Trucks | FoT: Manna, Tariffs, Farmwise

FoT is the intelligence arm of Trucks Venture Capital 

Notable:

Chinese intra-country competition means more innovation: 'a new car model released on average every two days' (link). 'As EVs start to outsell cars with internal combustion engines, 78% of those sales are being soaked up by just 10 companies, including 27% solely by BYD, according to HSBC data.'

The tariff hammer hits the auto industry (link). 'One U.S. auto-industry executive described three potential outcomes: OK, bad and Chernobyl.' I asked some friends how quickly we will see reshoring; Chris McNally of Evercore ISI: 'the US is only about 65% utilized, but it's already about 100% utilized where it needs to be (pickups etc).' Related: tracking the number of EV and battery factory cancellations (link). Via Jenny H. 'According to data from Atlas Public Policy, a policy research group, more projects were canceled in the first quarter of 2025 than in the previous two years combined. Those cancellations include a $1 billion factory in Georgia that would have made thermal barriers for batteries and a $1.2 billion lithium-ion battery factory in Arizona.' Rivendell Bikes CEO talks about tariff impact on his business (link). Via Diego.

Stellantis joins Ford in offering employee pricing for consumers in light of tariff changes (link).

Two months out from Tesla's robotaxi launch in Austin, how close are they? (link, link to CNBC video). Useful comment from plaintiff attorney at 16:46 in the video: 'you can't shout the claim but whisper the disclaimer.'

Swapping new Chinese batteries into dead Nissan Leafs for 250 miles of range (link).

Hyundai ends its free maintenance program (link). 'Starting with 2026 models, Hyundai will stop paying for the first three years or 36,000 miles of complimentary service.'

Video: WSJ breaks down the Ford F-150 to explain tariff impact (link). Video: village short track racing (link). Video: inside MCD1's 800-hp F100 prerunner off-road truck (link). Video: big truck driving simulator (link). Via TO. Video: active ride height on Yangwang U7 EV (link).

M&A / Deals / Changes:

Ag robotics startup Farmwise acquired by Taylor Farms (link).

McLaren (somewhat suddenly) merges with EV startup Forseven (link). 'Forseven was founded in 2022 and is owned by CYVN Holdings, which is owned in turn by the government of Abu Dhabi.'

Irish drone startup Manna raises $30M (link). Led by Tapestry and Molten Ventures.

Fleet software startup BetterFleet raises $15M (link). Led by Aligned Climate Capital, Ecosystem Integrity Fund (EIF), and Remarkable Ventures Climate (RVC).

Boston area battery inspection startup Evident raises $3.2M (link). Led by Ibex.

BP’s low-carbon mobility team axed as company reverts to oil and gas (link). 'The unit was responsible for developing electric, hydrogen and other low-emission solutions for vehicles, particularly trucks. It is the most recent casualty of chief executive Murray Auchincloss’s plan to refocus BP on its legacy oil and gas business. BP added that the decision would not affect BP Pulse. The company said it remained focused on expanding its EV charging business in its four key markets of the UK, Germany, the US and China, and on growing through joint ventures in India, Spain and Portugal.'

Denmark’s Maersk buys Panama Canal railway (link).

Board & Executive Changes:

Tesla: head of software David Lau departs (link).

Ambarella: Anne De Greef-Safft to leave board (link).

Curated Jobs:

AI Applications Engineer at Quadric in Burlingame, CA, USA (link).

Head of Product at Ottometric in Waltham, MA USA (link).

Senior Data Engineer at Autofleet in Tel Aviv-Yafo, Tel Aviv District, Israel or remote (link).

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

Hunting? View all 361 postings on the MobilityJobs job board (link).

New Stuff:

Heat maps of airport approach paths (link). via Ryan A.

Japan's KG Motors is a one-seat EV four-wheeler that can fit inside a van (link).

Xiaomi EV crashes while using driver assistance, killing three on board (link). '

A new retro map for NYC's metro (link).

Patents & Patent Applications:

Rivian's patent application for charger reservations (link).

Statistics / Projections:

For US car dealers, service, repairs and parts sales are the only contributions to gross profits that are consistently growing (link). Via BCG.

Dodge sold more old Challengers and Chargers than new Daytona EVs in Q1 (link). Via Carscoops.

Global sales of hybrids, including plug-in models, have almost tripled to 16.1 million from 5.7 million over the past five years (link). Via Reuters / LMC Automotive.

Thank you:

Thank you to Zal Bilimoria (link), Addy First (link), Tom O'Keefe (link), Lomax Ward (link) and Rimsha Zaib (link) for offers of introductions to new founders, investors and friends over the last week.

Trucks portfolio companies mentioned in this issue:

Ottometric (link), Quadric (link). View the full portfolio of Trucks companies (link).

The serious revolutionary, like the serious artist, can't afford to lead a sentimental life (Adrienne Rich),

Reilly Brennan