Trucks | FoT: Slate, JetZero, Uber/VW

FoT is the intelligence arm of Trucks Venture Capital 

Notable:

Slate launched, as a low-cost modular EV truck and SUV (link). While the form factor would remind you of a Land Rover on Ozempic, the business model is closer to Harley-Davidson or Spirit Airlines: sell the vehicle for low margins, then offer accessories for between 40-50% gross margins. Blend those two together and you have financials closer to Porsche. America's first low-cost EV was [any number of] rapidly depreciating second-hand models, but perhaps Slate is the second one. Related: traditional NMC batteries on the launch model, not LFP, due to potential supply chain impacts and federal credits (link).

CATL debuted its 'Naxtra' sodium-ion battery, with energy density close to LFP at 175 wh/kg (link). Watching the Chinese battery giants go toe-to-toe in development (CATL claims a battery that goes longer and charges faster than BYD's) feels a bit like what we are seeing elsewhere in technology around AI models. EVs are becoming wrappers around next-generation Chinese batteries. Is it worth making a long-term exclusive deal with any one of them when the competitive innovation is such a whirling quasar (in the mist)?

GM argues it can still sell your data 'because you drive on public roads' (link). Imagine saying this without laughing: 'Driving a vehicle -- which necessarily involves conduct that takes place on public roads -- cannot form the basis for any privacy-based claim.'

America underestimates the difficulty of bringing manufacturing back (link).

Uber and Volkswagen announce AV robotaxi partnership for US (link). 'Initially, the service won’t be driverless. The fleet of autonomous vehicles will have human safety operators behind the wheel before they go driverless in 2027.' Uber's partner strategy on AVs is a necessary hedge against (or sometimes, with) Waymo, and then Tesla. In my view it is the best near-term posture for them, until they likely have to get back to developing their own AVs in the coming decade. TNCs and AVs are heavy in their coopetition era.

Buy a Waymo? Alphabet CEO mentions possibility of personally-owned vehicles with Waymo technology (link). A hedge gainst dual-mode Teslas.

ADAS crash reporting requirements reduced after USDOT revised their framework (link). These reporting rules mostly impacted Tesla in the past: 'An analysis of the crash data shows Tesla accounted for 40 out of 45 fatal crashes reported under the SGO.'

Where are we with auto tariffs? Depends on the day (link).

Video: Dale Jr teaches you how to qualify at Talledega (link). Video: riding a scooter on the freeway (link). Via Diego. Video: Porsche heritage design speaks about 70s references (link). Via Clay. Audio: Classic Autonocast discussion (link). Ed: 'Tesla's worst enemy is itself.' Video: a search for skateboard's most famous car, from Blind's 1991 'Video Days' (link). Video: roundabouts are causing tornadoes :) (link). Video: the invisible hand of traffic (link). Via Diego.

M&A / Deals / Changes:

Aviation startup JetZero raises strategic round from United Airlines; wins 100 + 100-plane CSA (link).

Chinese robotaxi operator Pony.ai considers other exchanges as US delisting fears grow (link). Pony's valuation has fallen 80% since 2022; Trump hinted that he could delist Chinese companies.

LG to exit EV charger business amid weak demand, price pressure (link).

Aviation startup Electra raises $115M (link). Led by Prysm Capital.

Toyota, Daimler near merger of truck units, eyeing Tokyo listing (link).

Board & Executive Changes:

Rivian: Adian Gomez joins board (link).

AutoZone: Claire Rauh McDonough joins board (link).

Amprius Technologies: Tom Stepien named president, joins board (link).

EasyJet: Elyes Mrad joins board; Detlef Trefzger to leave board (link).

Curated Jobs:

Vehicle Integration & NPI Lead at Gatik in Mountain View, CA USA (link).

Account Executive at Token Transit, remote (link).

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

Hunting? View all 383 postings on the MobilityJobs job board (link).

New Stuff:

This Wednesday in San Francisco, in partnership with the French-American Chamber of Commerce, I will speak about transportation investment trends along with partners from Ibex, Leitmotif and Up, Cathay and Orsay (link). Join if you are in the area, free.

Indian EV scooter startup River crosses 1000/month sales rate (link).

With funding from the Walton family, Arkansas became a serious hub for cycling (link). Via Michelle T.

BMW to use DeepSeek in cars in China this year (link).

ISAs (intelligent speed assist) are starting to win approvals in state governments to control speeders (link). Via David.

Norfolk, VA creates traffic cone monsters for worker safety week (link). Via Akiko.

Tesla begins ‘FSD Supervised’ ride-hail tests with employees in Austin, Bay Area (link).

Patents & Patent Applications:

Ford's patent application shows drone-guided trail driving (link).

Waymo's patent shows horn honk localization through group vehicle sensors (link).

Statistics / Projections:

Nearly 115,000 e-rickshaws were officially registered in Delhi as of December 2022, but a more realistic number, including unregistered vehicles, is closer to 1 million (link). Via Rest of World.

Chicago's L train in crisis: At the peak in 2015, nearly 768,000 people boarded the L on an average weekday, according to the CTA. Last year, that number was just 389,000 — a drop of almost 50 percent in less than a decade (link). Via Chicago magazine. 'Of all the people I interviewed for this story — including CTA officials, politicians, and transit experts and advocates — roughly half admitted they no longer ride the L.'

Thank you:

Thank you to Jim Buczkowski (link), Sarah Cicotte (link), Dustin Grace (link), Tapan Kataria (link) and Michael Paniccia (link) for offers of introductions to new founders, investors and friends over the last week.

Trucks portfolio companies mentioned in this issue:

Gatik (link), JetZero (link), River (link), Token Transit (link). View the full portfolio of Trucks companies (link).

One place understood helps us understand all places better (E. Welty),

Reilly Brennan