Trucks | FoT: Denim, Hybrids, Ascent

FoT is the intelligence arm of Trucks Venture Capital 

Notable:

Are hybrids a bridge technology or are they here to stay? Understanding how Ford and GM are on different paths (link). Related: BYD new extended-range hybrid goes over 1200 miles on a full tank and charge, costs only $13,775 (link).

Banned Chinese companies rebrand as American to avoid federal crackdown (link). Via Weans. 'The company behind American Lidar, and not mentioned in its registration, is China-based lidar maker Hesai Group, which the U.S. has labeled a security concern.'

On Waymo's ascent as the No.1 leader in AVs (link). When will Waymo IPO? My belief is that we'll see a window for them in early 2026.

Visualizing different LiDAR systems (link). Via Tangram.

On the very slow restart of Cruise's AV business (link).

Deep dive into the last 18 months of Fisker Automotive (link). 'There was inadequate customer service, no properly functioning warranty system, and a dearth of spare parts, four of the employees said. Fisker had trouble keeping track of money it collected, at one point losing around $16 million, according to O’Grady and several other employees who were directly involved in finding the payments.'

On vehicle automation, US federal regulators have some catching up to do (link). 'Nobody should be surprised that drivers are misusing these systems. Back in 2016, I submitted a comment on behalf of IIHS on NHTSA’s initial Federal Automated Vehicles Policy. In it, we warned NHTSA that drivers were apt to confuse partial driving automation systems with more advanced automation, resulting in misuse and overreliance.'

How EV charger usage and pricing impacts profits (link). 'States like California, with ambitious EV adoption goals and high utilization rates, paradoxically rank among the top 10 most expensive states for EV charging, averaging $0.51 per kWh.'

Colorado's new 'right to repair' laws seen as the most DIY-friendly in the nation (link). 'Along with prohibiting parts pairing, the new law mandates that electronic equipment manufacturers make the process of obtaining tools and materials for repairing devices fair and reasonable. According to Colorado, fair and reasonable access to repairability tools means that they're provided without charge, other than what it costs to prepare and send it, while software tools must be provided for free. Documentation and firmware, meanwhile, must be provided at terms comparable to what a manufacturer would offer to an authorized repair shop.'

Americans now know supply chains are important, but are mostly unprepared for the next shock to the system (link). 'Humanity has come to depend on a disorganized and rickety global supply chain for access to the products of our age, from lifesaving drugs and computer chips to toys and games. The system relies on myriad forms of labor exploitation, which has made it perpetually vulnerable to breakdown. And it has been constructed as a means of rewarding the investor class, often at the expense of reliability.'

Audio: Skyryse CEO Mark Groden on 'Invest like the Best' podcast (link). Video: making a road bike at Japan's Panasonic factory (link). Video: Luca Betti of Kimera Automobili (link). Video: micromobility lawn care (link). Video: 42-second world record engine swap from 1985 (link). Video: my discussion with John Moavenzadeh for the MIT Mobility Initiative (link). Video: GMA T.50 vs McLaren F1 (link). Via Hartmann. Video: F1 champ Lewis Hamilton on Hot Ones (link). Video: trippy 1971 Pontiac dealer training video (link). Via CP. Video: man with suspended license joins court video call while driving (link). Via Weans.

M&A / Deals / Changes:

Freight fintech startup Denim secures $63M warehouse facility from SVB and Trinity Capital (link).

Cryo-compressed hydrogen startup Verne receives award to develop system for the U.S. Army (link).

US smart seating startup Kalogon raises $1.2M seed (link). Led by Sawmill Angels.

Indian EV scooter sharing startup Zypp Electric raises $15M (link). Led by Japan’s Eneos.

Ascent AeroSystems acquired by Robinson Helicopter (link). Via Gur K.

Indian EV battery buyback startup Turno raises $6M (link). Led by B Capital and British International Investment.

Battery robot startup Yuilrobotics raises $27M strategic round from SK Battery America (link).

Volkswagen to work with Mobileye on automated driving after Argo exit (link).

Indian EV OEM startup Euler Motors raises $24M (link). Led by British International Investment.

Egyptian logistics startup OneOrder raises $16M (link). Led by Delivery Hero Ventures.

Toyota, Subaru and Mazda to jointly develop new engines for hybrid vehicles (link). Related: Renault, Geely create joint venture for hybrid, combustion engines (link).

Harbinger Motors announces over $400M in pre-orders for electric trucks (link).

Vietnamese EV maker VinFast considers delaying $4B US plant (link).

Board & Executive Changes:

BorgWarner: Joseph Fadool promoted to COO (link).

O'Reilly Automotive: Jay Burchfield retires from board (link).

Featured Jobs:

Senior Product Manager at Nauto, remote (link).

Field Autonomy Engineer at May Mobility in Tokyo Prefecture, Japan (link).

Chief Accountant at Valeo in Elkhart, Indiana USA (link).

MobilityJobs is the No.1 job board for auto & transportation companies (link). If you are a startup you can use the job board for free standard listings — just enter 'Trucks' at checkout.

New Stuff:

Ford shows F-150 Lightning SuperTruck EV for Pikes Peak (link).

Feds tell Zoox to send more info about autonomous vehicles suddenly braking (link).

Spotify won’t open-source Car Thing, but starts refund process (link).

Tesla aims to launch its FSD software in China (link).

Google accused of secretly tracking drivers with disabilities (link).

Shademap is an online shade map and sun finder (link).

Patents & Patent Applications:

GM's patent application for an adjustable air gap axial flux motor (link).

Statistics / Projections:

US car dealers are underinvesting in EV training for their salespeople (link). Via Ward's / Ipsos. 'Only 9% of EV buyers surveyed cite the salesperson as their top source of information vs. 17% for all other buyers. Also, EV buyers rate their sales experience and their salesperson 10% lower than other buyers.'

US EV sales grow in April faster than expected (link). Via Bloomberg. 'Six of the 10 biggest EV makers in the US saw sales grow at a scorching pace in April compared to a year ago — up anywhere from 56% at Hyundai-Kia to 86% at Ford.'

Usage of auto manufacturers’ mobile apps continues to increase as 90% of EV owners say they use these apps, up from 88% in 2023 and 81% in 2022 (link). Via JD Power. 'Tesla ranks highest overall and highest in the premium brand segment of EV mobile apps, with a score of 847 (on a 1,000-point scale). Mercedes me connect (843) ranks 2nd and My BMW (834) ranks 3rd. MyHyundai with Bluelink ranks highest in the mass market segment of EV mobile apps, with a score of 835. Kia Access (829) ranks 2nd and FordPass (810) ranks 3rd.'

New shipping routes for 2024, mostly to avoid Houthi militias off Yemen, add 14 days to Asia-Europe trade (link). Via FT / Clarksons. 'Container ship arrivals in the Gulf of Aden, at the entrance to the Red Sea, are down 90% on the same period last year.'

The percentage of Americans who move each year keeps falling (link). Via Bloomberg / US Census Bureau. 'A lowest-on-record 7.8% of US residents reporting to the Census Bureau in spring 2023 that they lived in a different place than they had a year earlier.'

Thank you:

Thank you to Julian Brockhurst (link), Howard Chao (link), Jordan Greene (link), Euna Joo (link), David Levine (link), Myron Manternach (link), Gabbi Richardson (link) and Ariane Tom (link) for offers of introductions to new founders, investors and friends over the last week.

Trucks portfolio companies mentioned in this issue:

Denim (link), May Mobility (link), Nauto (link), Skyryse (link), Tangram Vision (link), Verne (link). View the full portfolio of Trucks companies (link).

See you next week,

Reilly Brennan