Trucks | FoT: Rivian/VW, Verne AV, Sila

FoT is the intelligence arm of Trucks Venture Capital 

Notable:

Volkswagen to invest up to $5B in Rivian and a new vehicle software joint venture (link). This is of course a major injection for Rivian but also points to the under-appreciated part of the startup's journey -- that it has built out the components you'd normally source to a supplier; now it is finding those components are the basis of VW's interest. Brother Godin once said that learning is serial incompetence on your way to getting better. If true we can say that the software side of Volkswagen has been hitting the books. This is a landmark investment that will be the waterline for the software vehicle era; it will also kickstart a range of M&A from the incumbent supplier base as they fear more OEMs move to an integrated approach as opposed to a dog's breakfast of suppliers. Related: What does VW's investment and partnership with Rivian mean for its new Scout EV brand? (link). It is becoming more likely that Scout adds hybrid options, not just as a full BEV brand.

Ferrari plans annual $7,500 hybrid, EV battery service subscription, with owners getting new battery installed every 8 years (link). Via RM. From a friend at a competing OEM: 'They are designing for resale/collectibility of electric vehicles which is novel (but makes total sense for the brand).'

'The US approach to robotaxis is far too cautious' (link). 'If we take the competitive challenge seriously, that means adopting a regulatory posture that errs on the side of innovation and tries to encourage stable and competitive flows of investment as a national priority, not a series of city-by-city special interest fights.'

US Supreme court overturns 'Chevron Doctrine' (link). Wells Fargo's Colin Langan on the decision: 'The 1984 Chevron decision laid forth the legal standards for when federal courts must defer to a gov't agency's interpretation of a law or statute. Pursuant to SCOTUS' decision on Friday, courts will no longer do this simply because a law or statute is ambiguous. Ultimately, this takes power away from agencies like the EPA or NHTSA from dictating the execution of a statute. Now aggressive fuel economy targets on OEMs may be in limbo & skew to more favorable standards.'

Rise of Chinese golf carts entering US prompt pleas for 100% tariff (link). 'US imports of Chinese golf carts and other recreational buggies have increased 6x since 2020.'

Video: Chicago’s NASCAR Race is a Marvel of Physics (link). Video: Riding behind a Hells Angel in Alaska with a 3rd wheel (link). Video: BMW 507 restoration (link). Video: Rivian investor day (link). Video: 'I made a model Porsche Taycan with a 3D pen' (link). Video: Designing classic automotive instrumentation using Apple's CarPlay frameworks (link). Via JD.

The history of lithium (link). Via KJ.

M&A / Deals / Changes:

Battery startup Sila Nanotechnologies raises $375M (link). Led by Sutter Hill Ventures.

German automotive software startup Compredict raises $15M (link). Led by Woven Capital.

Automotive data and software firm Solera files for IPO (link).

Airframe maker Spirit Aerosystems acquired by Boeing for $4.7B (link).

EV two-wheeler startup River raises strategic round from Mitsui and Marubeni (link).

Aviation software firm Verocel acquired by Boeing's Wisk VTOL group (link).

Hydrogen aviation startup Universal Hydrogen shuts down (link).

Battery startup Our Next Energy receives lifeline from Foxconn, mostly related to a new stationary storage plan (link).

Uber Freight and AV startup Aurora partner on routes through 2030 (link).

Board & Executive Changes:

GM's Cruise AV unit names former Xbox and Unity executive Marc Whitten as CEO (link). GM names Grant Dixton as EVP Chief Legal & Public Policy Officer (link).

US DOT appoints acting AI chief Vinn White to lead FMCSA (link).

Featured Jobs:

Senior Integration Engineer, Remote at May Mobility (link).

Systems Safety Engineer at JetZero in Long Beach, CA USA (link).

Senior Manager, Strategy and Growth at Autonation in Fort Lauderdale, FL USA (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:

Rimac's autonomy group shows robotaxi concept 'Verne', will use Mobileye's AV stack (link).

Goodyear launches subscription-based 'tires as a service' model for fleets (link). The service includes Aperia's Halo tire inflator.

CDK cyberattack fallout spreads even as reboot efforts progress (link). 'CDK said on June 28 it was continuing to use a phased approach to gradually and safely reboot its DMS software for the more than 15,000 customers affected by the shutdown.' Related: the backstory of how CDK's problems (link).

Serisan makes composite add-ons for trailers that make them look like vintage Citroen H vans (link). Via Diego.

Uber and Lyft agree to give Massachusetts drivers minimum pay of $32/hour for time spent on a ride (link).

Florida man arrested for shooting down Walmart delivery drone (link).

Waymo opens its AV service to all of San Francisco (link).

'Alite' sells stick-on labels for license plates to avoid camera recognition (link). Said sophomorically: 'Enjoy drives without fines.'

Patents & Patent Applications:

Ford's patent application shows AV that would follow a police officer after they leave their vehicle on a footchase (link).

Statistics / Projections:

Spending on Delta Airlines credit cards approaches 1% of US GDP (link). Via Fast Co.

Ram ranks No.1 in JD Power Initial Quality for 2024; Porsche ranks No.1 for premium makes (link). Via Automotive News.

Geely enters top 10 in Q1 global auto sales, the first Chinese carmaker to ever do so (link). Via Nikkei.

China may deliver one-third of global vehicles by 2030 (link). Via Automotive News / Alix Partners.

Thank you:

Thank you to Thomas Albanese (link), Bernard Bourgeois (link), Dr. Larry Burns (link), Jackie Erickson (link) and Paul Lienert (link) for offers of introductions to new founders, investors and friends over the last week.

Trucks portfolio companies mentioned in this issue:

Aperia (link), JetZero (link), May Mobility (link), River (link). View the full portfolio of Trucks companies (link).

See you next week,

Reilly Brennan