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Shares of Hyundai Motors Co. climb more than 20% on potential EV deal with Apple

Hyundai Motor Company is downplaying reports that it is in talks with Apple to produce an autonomous electric vehicle, stating that discussions are still in the “early stage” and still undecided. But the news of a potential tie-up (however tentative) with Apple, which is known for keeping a tight lid on deals before they are announced, was enough to send shares of Hyundai Motor Company up more than 20% on the Korea Exchange during trading on Friday.

The talks were first reported by the Korea Economic Daily and confirmed by Hyundai to Bloomberg in a statement that said “Apple and Hyundai are in discussion, but as it is at early stage, nothing has been decided.” The Korean auto giant also told CNBC that “we understand Apple is in discussion with a variety of global automakers, including Hyundai Motor. As the discussion is at its early stage, nothing has been decided.”

A Hyundai spokesperson declined to comment to TechCrunch. Apple has also been contacted for comment.

Last month, Reuters reported that Apple’s car initiative, called Project Titan, is still going on, with plans to develop an autonomous electric passenger vehicle. But the car is not expected to launch until 2024.

Hyundai launched its own electric vehicle brand, Ioniq, in August 2020, with plans to bring three all-electric vehicles to market over the next four years, as part of its strategy to sell one million battery electric vehicles and take a 10% share of the EV market by 2025. Hyundai also has a joint venture with autonomous driving technology company Aptiv to make Level 4 and Level 5 production-ready self-driving systems available to robotaxi, fleet operators and automakers by 2022. The Aptiv partnership was announced in 2019.

 

Gogoro’s Eeyo 1s e-bike goes on sale in France, its first European market

Gogoro announced today that its Eeyo 1s is now available for sale in France, the smart electric bike’s first European market. Another model, the Eeyo 1, will launch over the next few months in France, Belgium, Monaco, Germany, Switzerland, Austria and the Czech Republic.

In France, the Eeyo 1s can be purchased through Fnac, Darty or, in Paris, Les Cyclistes Branchés. The Eeyo 1s is priced at €4699 including VAT, while the the Eeyo 1 will be priced at €4599, also including VAT.

The weight of Eeyo bikes is one of their key selling points and Gogoro says they are about half the weight of most other e-bikes. The Eeyo 1s weighs 11.9 kg and the Eeyo 1 clocks in at 12.4 kg.  Both have carbon fiber frames and forks, but the Eeyo 1s’ seat post, handlebars and rims are also carbon fiber, while on the Eeyo 1 they are made with an alloy.

Based in Taiwan, Gogoro first introduced its Eeyo lineup in May, making them available for sale in the U.S. first. The e-bikes are the company’s second type of vehicle after its SmartScooters, electric scooters that are powered by swappable batteries. The Eeyo bike’s key technology is the SmartWheel, a self-contained hub that integrates its motor, battery, sensor and smart connectivity technology so it can be paired with a smartphone app.

In an interview for the Eeyo’s launch, Gogoro co-founder and chief executive Horace Luke said the company began planning for Eeyo’s launch in 2019, before the COVID-19 pandemic. While sale of e-bikes were already growing steadily before COVID-19, the pandemic has accelerated sales of e-bikes as people avoid public transportation and stay closer to home. Several cities have also closed some streets to car traffic, making riders more willing to use bikes for short commutes and exercise.

Founded in 2011 and backed by investors including Temasek, Sumitomo Corporation, Panasonic, the National Development Fund of Taiwan and Generation (the sustainable tech fund led by former vice president Al Gore), Gogoro is best known for its electric scooters, but it is also working on a turnkey solution for energy-efficient vehicles to license to other companies, with the goal of reducing carbon emissions in cities around the world.

Faraday Future plans to go public through a SPAC deal

Faraday Future, the electric vehicle startup with a messy and complicated past, is planning to go public through a special-purchase acquisition company (SPAC) deal.

The company’s chief executive Carsten Breitfeld told Reuters that the company is working on a reverse merger with a SPAC and “will be able to announce something hopefully quite soon.”

Breitfeld, formerly the co-founder of Chinese EV startup Byton, declined to give more information about who Faraday is talking to or when the deal will closed. A Faraday Future spokesperson contacted by TechCrunch also said the company had no further details to share at this time.

SPACs are blank-check companies that are formed to raise money through an initial public offering in order to merge or acquire other companies. As TechCrunch’s Connie Loizos wrote in an explainer, they’ve become more popular among tech companies recently because many had their initial public offering plans delayed by the pandemic. SPACs also present an alternative to the regulatory issues surrounding traditional IPOs.

Shortly after being appointed CEO in September 2019, Breitfeld told Automotive News that Faraday Future wanted to raise about $850 million by the first quarter of 2020. By that time, company had already received $225 million in bridge financing led by Birch Lake Associates. The funding’s purpose is to finally bring Faraday’s flagship vehicle, the FF91 luxury electric SUV, to market.

Though the SPAC deal’s timeline is still undisclosed, Breitfeld told Reuters that Faraday Future plans to start volume production of the FF91, its first electric luxury SUV, 12 months after securing funding. This would represent a major milestone for the company, which was founded in 2015 but hasn’t produced a production vehicle yet. Faraday Future has made several prototypes, including one that went up for auction in August.

If the deal is successful, Breitfeld told Reuters that Faraday Future will first build the FF91 at its Hanford, California plant, but then work with a contract manufacturer in Asia that it has already entered into an agreement with.

Faraday Future’s financial issues date back to 2017, when LeEco, the Chinese tech company it was closely linked to, began dealing with multiple financial headaches of its own. They worsened when Faraday Future fell out with its main backer, Evergrande Health, in 2018.

Many of those issues were tied to Jia Yueting, founder and former CEO of LeEco and Faraday Future, who filed for personal bankruptcy earlier this year. Filings in the case revealed that Jia’s bankruptcy was funded by one of Faraday Future’s main holding companies, Pacific Technology. The documents also revealed that Faraday Future had just $6.8 million in cash at the end of July 2019.

Breitfeld told Reuters that Jia no longer owns stock in Faraday Future. The approval of Jia’s bankruptcy enabled Faraday Future to once again pursue investments to produce its electric vehicles, though now that may hinge on the success of its SPAC deal. Breitfeld acknowledged that Faraday Future’s past raises questions. “Because of the history and sometimes the bad news of the company, not everyone is really trusting us,” he told Reuters. “They want to see that we’ve become a stable company.”

E-scooter startup Neuron Mobility adds $12M to its Series A for expansion in Australia and New Zealand

Neuron Mobility, a Singapore-based e-scooter rental startup, announced today that it has added $12 million to its Series A. Led by Square Peg, an Australian venture capital firm and GSR Ventures, this increases the round’s new total to $30.5 million. The company, which operates in Australia and New Zealand in addition to Southeast Asian markets, first announced its Series A in December 2019.

Part of Neuron Mobility’s growth plans hinges on the increased adoption of electric scooters and bikes during the COVID-19 pandemic. Many people are using their cars less frequently because they are working remotely or there are movement restrictions where they live. When they do go out, electric bikes and scooters offer an alternative to public transportation and ride-hailing services for short trips.

Neuron Mobility’s chief executive Zachary Wang said the company raised a Series A+ instead of moving onto a Series B because more cities are “opening up to the possibility of micromobility, particularly rental e-scooters as they present an individual transport option that takes pressure off public transport and allows people to continue social distancing.”

“We’ve been experiencing tremendous growth in ANZ and the pandemic has made us fast track our plans,” he added.

Though Neuron Mobility currently does not operate in other Southeast Asian countries besides Singapore, Wang said it is “constantly evaluating opportunities across APAC.”

The new funding will be used to speed up Neuron Mobility’s expansion plans in Australia and New Zealand, where it claims to be the leading electric scooter rental operator. The company is currently present in nine locations, including Auckland, New Zealand, and Australian cities Adelaide, Brisbane, Darwin, Canberra and Townsville. Neuron Mobility plans to expand into five new cities over the next two months and part of that involves hiring 400 more people in Australia, New Zealand and Singapore. In addition to the Asia-Pacific, Neuron Mobility will also launch in Slough, it’s first location in the United Kingdom, by the end of this year.

Neuron Mobility’s research found that before the COVID-19 lockdowns in Australia, one in five of its users had never used an e-scooter before. But now Australian and New Zealand users have increased their average e-scooter trip distances by 23% to 2.6 kilometers, with the average duration of rides rising by 10% to more than 14 minutes. Neuron Mobility’s pricing is meant to be affordable depending on different markets. For example, in Brisbane, users pay one Australian dollar (about 68 U.S. cents) to begin a trip and then 38 Australian cents for each minute of the ride. Its e-scooters can go up to speeds of about 25 kilometers (15.5 miles) per hour.

Other “micromobility” companies, including Ofo, Reddy Go, Obike and Lime, have also offered rental services in Australia and New Zealand, but ran into trouble. Bike-sharing startups Ofo, Reddy Go and Obike withdrew from Australia in part because city councils were frustrated by bikes were being abandoned on sidewalks and in parks. Lime still operates in Australian cities, but in June, the Australian Competition and Consumer Commission found that the company failed to disclose safety issues with its Generation 2 scooters (in response, Lime said it would implement new compliance procedures and upgrade to its new Generation 3 scooter).

Wang said Neuron Mobility avoids those issues by strategically planning which cities it will launch in, instead of focusing on rapid expansion, partnering with city councils and “continually shifting and adapting to meet their needs.” Several of Neuron Mobility’s features, including geofencing to control where and how fast e-scooters can be ridden, and a “Helmet Lock” to make helmets available for all scooters, were developed after discussions with city councils. Neuron Mobility’s scooters, designed by the company specifically for renting, also use swappable batteries to decrease pollution.

After launching in Singapore, Neuron Mobility decided to focus on Australia and New Zealand because “both countries have cities that are highly suitable for micromobility in terms of infrastructure and regulations,” Wang said. City councils have also “been keen to push the boundaries of what can be done with technology to make programs better and safer and that really suits our way of thinking.”

 

Ethics in the age of autonomous vehicles

Earlier this month, TechCrunch held its inaugural Mobility Sessions event, where leading mobility-focused auto companies, startups, executives and thought leaders joined us to discuss all things autonomous vehicle technology, micromobility and electric vehicles.

Extra Crunch is offering members access to full transcripts of key panels and conversations from the event, such as Megan Rose Dickey‘s chat with Voyage CEO and co-founder Oliver Cameron and Uber’s prediction team lead Clark Haynes on the ethical considerations for autonomous vehicles.

Megan, Oliver and Clark talk through how companies should be thinking about ethics when building out the self-driving ecosystem, while also diving into the technical aspects of actually building an ethical transportation product. The panelists also discuss how their respective organizations handle ethics, representation and access internally, and how their approaches have benefited their offerings.

Clark Haynes: So we as human drivers, we’re naturally what’s called foveate. Our eyes go forward and we have some mirrors that help us get some situational awareness. Self-driving cars don’t have that problem. Self-driving cars are designed with 360-degree sensors. They can see everything around them.

But the interesting problem is not everything around you is important. And so you need to be thinking through what are the things, the people, the actors in the world that you might be interacting with, and then really, really think through possible outcomes there.

I work on the prediction problem of what’s everyone doing? Certainly, you need to know that someone behind you is moving in a certain way in a certain direction. But maybe that thing that you’re not really certain what it is that’s up in front of you, that’s the thing where you need to be rolling out 10, 20 different scenarios of what might happen and make certain that you can kind of hedge your bets against all of those.

For access to the full transcription below and for the opportunity to read through additional event transcripts and recaps, become a member of Extra Crunch. Learn more and try it for free. 

Megan Rose Dickey: Ready to talk some ethics?

Oliver Cameron: Born ready.

Clark Haynes: Absolutely.

Rose Dickey: I’m here with Oliver Cameron of Voyage, a self-driving car company that operates in communities, like retirement communities, for example. And with Clark Haynes of Uber, he’s on the prediction team for autonomous vehicles.

So some of you in the audience may remember, it was last October, MIT came out with something called the moral machine. And it essentially laid out 13 different scenarios involving self-driving cars where essentially someone had to die. It was either the old person or the young person, the black person, or the white person, three people versus one person. I’m sure you guys saw that, too.

So why is that not exactly the right way to be thinking about self-driving cars and ethics?

Haynes: This is the often-overused trolley problem of, “You can only do A or B choose one.” The big thing there is that if you’re actually faced with that as the hardest problem that you’re doing right now, you’ve already failed.

You should have been working harder to make certain you never ended up in a situation where you’re just choosing A or B. You should actually have been, a long time ago, looking at A, B, C, D, E, F, G, and like thinking through all possible outcomes as far as what your self-driving car could do, in low probability outcomes that might be happening.

Rose Dickey: Oliver, I remember actually, it was maybe a few months ago, you tweeted something about the trolley problem and how much you hate it.

Cameron: I think it’s one of those questions that doesn’t have an ideal answer today, because no one’s got self-driving cars deployed to tens of thousands of people experiencing these sorts of issues on the road. If we did an experiment, how many people here have ever faced that conundrum? Where they have to choose between a mother pushing a stroller with a child and a regular, normal person that’s just crossing the road?

Rose Dickey: We could have a quick show of hands. Has anyone been in that situation?

LimeBike raises $12 million to roll out bike sharing without kiosks in the US

 A startup called LimeBike has raised $12 million in venture funding to make Chinese-style bike sharing mainstream in the US. Andreessen Horowitz led the round joined by IDG Ventures, DCM Ventures and other investors who declined to be named. In China, companies like MoBike and Ofo have raised massive amounts of venture capital and distributed tens of thousands of their GPS-enabled bikes in… Read More

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