Trucks | FoT: Moove, Waymo, Credits

FoT is the intelligence arm of Trucks Venture Capital 

Notable:

China's dominance in rare earths comes at a high cost (link). 'Excessive rare earth mining has resulted in landslides, clogged rivers, environmental pollution emergencies and even major accidents and disasters, causing great damage to people’s safety and health and the ecological environment.' And now one of the most highly strategic positions for the coming century.

How will Waymo scale? One signal is Moove's new debt financing (link). 'African ride-hailing startup Moove is close to raising $1.2 billion in a debt round that will help it finance a rollout of an autonomous-driving fleet with Alphabet Inc.’s Waymo and expand in the US.' If Africa-based Moove's largest investors are Uber and UAE's Mubadala, and Moove finances the hardware and operations of another wave of some 10,000 Waymo vehicles, we are entering the 7-layer Taco Bell Burrito era of AV ops and ownership. A global stampede is afoot to autonomize rides.

We're on the verge of a post-lease-return glut of EVs (link). From an FoT reader and Big 3 executive: 'Our biggest competitor is a used version of our own EVs, priced at about 50% off but with 90% of usable life remaining.'

After tariffs, Slate's upcoming EV truck probably won’t be priced 'under $20k' (link). 'The price increases to ‘mid-twenties’ with repeal of EV tax credit.' Slate's biggest competition might be a used EV or HEV priced similarly.

Southwest Airlines CEO talks about why the brand changed its tune on bag fees and assigned seats (link). From an FoT reader: "and he gets justifiably pilloried in the comments."

Trump's bill axes $7,500 EV tax credit after September (link). Sales estimates are less rosy for EVs, but there is still consensus that the US new vehicle marekt will hit over 50% BEVs and HEVs by mid 2030s without federal incentives (link). However, US auto dealers are urging a slow phase-out of EV credits (link). The group contends that ‘abruptly ending EV-related incentives from the IRA is a serious threat to our business continuity and the industry’s long-term investments and that it would introduce significant uncertainty and deter investment.'

Video: SF's Caltrain rail cars departing by ship for Peru (link). Via Diego. Audio: the marketing genius of the Michelin brothers (link). Video: How North Korea’s new warship exposes fast shipbuilding tricks (link).

Colombia seizes first unmanned narco-sub equipped with satellite connection (link). 'The Colombian Navy announced the seizure of the country’s first unmanned narco-submarine equipped with a Starlink antenna on July 2, 2025. The vessel was found off Colombia’s Caribbean coast and is believed to be a test run for drug smuggling using remote-controlled technology.' Tele-op permeating everything.

M&A / Deals / Changes:

Transportation supply chain startup Auger raises $100M (link). Led by Oak HC/FT.

Cal Fire and Skyryse exploring ‘optionally piloted’ aerial firefighting (link). 'Company plans to install its SkyOS system on firefighting aircraft to enable single-pilot or remotely operated flight.'

Canadian next-day logistics startup UniUni raises $70M (link). Led by Bessemer Venture Partners and Sinovation Ventures.

Rivian raised another $1B from Volkswagen (link). 'Rivian Automotive announced that it achieved a financial milestone by receiving a $1 billion investment from Volkswagen Group on June 30, 2025, in exchange for Class A common stock, marking a significant step in their $5.8 billion technology joint venture.'

BYD cancels plans to build major Mexico car plant over Trump’s trade war (link).

Board & Executive Changes:

Boeing: Jay Malave named CFO, succeeds Brian West (link).

Autoliv: Fredrik Westin resigns as CFO (link).

Curated Jobs:

Senior Engineer, Strategic sourcing at River in Bengaluru, Karnataka, India (link).

Sr. Marketing Manager at Ottometric in Novi Sad, Vojvodina (link).

Staff Data Scientist at Nauto in San Francisco, CA, USA (link).

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

Hunting? View all 432 postings on the MobilityJobs job board (link).

New Stuff:

EV RV startup Grounded debuts its G3 vehicle, based on GM's Brightdrop, with 286-mile range (link).

Japan's Lawson to start car camping business on store parking lots (link). 'The service provides an option for guests who are attending events in rural and suburban areas, where hotel accommodation fees remain high as more tourists flood the country. The cost will be 2,500 yen ($17) to 3,000 yen per night. Campers will have access to power outlets, toilets, and garbage bags.'

The Roman Roads Research Association was formed to advance knowledge of the Roman road network, inspired by Ivan D. Margary (link). 'We continue Margary’s work by researching Roman roads using modern technology such as LiDAR, which uses lasers fired from an aircraft to create an incredibly accurate model of the earth’s surface beneath any vegetation, revealing surviving archaeology otherwise not visible.'

A new bill would limit the use of aviation ADS-B data (link). Via Clark R.

A small Tesla prototype caught on overhead view sparks speculation of a new model (link). Via Sam J.

Amazon deploys its 1 millionth robot, releases generative AI model (link).

Patents & Patent Applications:

Zoox's patent application shows audio sensor processing to determine weather conditions around vehicle (link).

Statistics / Projections:

After eclipsing Tesla as global BEV sales leader in Q4 2024, BYD's sales numbers are nearly 3x that of Tesla as of Q2 2025 (link). Via IBD / MSN.

Plug-in hybrid electric vehicles (PHEVs) have the most problems of any category of new vehicles sold in the U.S. (link). Via J.D. Power. 'For the first time, PHEVs, on average, have more problems than their battery electric vehicle (BEV) counterparts (237 PP100 vs. 212 PP100, respectively). Gasoline (184 PP100) and hybrid (196 PP100) vehicles have fewer problems than PHEVs and BEVs. The improvement in BEVs is driven by a 62 PP100 improvement for Tesla.'

38% of auto insurance customers are not very satisfied with their insurance companies (link). Via JD Power.

Only 15 of 129 EV brands in China likely to survive by 2030 (link). Via Reuters / AlixPartners. 'These 15 brands are projected to account for approximately 75% of China's EV and plug-in hybrid market by the end of the decade, each averaging annual sales of 1.02 million units, AlixPartners said, without specifying brand names.'

Thank you:

Thank you to Mark de la Vergne (link), Joshua Gold (link), Marina Hadjipateras (link), Lior Ron (link), Andrew Savage (link), Regina Savage (link) and Jay Warida (link) for offers of introductions to new founders, investors and friends over the last week.

Trucks portfolio companies mentioned in this issue:

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

The perfect racing car crosses the finish line first and subsequently falls into its component parts (Ferdinand Porsche),

Reilly Brennan