Trucks | FoT: Lucid, Bolt, FSD China

FoT is the intelligence arm of Trucks Venture Capital 

Notable:

Why are Chinese smartphone companies able to make seemingly great cars while Apple couldn't? (link). One of the great 'what ifs' of the next ten years of US auto sales is if we had had a strong Apple EV product in the consideration set. If Chinese companies complete the consumer electronics trifecta (phone, smart home, car), what will be the remedy for Apple's EV balk? a) give up entirely b) buy Rivian c) restart a new program d) something else entirely (pls hit reply and tell me). Alternatively, what if Tesla builds a phone before Apple builds a car?

Tracking one car part's journey through the US, Canada and Mexico (link).

Lucid Motors leader Peter Rawlinson steps down as CEO (link). I asked a number of contacts 'who is the next best CEO for Lucid?' and the responses were so diverse (from GM's Paul Jacobson to ex Porsche leader Frank-Steffen Walliser) that it brings up the fundamental problem with Lucid: nobody knows exactly what the company needs in this moment. If the argument is that Lucid has their product 'set' but just needs an operator, you might benefit from a CFO-type leader like Jacobson. If the argument is that Lucid actually has the wrong product (a luxo sedan and a minivan-utility, when it needs a few traditional SUVs), it needs a more product-focused exec like Walliser, ex BMW / Hyundai leader Albert Biermann, ex IDEO leader Diego Rodriguez or perhaps Ford's Jim Baumbick. If the ultimate answer is to build a China-focused launch strategy, an entirely different set of names is required.

Tesla seeks ridehailing permit in California to launch a paid ride service (link). 'In its communications with California officials, Tesla discussed driver’s license information and drug-testing coordination, suggesting the company intends to use human drivers, at least initially. Tesla is applying for the same type of permit used by Waymo, Alphabet Inc.’s robotaxi business. While Tesla has approval to test autonomous vehicles with a safety driver in California, it doesn’t have, nor has applied for, a driverless testing or deployment permit from the state’s Department of Motor Vehicles, according to a spokesperson.'

Some US EV buyers are getting their tax returns rejected this year (link). 'The IRS created a new online portal for the 2024 tax year. Dealers had to enroll in the new system to accommodate customers who wanted to claim the rebate up front. But crucially, dealers also had to use the portal to report sales for buyers who planned to claim the credit at tax time — that is, dealers couldn't use the same forms they'd used prior to 2024.'

Tesla launches 'FSD' features in China (link). Written in quotes because Tesla isn't exactly using that term in the country, but rather 'Urban Road Autopilot Assistance' and legally described there as a Level 2 system. Early reviews seem to indicate there is more work to do (link, link).

Why it's so hard to build a jet engine (link). Via Diego. 'A jet engine must direct and control an enormous amount of heat energy — a modern large jet engine will generate power on the order of 100 megawatts — and it must do so using as little mass as possible. A 1930s Ford V8 car engine weighed around 7 pounds for every horsepower it generated. A WWII aircraft piston engine weighed around 1 to 2 pounds per horsepower. The 50s-era J57 jet engine weighed closer to 0.1 to 0.2 pounds per horsepower it generated.'

Video: RAI institute robot bike can do trials, stunts (link). Via Patrick H. / Kohei S. Video: Fast (for a train) Austrian locomotive 'Taurus' standing start (link). Video: driving the custom built V6 Mazda Miata from Rocketeer (link). Video: the perfect Goodwood chicane drift...(link). Video: Cyber longboard (link). Video: Blue Ghost makes lunar touchdown (link).

For sale: Aston Martin V8 Super Cygnet (link). Like a V8 engine wrapped in aluminum foil.

M&A / Deals / Changes:

Estonian mobility platform Bolt reportedly looks to IPO this year (link).

Tesla acquires assets of failed German manufacturing supplier Manz AG (link).

Automated ship startup Saronic Technologies raises $600M (link). Led by Elad Gil.

SAR satellite startup Iceye raises $65M (link). Led by Solidium Oy, BlackRock, Seraphim, Plio Limited, and Christo Georgiev.

US smart school bus startup Endera raises $49M (link).

African vehicle financing startup Gozem raises $30M (link). Led by SAS Shipping Agencies Services and Al Mada Ventures.

Motorcycle firm KTM won't die yet, but nobody know who saved it (link). Via Devin.

Agnelli family sells $3B of Ferrari stake, reportedly to fund non-auto M&A deals (link).

Board & Executive Changes:

Range Energy: Jon Foster named CEO, Ali Javidan appointed President & CTO (link).

Fortive: Gregory Moore joins board (link).

Ambarella: Chantelle Breithaupt joins board (link).

Lucid: Peter Rawlinson resigns as CEO, CTO and board member (link).

Featured Jobs:

Director of Content and Marketing at Xona Space Systems in Burlingame, CA USA (link).

Cybersecurity Engineer at Ferrari in Maranello, Modena, Italy (link).

Director, Corporate Strategy at Ford in Detroit, MI USA (link).

Hiring? Post a job (link). If you're a startup, use code 'Trucks' for free standard listings.

Hunting? View all 336 postings on the MobilityJobs job board (link).

New Stuff:

A beautiful funicular by Atelier Bugio for Lisbon town (link).

DJI's drone dock for vehicle mounting (link). Via Gregg P.

SAFE's new policy document on building advanced air mobility (link). Top three recommendations: Establish use, ownership, and access of finite real estate, FAA should prioritize digital vertiport infrastructure, initiate new and sustaining funding mechanisms.

BMW creates online product catalog for its historic vehicles (link).

Mercedes-Benz begins road tests of solid-state batteries with Factorial (link).

Patents & Patent Applications:

Honda's patent application shows potential next-generation Element SUV (link).

Statistics / Projections:

The top issues stopping consumers from buying an EV related to charging availability (link). Via Auto Remarketing / JD Power. 'Low availability of public charging stations was at the top, cited by 51% of the survey respondents, followed by time required to charge (49%) and limited driving distance per charge (47%).'

Researchers show drivers from higher-income tracts are more likely to crash into pedestrians from lower-income tracts than the reverse (link). Via David Z / TRIP.

Doordash triples its share of deliveries made on 2-wheeled devices across U.S. and Canada markets since 2022 (link to PDF). Via Doordash report.

Waymo has doubled its weekly robotaxi rides in less than 12 months (link). Via Techcrunch.

American shipbuilding decline: USA accounted for only about 0.1% of the world’s tonnage in 2023 (link). Via WSJ.

Thank you:

Thank you to Todd Berman (link), Matthew Dale (link), Eddie Doherty (link), Caroline Ford (link), Robi Mitra (link) and Joey Mullick (link) for offers of introductions to new founders, investors and friends over the last week.

Trucks portfolio companies mentioned in this issue:

Xona Space Systems (link). View the full portfolio of Trucks companies (link).

If you have a chance to make something beautiful and you don't, well, what does that say about you? (D. Gurney)

Reilly Brennan