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Welcome back to TechCrunch Mobility — your central hub for news and information about the future of transport. Remember in the last edition of TechCrunch Mobility, when I wrote that the wheels were starting to come off Fisher bus? Sheesh. They did.
To catch you up: Fisker issued a warning on March 18 that it was halting production for six weeks and had just $121 million in cash and cash equivalents, $32 million of which was restricted or not immediately accessible. The company was counting on an infusion of $150 million in capital through convertible notes and a possible partnership with another automaker. Those hopes incinerated as quickly as a gasoline-soaked rag when negotiations between Fisker and the major automaker — reported to be Nissan — collapsed and put that convertible note deal in jeopardy.
Shares plummeted 28%, trading halted and in a final blow, the New York Stock Exchange said it was taking steps to delist Fisker.
All of these are symptoms of a larger problem within the company, including a particularly disturbing one uncovered by TC reporter Sean O’Kane. The tl;dr: Fisker temporarily lost track of millions of dollars in customer payments as it escalated deliveries, prompting an internal audit that began in December and took months to complete.
OK, let’s move on to the rest, including the EV startup bankruptcy Arrivals assets ended up, a profile at startup Ionobell hoping to increase EV range through recycled silicon battery materials and $1 billion push Clear.
A little bird
Founders, investors, engineers, politicians and others tell us things. And we are here to convey the verifiable information that they little birds have shared with us.
Do you have a tip for us? e-mail Kirsten Korosech at kirsten.korosec@techcrunch.com or Sean O’Kane sean.okane@techcrunch.com. If you prefer to remain anonymous, click here to contact uswhich includes SecureDrop (instructions here) and various encrypted messaging apps.
Offer of the week
It’s not easy being an executive at an EV startup these days. Just ask the folks at Fisker. (Sorry, too soon?)
Amidst all the EV startup bankruptcies and other grim developments, there was some positive news. Clearwhich had its own struggles, raised another $1 billion from its biggest financial backer, Saudi Arabia. Ayar Third Investmentsubsidiary of Saudi Arabia’s Public Investment Fund, has agreed to buy $1 billion worth of Lucid shares, which will add to the Kingdom’s current ownership stake of about 60%.
A $1 billion boost is a lot of money, but it doesn’t last long if you’re trying to design, build, sell, and repair vehicles. This gives Lucid a significant capital buffer. However, her existential crisis is not over. The company needs to successfully bring its next vehicle, the Gravity SUV, to market and create new business for its existing Air sedan if it hopes to survive and scale.
Other offers that caught my eye…
Kyvl.i, a Boston-area startup that helps municipalities and civil engineering firms monitor transportation infrastructure conditions, has raised $6 million in a round led by Companyon Ventures with participation from Argon Ventures, Aero X Ventures and Alumni Ventures. Existing investors MassVentures, Launch Capital and RiverPark Ventures also participated.
Ember, a Scottish startup building one of the UK’s first all-electric intercity bus networks, has raised $14 million in a Series A round led by Inven Capital. Investors 2150 and AENU also participated.
Ionobell, an early-stage startup that says its silicon hardware will be cheaper than established competition and help boost its EV battery lineup, has closed a $3.9 million non-expansion deal, TechCrunch has learned exclusively. Dynamo Ventures and Trucks VC led the round.
Iron Sheepdoga startup that developed trucking software for brokers and contractors, raised $10 million in a Series B round led by SJF Ventures with participation from Grand Ventures, Supply Chain Ventures and other strategic partners in the construction industry.
Notable reads and other items
ADAS
Tesla is going to give every customer in the US a free one-month trial of its $12,000 Full Self-Driving Beta driver assistance system, provided they have a car with the compatible hardware. The company is also reportedly mandating, at the request of CEO Elon Musk, that prospective buyers be given a demo of the software before purchasing a new Tesla. It appears that Tesla is turning to FSD as another financial lever to pull as profits from auto sales shrink.
Electric vehicles, charging & batteries
Arrival sold some of its assets, including advanced manufacturing equipment, to Canoo, another startup trying to build and sell electric vehicles. You can’t make these up, guys!
The US Environmental Protection Agency was announced new emissions standards for heavy-duty vehicles sold in the U.S. from 2027 to 2032, a regulation that would further limit the amount of pollution emitted by new heavy-duty trucks. The regulations technically Don’t mandate that these non-polluting heavy-duty trucks be electric, and instead let manufacturers decide how to meet the standards, whether through hydrogen-powered fuel cells, better fuel efficiency, or another alternative fuel. However, many believe it will mark a boost to battery-electric heavy-duty trucks. Consider the potential implications of this rule: The heavy truck category applies to more than 100 types of vehicles, including commercial vehicles such as delivery trucks, garbage trucks, utility trucks, transit, buses, and school buses, as well as tractor-trailer trucks.
Car technology
GM lost another executive who was part of the company’s software and digital services effort. You may recall that former Apple executive Mike Abbott, who was GM’s executive vice president of software and services, resigned earlier this month due to health issues. Now Edward Kummer, former president of Nordstrom Rack’s online business who joined GM in 2021 to lead its new digital business group, is gone, the Detroit News reported.
This week’s wheels
Image Credits: Kirsten Korosech
I rarely test vehicles with an internal combustion engine, but I made an exception this week when I had the opportunity to put a few hundred miles behind the wheel of one 2024 Land Rover Defender 110 X-Dynamic SE. And technically, folks, this has a six-cylinder Mild-Hybrid Electric Vehicle powertrain, so it still qualifies, right?
My experience with the Land Rover Defender is limited to on-frame models that are decades old. So I was looking forward to finally getting my hands on the modern version, which Land Rover officially brought back in 2020. The spec I drove, priced just under $88,000 and including some expensive upgrades and 22-inch wheels, is probably suitable for a well-heeled urbanite customer. But with different tires, this aluminum monocoque Defender could absolutely handle off-road conditions. I played on dirt roads – no rock crawling – and it handled just fine, no squeaks, rattles or rattles, even on boardwalk ground.
I didn’t like the advanced driver assistance system, particularly the way the driver activates the adaptive cruise control. But there were plenty of features I liked, including the very quiet ride, adaptive air suspension, white-on-gloss-black paint details, a functional tailgate and easily accessible spare tire, the air-cooled cubby to keep snacks cool, and an interior design that blends the utilitarian function with robust, high-quality materials.
One last word about this interior — you won’t find a huge screen here. But there are tech-related details mixed in with the buttons and knobs. My version had a wireless charger and multiple charger ports, including one on the passenger side dash. And the UI was actually pretty decent.
One feature I liked was a drop-down menu in the media switcher that allowed me to quickly switch between Apple CarPlay and the native entertainment system that included Sirius XM radio or local stations. This might seem like a no-brainer, but I’ve been in a lot of EVs lately that make switching between CarPlay and the native system very complicated.
