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Welcome back to Navigation TechCrunch – Your central hub for news and ideas about the future of transportation. Sign up here for free — just click TechCrunch Mobility!
Your regular host Kirsten is leaving this week, so I’ll update you on the gossip from the past couple of weeks.
The highlight of the matter this week is a Delaware judge’s decision to uphold her earlier ruling denying the legality of the case Elon MuskThe hefty $56 billion pay package. To refresh your memory, Delaware Chancery Court Judge Kathleen McCormick ruled in January that the pay package — the largest compensation deal in the company’s history — was unfair given that the CEO spends much of his time busy with his many other companies and projects, including X (Twitter previously). And now he’s in charge of “government efficiency” to boot!
Tesla tried to change McCormick’s mind after shareholders voted to “re-certify” the deal, but was unmoved by their arguments. It wrote in its decision, among other things, that a shareholder vote could not overturn the court’s ruling.
Verse X He protested this, arguing that no, in fact, a judge’s ruling should not be able to overturn a shareholder vote.
Musk has threatened to back away from helping Tesla grow if he doesn’t get his money, a prospect that terrifies shareholders. Tesla will appeal the decision again, and with Musk being Trump’s new right-hand man, this will be an interesting one to watch.
-Rebecca Bellan
birdie
It seems Henrik Fiskerfounder of the now-defunct electric vehicle startup Fisker, has put his name on something new. It’s called “Glogy Foods LLC” and was described in a filing as having something to do with food and beverages. With a name like that, I’m not sure I want to know.
Got a tip for us? Email Kirsten Korosec at kirsten.korosec@techcrunch.com, Sean O’Kane at sean.okane@techcrunch.com, or Rebecca Bellan at rebecca.bellan@techcrunch.com. Or see these instructions to learn how to contact us via encrypted messaging apps or SecureDrop.
Offers!
Main deal
Chinese self-driving car company Pony AI It debuted on the Nasdaq last week as investors showed interest in backing Chinese technology companies following a de facto ban on foreign IPOs from Beijing. Pony’s debut comes after WeRide and Zeekr became publicly traded companies earlier this year.
Pony opened at $15 per share, earning a valuation of $5.25 billion. This opening price was higher than Pony’s offer price of $13 per share, but it quickly fell to volume and closed Wednesday at $12. Perhaps that’s because Pony, like most other autonomous vehicle companies, is operating at a huge loss as it spends money on R&D and tries to scale up frontier technology.
Other deals that caught my attention…
Ampico, EV charging platform, raised a $26 million Series B round led by Revaia. The startup provides OEMs with a charging network to mix and match device partners, which has helped it expand with major utilities across Europe.
the Biden administration Race to approve clean energy loans before Trump takes office, and companies are benefiting. Rivian It obtained a conditional $6.6 billion federal loan to resume construction of its Georgia electric vehicle factory; and Stellantis and SamsungAmazon, through its joint venture StarPlus Energy, has secured a conditional loan of up to $7.54 billion to help finance two lithium-ion battery cell and module factories in Indiana.
Speaking of battery factories, GM LG Energy Solution (LGES) is selling its stake in a nearly completed Ultium battery cell plant in Lansing, Michigan. We don’t have a deal figure, but GM says it expects to recoup its initial investment in the plant. GM and LGES have promised to invest more than $2 billion in this site.
Notable Readings and Other Stories
Self-driving vehicles
Tesla It appears to be building a remote operations team to service its bots. The company has posted a job listing for a software engineer who can help develop the system to allow human operators to remotely access and control Tesla’s upcoming automated robot.
TuSimple Co-founder and former CEO Xiaodi Hou is demanding that the board immediately liquidate the company and return all remaining funds to shareholders. Things are getting very hot in here!
Electric cars, charging and batteries
ca It plans to offer rebates for electric vehicles if Trump rescinds the federal tax breaks currently provided to Americans through the inflation-reducing law.
Ifgo And GM has Exceeded 2,000 public express charging kiosks Through their continued cooperation in shipping. This is double the charging footprint of shared electric vehicles compared to last year.
GM It has been taken Hit $5 billion Due to the weakness of its business in China. GM, through state-owned SAIC Motor, has been the dominant player in China but has struggled to compete with an influx of new models over the past two years.
Hyundai, Kia, and Genesis It is recalling about 208,000 electric vehicles in the United States due to a problem that could cause the cars to suddenly lose power.
The Pope will get his first electric car, and no, it’s not from the now-defunct Fisker. His Holiness will tour in a Mercedes Benz G-series SUVs.
NorthvoltA Swedish unicorn battery manufacturer has filed for Chapter 11 bankruptcy in the United States. The company will work to reorganize and strengthen operations in order to better position itself in the long term.
revel It is expanding its electric vehicle charging empire in New York City. The startup is working with the Port Authority to install 24 fast charging devices at JFK Airport.
Technology inside the car
Tesla It launched with a host of new features this week, including a new Tesla app for Apple Watch and the ability to prank your friends with the sound of a fart when they’re sitting in the passenger seat.
Micro mobility
Gokua New York City-based startup that offers bright orange e-bikes for delivery workers, offers a slice of hope for founders turning to micromobility. The company almost died several times, including at launch, but was able to expand primarily on its own cash flow and became a profitable company.
London It happened with all the unstable e-bikes crowding the sidewalks and streets. The city’s transportation authority announced a new enforcement policy that will restrict parking for tens of thousands of e-bikes offered for rent by Lime, Human Forest and Dott.
Scarpera UK startup that helps turn bicycles into e-bikes, must have done something right because the company has the backing and endorsement of Sir Chris Hoy, one of the most famous cyclists.
horseback riding
Uber Expands what it means to be a gig worker. The company is hiring contractors for a new AI and data labeling division called Scaled Solutions that serves both Uber and third-party clients, such as Aurora Innovation and Niantic.
Uber has also been previously under investigation Federal Trade Commission About whether the company violated consumer protection laws by automatically enrolling people in the Uber One subscription service and making it difficult to cancel it.
Wheels this week
While reporting on Joco, I test-drove some of their now-iconic orange e-bikes, which were specifically designed for the company based on Segway‘s A200 platform. And I have to say, it’s a very difficult journey. There wasn’t a pothole or cracked section of pavement that slowed my roll. Acceleration was smooth, and I felt like I was flying through New York City bike paths — something I’m sure many New York City delivery drivers will appreciate as well.
Probably my favorite part of the bike was the built-in phone holder that not only holds your phone in place on the handlebar so you can use GPS, but it also charges your phone at the same time.
What are “This Week’s Wheels”? It’s an opportunity to learn about the different transportation products we’re testing, whether it’s an electric or hybrid car, an e-bike, or even a ride in a self-driving vehicle. Includes future vehicles Clear air,More time in the next generation Rivian R1Sand Volkswagen Buzz ID. Stay tuned.
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