Issue #48 • June 4, 2023
🎉 Happy Sunday, mobility enthusiasts! This week, Lucid Motors is set to raise billions from Saudi investors, while Ford and Uber unite to foster EV rideshare adoption. Dive into these stories and more below.
🔥 Need to Know
Lucid Motors announced plans to raise $3 billion, with the majority of the funding coming from an affiliate of Saudi Arabia's Public Investment Fund, which currently owns 60.5% of the company. This move comes as the company makes strides in its EV production, hoping to use the funding to bolster its position in the growing market. It's a significant development for Lucid, with the raised capital set to enable the company to continue its expansion plans.
Ford, in collaboration with Uber, launched a unique flexible lease program dubbed "Ford Drive" to boost electric rideshare adoption. This new pilot program offers flexible electric solutions for drivers who use the Uber platform in select US markets, allowing them to lease a vehicle for more customized periods. This partnership is another initiative designed to encourage EV adoption while reducing city emissions.
🗞 In Other News
🚘 Vehicles. Lordstown's Endurance pickup received an EPA-rated range of 174 miles. Fisker's Ocean Extreme SUV got an impressive 360-mile EPA range ahead of its US deliveries later this month. Faraday Future announced its upcoming vehicle’s pricing, with its special edition topping $300K. Italian EV startup Aehra teased its second model, a swoopy sedan, to be fully unveiled this month.
💼 Business. Jaguar Land Rover unveiled a new corporate identity as it accelerates its modern luxury vision. Tesla appears to be liquidating Model 3 ahead of a refresh for the model. Tesla Model S And Model X were discontinued in Australia and New Zealand. Nvidia CEO is planning a trip to China to meet tech executives, despite rising US-China tensions.
🛣 Regulatory & Policy. NHTSA proposes an Automatic Emergency Braking mandate for new vehicles. The Biden Administration withdrew its nomination of Ann Carlson to head NHTSA following criticisms of her qualifications. Stellantis and GM were required to pay $363M for not hitting US fuel economy requirements. The US and Canada announced plans for a joint EV charging corridor connecting the two countries.
🚀 Startups & Partnerships. Einride partnered with UAE to deploy a massive freight grid filled with electric, autonomous trucks. Valeo and DiDi Autonomous Driving reached a strategic cooperation and investment agreement. Teledriving mobility service Vay to remotely deliver EVs in Vegas as it expands to the US.
📚 Interesting Reads
How MIT’s multi-robot mapping set a new “gold standard” for the industry.
Zoox’s Amanda Prescott shared her thoughts on the regulatory road ahead for robotaxis.
An analysis of the cybersecurity threats that may impact EV charging.
Tesla and BYD are leading the globe in EVs, while Japanese automakers are falling behind.
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