Trucks | FoT: Fisker, EREVs, Archer

FoT is the intelligence arm of Trucks Venture Capital 

Notable:

Why GPS is under attack (link). 'The U.S. is lagging behind in this new competition in space. GPS satellites are getting old, many exceeding the designed lifespan of 8 to 15 years, and the U.S. has been slow to replace them.'

On the boom of Chinese-designed EREVs and why you are going to hear a lot more about them (link). This is likely the path you will see VW Scout head in -- and a number of other brands we previously considered to be 'EV only,' as EREVs do not require the complexity of letting the ICE directly turn the drive wheels. As the author points out 'Soon, if not already, EV-only makers will be in the minority.'

Battery maker SK On declares 'emergency' as EV sales disappoint (link). 'More radical solutions are also being discussed within the South Korean SK Group conglomerate. One option under consideration, according to a person familiar with the conglomerate’s thinking, is that SK On’s parent, SK Innovation, will be merged with SK E&S, the group’s highly profitable energy affiliate that specialises in liquid natural gas production. The potential merger is set to be discussed at the board level this month.' This is one of the most significant battrey suppliers for a number of automakers.

Small reactors are making the case for a revival of nuclear cargo ships (link).

Checking in on the ADAS and AV plans for Volvo Cars (link).

Video: Preview of Joby Aviation's software (link). Video: 6-meter bicycle, for 'when you want the agility of a bicycle but the turning radius of a lorry' (link). Video: police interaction with Waymo that went the wrong way in traffic (link). Video: Ford CEO Jim Farley at the Aspen Ideas Festival (link). Video: F1 movie trailer, set for 2025 (link). Video: meet the voice you hear in airports, Carolyn Hopkins (link).

NASCAR previews all-electric SUV race concept (link). Here's a video of it doing a standing start (link). There have been a few attempts at BEV motorsport to date and all of them have been quite boring.

M&A / Deals / Changes:

Indian two-wheeler startup Matter raises $10M (link). Led by Temasek.

EVTOL startup Archer raises $55M (link). Led by Stellantis.

Sidewalk and industrial robot startup Cartken raises $10M (link). Led by 468 Capital.

Fisker looks to sell remaining Ocean SUV inventory for between $2500-$16,500 each (link).

Motorcycle startup Damon prepares public listing with Grafiti Holding in reverse merger (link).

EVTOL startup Eve raises $94M (link). Led by Embraer, Nidec.

Board & Executive Changes:

Lithia Motors: Cassandra McKinney joins board (link).

Featured Jobs:

Director, Field Applications Engineering at Zitara in San Francisco, CA USA (link).

Head of Finance at Teleo in Palo Alto, CA USA (link).

Vehicle Dynamics Manager at River in Bengaluru, Karnataka, India (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:

Rivian’s Amazon delivery vans, or their chargers, keep catching on fire (link).

CDK says ‘substantially all’ car dealerships restored after hack (link).

DJI expands into bikes and e-drive systems (link).

ZF shows off 48-volt drive system for e-bikes (link).

Patents & Patent Applications:

Honda's patent application shows Motocampo for three (link). Via Pete S.

Statistics / Projections:

Among the 14 non-Chinese manufacturers with a market value above $25 billion, only Kia, Ferrari and General Motors are expected to show growth in net income this year (link). Via WSJ / Factset.

1 in 5 US EV chargers don't work (link). Via Bloomberg / HBS. 'Based on a decade of data obtained from EV drivers’ reviews of charging stations, the research found that charging stations in the US have an average reliability score of just 78%, meaning about one in five don’t work. That’s less reliable, on average, than regular gas stations.'

Battery component price report (link). Via Intercalation.

US car payments were $740 / month in Q2 2024 (link). Via WSJ / Edmunds. 'Despite the drop, many car buyers still are stretched thin...higher interest rates are saddling consumers with bigger monthly payments despite moderately better deals.'

Thank you:

Thank you to Jean-Jacques Arnal (link), Afraj Gill (link) David Le (link) and Ken Margolis (link) for offers of introductions to new founders, investors and friends over the last week.

Trucks portfolio companies mentioned in this issue:

BasiGo (link), Joby Aviation (link), River (link), Teleo (link), Zitara (link). View the full portfolio of Trucks companies (link).

See you next week,

Reilly Brennan