Trucks | FoT: CPUC, Treehouse, Proterra

FoT is the intelligence arm of Trucks Venture Capital.

Notable:

Friday's yes vote from California's Public Utilities Commission in favor of Waymo and Cruise expanding their robotaxi operations in SF was sunlight for AVs and for the future of their business (link). The vote allows Cruise and Waymo to charge for all rides, expand hourly operations, service area, and fleet size. This is the biggest win for AVs since the invention of the Patagonia vest. Will there be lawsuits against CPUC and the robotaxi companies and will CPUC likely have to revote on this issue in the near future? Yes and yes. But for the moment the TAM slide on a robotaxi fundraising deck can remain celestial.

China stalls production licensing for new EV startups (link). 'The carmaking rules enforced by China’s state planner and Ministry of Industry and Information Technology (MIIT) have already throttled the dreams of billion-dollar start-ups such as Niutron, backed by US investment group Coatue. The start-up has been almost bankrupted and was forced to lay off most of its workforce after failing to obtain an EV production licence.'

Italy struggles as crowds surge amid a lack of taxis, where ridesharing networks like Uber are severely restricted (link). 'According to a 2022 report by Italy’s transportation authority, Italy has roughly one taxi for every 2,000 people, fewer than other European countries like France or Spain.'

Security researchers show 'voltage hacking' to unlock subscription features in car (link). Via Weans. 'In a talk this week, a trio of Technische Universität Berlin boffins demonstrated how they were able to bypass the $300 purchase requirement to activate heated rear seats in a Tesla Model 3.'

'Google Maps has become an eyesore': Examples of how the app has lost its way (link). I would love to talk to founders crazy enough to build a new-age Google Maps or Waze, with a focus on design instead of POI clutter.

How a totaled Tesla sold for parts in the U.S. ended up driving in Ukraine (link). Via MT. We have looked at few privacy-wiping startups over the last few years, such as Privacy4Cars (link) and it's remarkable how this issue has remained an ongoing issue for fleets and automakers.

US airlines ally with farmers to seek subsidies for corn as jet fuel (link). 'Aviation regarded as new market for refiners as electric vehicles endanger demand.'

Video: F1 driver Max Verstappen learns to drift (link). Video: Mobileye hands-free driving in China (link). Video: cities aren't loud, cars are loud (link). Video: the $80,000 struggle to own a vehicle in Singapore (link).

The hunt for America's largest catalytic converter theft ring (link). Via Laura G. 'Some of the most prized specimens are found on Toyota Priuses manufactured between 2004 and 2009. That model is so famous for its high concentration of palladium that dealers know its parts code by heart: GD3 EA6. At peak metal prices, a single used GD3 EA6 could sell for more than $1,800.'

M&A / Deals / Changes:

Residential charger installation startup Treehouse raises $10M (link). Co-led by Trucks and Montage, with participation from Acrew Capital, Gutter Capital, Detroit Venture Partners, Automotive Ventures, Holman, Virta Ventures, Alumni Ventures, and Invest Detroit.

Shared micromobility startups Tier and Voi reportedly look to merge (link). Via Bam Bam Bob.

Washington-based traffic data startup Inrix raises $70M (link). Led by Morgan Stanley Investment Management.

EV bus maker Proterra files for Ch 11 bankruptcy protection (link). In Kirsten Korosec's breakdown of the filing, she points out that transit agencies had asked for so much customization of each bus that it significantly drove up costs and manufacturing times (link).

Fleet maintenance provider Corcoran's Mobile Services acquired by Cox (link).

VTOL startup Archer Aviation raises $215M (link). Led by Stellantis, Boeing, United Airlines, Ark Investment Management LLC. The company also announces it had come to an agreement with Wisk on a previous trade secret dispute.

African mobility fintech startup Moove raises $28M in equity and $10M in venture debt (link). Led by Mubadala and Black Rock.

Sidewalk robot startup Serve acquired in reverse merger / SPAC with Patricia Acquisition Corp, raising $30M of new financing in the process (link, link to PDF presentation). The filings show Serve has 'over 100 robots,' serving contracts with Uber Eats and 7-Eleven.

Board Changes:

Caterpillar: Kelly Ayotte resigns from board (link).

Samsara: Todd Bluedorn joins board (link).

New Stuff:

The Florida Automated Vehicle summit takes place Sep 6-8 in Tampa, Florida (link). This has historically been one of the best automated vehicle conferences in the US. I highly recommend it.

GM’s new education project for ADAS vehicle customers (link).

Australia introduces new driver's license for performance cars (link). Via JF M. 'The South Australian Government, at the forefront of this initiative, has revealed that approximately 270 drivers in the state will be required to secure the new U Class driver's license by December 1, 2024. To qualify for this license classification, individuals must complete an upcoming online training course specifically tailored to high-powered vehicles.'

Safety and security are the real utilities in connected vehicles, with examples from TurnSignl and Urgently (link).

GM's recent EV announcements included bi-directional capability on all their EVs as of 2026 model year (link), plus a preview of a new Escalade EV (link).

The Fugue is an 'endless driving game' for Android and iOS (link).

Michigan and Cavnue start built out of I-94's highly connected freeway segment (link).

Patents & Patent Applications:

Ford's patent application shows how its vehicles and processors could be used as a validator in blockchain transactions (link).

Zoox's patent application shows J-shaped interior airbag (link). Interior airbags of toaster-shaped driverless cars are going to be an interesting design space.

Featured Jobs:

Finance Manager, Special Projects at Joby Aviation in San Carlos, CA, USA (link).

Senior Integration Technician, Controls and Drive by Wire at Gatik in Mountain View, CA, USA (link).

Structures Design Engineer at JetZero, remote (link).

MobilityJobs is the No.1 job board for auto & transportation companies (link).

Statistics / Projections:

Shared micromobility ridership returned to pre-pandemic levels in 2022, with at least 157 million trips taken across North America (link). Via NABSA.

Used-vehicle wholesale values are down almost 12% vs. a year ago (link). Via Wards Auto.

Some $5 trillion of capital investment may be needed to deliver on aviation’s goal of reaching carbon neutrality by 2050, almost all of it plowed into sustainable fuel production and renewable power generation (link). Via JT / Bloomberg.

After two years of sharp growth, US EV market share stayed flat at 7.1% from January to June (link). Via Automotive News / Experian.

Thank you:

Thank you to Steve Greenfield (link), Euan Guttridge (link), Wesley King (link), Rob Toews (link) and Ally Warson (link) for offers of introductions to new founders, investors and friends over the last week.

Trucks portfolio companies mentioned in this issue:

Gatik (link), JetZero (link), Joby Aviation (link), Treehouse (link), TurnSignl (link). View the full portfolio of Trucks companies (link).

See you next week,

Reilly Brennan