screen here. But the buttons and knobs are mixed with technology-related details. My version had a wireless charger and plenty of charger ports, including one on the dash. Passenger side. The user interface is actually quite nice.

One feature I liked was the drop-down menu on the media switch, which allowed me to quickly switch between Apple CarPlay and my local infotainment system including Sirius XM Radio or local stations. This may seem irrelevant, but I’ve found that many recent electric cars make switching between CarPlay and the native system overly complicated.

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