Trucks | FoT: WeRide, Aurora, BYD

FoT is the intelligence arm of Trucks Venture Capital 

Notable:

Uber partners with China's BYD to put its drivers in 100,000 new EVs (link). This only begins in Europe and Latin America, but I expect we will eventually see BYD enter for ridehailing use in the US through a few partners. This + upcoming Waymo Zeekrs = give Americans a preview of Chinese EVs prior to them being able to buy them.

Falling lithium prices -- down 80% since the start of 2023 -- means hard times for US entities trying to compete with China (link). 'Brutal downturn in the lithium price has made it harder for western groups to compete with Chinese companies because of their cheaper costs, forcing North Carolina’s Albemarle to cut expansion plans.' The supply/demand shocks of the burgeoning EV market have a heavy reverb effect that will be unsustainable for most of its participants.

Do bigger highways help to reduce traffic? No (link).

The demise of California's iconic Highway 1 (link). Via PG. 'Some of Big Sur’s 1,500 inhabitants welcome a break from selfie-taking tourists. Deer and coyotes reclaim the highway. Big Sur’s silence reasserts itself. But the respite comes with big problems. First responders can’t get to residents in an emergency. Ms Novoa takes care of her former partner, who has Alzheimer’s. Usually she can drive north from her home in Big Sur to take him to doctors at Stanford University. When the highway closed, the trip took more time and more money. Children must hike to their school bus. Helicopters drop food. Hotels and restaurants suffer.'

Ukraine's use of acoustic detection to foil Russian aerial attacks (link). Via Diego. 'Compared with radar, Ukraine’s microphone networks are cheaper and emit no signals that Russian forces might detect. And whereas clever engineering can sharply reduce an aircraft’s radar signature (as Russia has shown by redesigning Iran’s Shahed kamikaze drones with stealthier composites), propelling hardware through the air generates sound. Crucially, acoustic detection works best at the low altitudes where most combat drones fly. General Hecker reckons the tech is now viable up to about 3,000 metres, with radar able to monitor higher altitudes without interference from clutter near the ground.'

The moral threat of bicycles - in 1890 (link). 'Bikes facilitated unchaperoned dates—even elopements. Just as troubling to some moralists of the day, cycling women often wore bloomers, widely seen as indecent, that were much like men’s pants. The Women’s Rescue League of Boston even claimed that, following the closing of brothels, prostitutes were riding bikes to reach their clients.'

Turbulence in the market for sustainable aviation fuels, aka SAF (link).

A plea for physical buttons for car HVAC controls (link). The rush to put everything on a screen has created an unusual nostalgia for UX that actually thinks about the user first.

Video: How private equity drove our car wash obsession (link). Video: Motorcycle and fireworks combines two dangerous ideas in one (link). Video: Motorcycle and pommel horse routine combine one dangerous and one otherwise wholesome idea to make something very dangerous (link). Via JBP. Video: bird-like drone (link). Video: Canyon Bicycles's Alison Jones present the company's vision for doubling revenue by 2026 (link). Video: micro Fiat Panda 'stoppy' (link).

Airlines are running out of 4-digit flight numbers (link).

M&A / Deals / Changes:

Chinese robotaxi startup WeRide files for US IPO, looks to raise $500M (link).

Aftermarket software startup Entytle raises $14M (link). Led by Accel.

Indian motorcycle taxi startup Rapido raises $120M (link). Led by WestBridge Capital.

AV trucking startup Aurora raises $438M in stock offering (link).

CH Robinson's European logistics division acquired by German startup Sennder for a reported $900M (link).

Supercar maker Gordon Murray sells its EV division to focus on ICE (link).

US FTC fines warranty provider CarShield $10M for deceptive ads (link).

Board & Executive Changes:

Boeing: Kelly Ortberg, former Rockwell Collins executive, named CEO and board member (link).

Lithia Motors: Adam Chamberlain promoted to COO (link).

Eaton: Karenann Terrell joins board (link).

Featured Jobs:

Flight Test Aircraft Project Engineer at Joby Aviation in Marina, CA, USA (link).

OEM Key Account Manager at Valeo in Auburn Hills, MI 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:

Teenage Engineer's new 'grip car' desk toy (link).

A look at BYD's Model 3 competitor, now with roof-mounted LiDAR (link).

Samsung's new battery prototype: 600-mile charge in 9 mins, 20 year lifespan (link).

California DMV puts 42 million car titles on blockchain to fight fraud (link).

California city debuts all-electric police vehicle fleet (link).

The 'Clean Cruise' will bring EVs to Woodward Avenue (link).

AV delivery startup Nuro wins California approval for testing in four cities (link).

A scrapyard full of ElectraMeccanica's recalled Solos (link).

Isuzu enters US EV truck market (link).

Patents & Patent Applications:

Hyundai's patent application for a small single-seater EV (link).

Statistics / Projections:

US car insurance premiums are highest in Connecticut ($3,598), Maryland ($3,400) and South Carolina ($3,336) (link). Via Axios / Insurify.

In 2023, 55% of traded-in Teslas were swapped for a gasoline vehicle (link). Via Edmunds.

In China, owners of EVs are 2x as likely to file an insurance claim than a gasoline car client (link). Via Nikkei / LexisNexis Risk Solutions. 'One reason is that NEVs can accelerate significantly quicker than traditional cars...Another reason is that NEVs, particularly their batteries, are expensive to repair...Liu also cited the widespread adoption of NEVs in the ride-hailing industry -- which means they are being driven far further per year, piling on extra risk and wear.'

Thank you:

Thank you to Komal Choong (link), Eli Promisel (link), Shraysi Tandon (link) and Kathy Winter (link) for offers of introductions to new founders, investors and friends over the last week.

Trucks portfolio companies mentioned in this issue:

Joby Aviation (link). View the full portfolio of Trucks companies (link).

See you next week,

Reilly Brennan