Trucks | FoT: Mobileye, LeddarTech, Ampersand

FoT is the intelligence arm of Trucks Venture Capital 

Notable:

Credits lost: less than one dozen vehicles now qualify for the full $7500 US federal tax EV credit (link). Over 20 vehicles lost their credit (link). To make up the difference, GM is putting up the $7500 on their own (link).

Can batteries power freight locomotives? (link). Via Carolyn T. 'By 2035, new locomotive engines for long-haul freight trains (referred to as Class 1 railroad lines) would also have to be ZE. Railroads normally don’t switch locomotives when they cross state lines, so California’s mandate would, by implication, cover trains nationwide.'

Exploring the incentives and nudges to shift EV charging times (link, link to PDF paper). Via David Z. 'We estimate that the receipt of a 3.5¢/kWh credit, or roughly a 23% discount on the retail price, led to a 37% increase in off-peak charged kWhs and commensurate decrease in peak charging.'

If automakers actually want to meet federal EV targets, they will need to double their investment (link; link to full paper PDF). Via Daniel W. 'In the most probable scenario, North America could manufacture 4.9M ZEV units (30%) in 2026 and 5.2M units in 2028 (31%). Therefore, automakers must virtually double the factory capacity enabled by the current set of committed investments by 2030 in order to reach the target of 60% ZEV penetration.'

Indiana lawmakers propose AV trucking ban (link).

Outdated laws mean AVs are currently immune from traffic tickets in California (link).

E-scooter companies are going bankrupt, which should alarm you - even if you hate them (link).

Mobileye stock tumbles 30% after reporting a supply glut (link). 'Mobileye forecast preliminary 2024 revenue below estimates showing that the automotive chip industry, which had so far avoided the chip supply glut crisis, will likely face a downturn too.'

EV startup Fisker ditches its direct-only model, says it will add franchised dealers (link). 'While the EV startup made more than 10,000 vehicles in 2023, it delivered only about 4,700 units of the Ocean sport utility vehicles due to distribution constraints.'

Video: Harry's Garage on restarting their left-for-dead Fiat 500 (link). Video: Autoline discussion of why legacy OEM mindset holds them back from innovating (link). Video: understanding aerodynamics of a rear wing on a hatchback car (link). Video: Penn develops drones that can link together in mid-air and fly together in various shapes (link). Video: USB1 and USB2 on this truck :) (link). Via TO.

Drones are the new drug mules (link). 'Cheap and they don't snitch.'

M&A / Deals / Changes:

Canadian LiDAR firm LeddarTech completes $59M SPAC Nasdaq listing (link).

Auto repair financing startup Bumper raises $48M (link). Led by Autotech.

A look back at automotive chip startup funding in 2023 (link). Via Jack F.

Rwandan e-bike startup Ampersand raises $19.5M (link). Led by Ecosystem Integrity Fund (EIF).

Continental partners with Aurora for backup safety system (link).

Board Changes:

AutoZone: Philip Daniele joins board, promoted to CEO (link).

Lyft: Jill Beggs joins board (link).

New Stuff:

Daimler Truck will road test its Mercedes-Benz hydrogen fuel-cell trucks by midyear, conducting separate trials with Amazon, Air Products, Holcim, INEOS and Wiedmann & Winz on specific routes in Germany (link).

Tesla lowers Model Y, S, and X range estimations following exaggeration complaints (link). Model Y Performance down to 285 mi from 303 mi, Model Y Long Range down to 310 mi from 330 mi, Model X Plaid down to 326 mi from 333 mi.

GM's Cruise offers $75,000 to resolve crash probe (link).

US DOT launches new advisory group, Transforming Transportation Advisory Committee (link).

Uber tests flexible pricing service in over a dozen Indian cities (link).

Yamaha announces new battery swapping for electric bikes (link).

Rimac looks to build bespoke AV service vehicle (link).

Porsche publishes its design system (link).

Italy weighs $1 billion package to boost EV sales (link).

France launches 'social leasing' of EVs at $44/month (link).

Tesla to fix 1.62M vehicles in China recall (link).

Patents & Patent Applications:

GM's patent application for an aerial-based event notification (link).

Featured Jobs:

Production Planning and Control at River in Hosakote, Karnataka, India (link).

Customer Success Manager at Nauto, remote (link).

MobilityJobs is the No.1 job board for auto & transportation companies (link). New: any startup can now post standard jobs for free. Just use the code 'Trucks' at checkout.

Statistics / Projections:

Timelines for L4 and L5 autonomy use cases have extended by 2 to 3 years on average (link). Via McKinsey.

The hype on EV battery fires is overblown: internal-combustion engine (ICE) cars were involved in about 1,530 fires per every 100,000 sold, whereas pure battery electric vehicles (BEVs) were involved in just 25 fires per 100,000 sold (link). Via IEEE / National Transportation Safety Board and the Bureau of Transportation Statistics.

Chinese auto exports have nearly quintupled since 2020 to approach 5M last year (link). Via FT / Automobility.

China's Hesai LiDAR reports over 50,000 monthly deliveries, the highest of any LiDAR maker to date (link). Via Gasgood.

The average length of time for a paid fast-charging session at a non-Tesla charger in 2023 was 42 minutes (link). Via Automotive News / Energetics.

Industrywide sales of new cars in the U.S. reached 15.5 million vehicles in 2023, a 12.4% increase from the prior year (link). Via WSJ / Wards Intelligence.

Thank you:

Thank you to Michelle Gee (link), Mark Kudla (link), Glenn Mercer (link) and Conrad Metz (link) for offers of introductions to new founders, investors and friends over the last week.

Trucks portfolio companies mentioned in this issue:

Nauto (link), River (link). View the full portfolio of Trucks companies (link).

See you next week,

Reilly Brennan