Issue #21 • October 14, 2022
Happy Friday! This week in mobility... Volkswagen made a significant investment in its EVs for the Chinese market, and more.
Need to Know
After a slight hiatus, we’re back with a big headline: Volkswagen is investing €2.4 billion into accelerating automating its EVs for Chinese customers.
A joint venture will be formed between Volkswagen’s CARIAD software division and Horizon Robotics, one of China’s auto chip developers, to accelerate the regional development of Advanced Driver Assistance Systems (ADAS) and Autonomous Driving systems for the Chinese market.
The transaction is expected to be completed by 2023, subject to regulatory approval. Following the deal, CARIAD will hold a majority stake of 60% in the JV. The deal came weeks after Horizon announced it had received a strategic investment from China’s state-owned automaker Chery Automobile.
The vision for the JV is similar to NVIDIA’s next-generation auto-grade chip designed to unify autonomous driving and in-car technologies. While Horizon Robotics has less experience than NVIDIA in the space, it’s clear that Volkswagen is making a move for supply chain diversification, given current US chip limits on China. It’ll be interesting to see how the JV develops and impacts the future of Volkswagen.
In Other News
🏛 Regulatory. The European Commission said Biden’s IRA isn’t fair play for the future of global EVs. California spent $1.2 billion cleaning school buses, with an additional $1.8B slated over the next five years. GM petitioned NHTSA for exemption from Federal Motor Vehicle Safety Standards to run 5000 Cruise Origin Vehicles in San Francisco.
🚘 Passenger Vehicles. Niutron, a Chinese EV startup, launched its first model. Sono Motors, a German EV startup, kicked off a three-week tour of the US with its Sion solar EV. And the Sony-Honda joint venture focused on electric vehicles plans to begin deliveries to the US and Japan in 2026.
🚚 Trucks & Buses. The first Tesla electric semi trucks are slated for delivery in December to PepsiCo and Frito-Lay in California.
Autonomous Tech. Velodyne Lidar signed a multi-year agreement with Yamaha Motor. aiMotive and Parkopedia partnered to provide automakers with cost-effective and scalable automated parking solutions.
⚡ Mobility Ecosystem. Uber partnership with Stellantis brand Free2Move to offer electric vehicles to drivers on a rental system. BMW Group and AWS collaborated to bring new cloud technologies for vehicle data processing and provision.
📍Go to Market. Argo AI and Lyft launched a driverless robotaxi service in Austin, Texas. May Mobility and Via launched a wheelchair-accessible autonomous shuttle service. Foxconn signed a memorandum of understanding with IndiEV to build initial versions of the startup's One EV in Ohio. Canoo landed an agreement to supply 3,000 electric vans to Zeeba.
💼 Business. Amazon announced plans to invest more than €1 billion over the next five years to electrify its European fleet and become carbon net zero by 2040. NIO, a Chinese EV startup, shared its ambitions to be one of the top five automakers in the world by sales by 2030.
💰 Investments. Seeing Machines entered a collaboration agreement with Magna, including a $65 million investment. GM signed an agreement with Queensland Pacific Metals (QPM) to support growing EV production demand. LiveWire was listed on NYSE on September 27, becoming the first electric motorcycle company to go public. And Mobileye, the self-driving division of Intel, filed to go public on September 30.
This report explores the innovations and investments underway to ensure grid stability in the wake of growing EV sales.
An interview with Secretary of Transportation Pete Buttigieg on the EV transition in the US.
An article looking at how EVs through the scope of a growth sector.
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