Happy Monday! This week in mobility... Oxbotica raised $140 million in Series C funding to deploy its OS for Universal Autonomy, and more.
Need to Know
Oxbotica, a UK-based autonomous vehicle software company, closed on a $140 million Series C round of funding in readiness to deploy its Universal Autonomy platform in commercial and industrial domains globally. The round brings The company said the funds would accelerate its geographical expansion in North America, EMEA, and APAC. Oxbotica has now raised $225 million, but it didn’t disclose a new valuation.
For context, Oxbotica is developing Universal Autonomy, an enterprise autonomous driving software platform that can power just about any vehicle. It’s hoping to cater to a range of industries, with the premise that its technology can power all customer needs: navigation, perception, user interfaces, fleet management, or other features required to run self-driving vehicles in multiple environments, regardless of the hardware or other software integrations. The company has partnerships for upcoming vehicles with Applied Electric Vehicles, Ocado Group, and Wenco International Mining Systems, among others.
Oxbotica’s ability to raise such a big round demonstrates that the company is progressing in an industry that has recently suffered quite a few setbacks. In recent months, autonomous driving startups have struggled to raise funding while facing increased safety concerns from regulators.
In Other News
🏛 Regulatory. The US released its first green blueprint for the transport sector. The European Union relaxed state aid rules to drive greener multimodal transport. South Korea plans to set up safety standards and an insurance system for the launch of Level 4 autonomous vehicles in the country by next year.
🚘 Vehicles. Tesla cut prices across its lineup in the US and major European markets to stoke demand. Kia shared that its first car with Level 3 self-driving capability will be launched in 2023. Tata Motors unveiled the Harrier, reborn in a new electric form. Suzuki shared its first concept EV.
🛞 Tech Development. Bosch will invest around €950 million in developing and producing components for electromobility and automated driving in China. BMW previewed their upcoming quad-motor electric powertrain that will power future M-badged EVs. Ford is developing an EV platform for its next-generation vehicles, shifting away from Volkswagen’s MEB. Pony.ai and Horizon Robotics partnered to create a comprehensive smart driving solution for OEMs. Tesla restarted its Autopilot safety reports after a year hiatus, claiming improvements. BlackBerry and Elektrobit bolstered their automotive safety roadmap with support for their Rust programming language.
⚡ Mobility Ecosystem. EVgo announced its ‘ReNew’ maintenance program to upgrade and replace hundreds of chargers. LG Energy Solution and Honda formally established a battery production joint venture. Toyota and Lexus plan to offer a lower emissions EV charging program. Apple Maps and the parking app SpotHero are providing users with access to thousands of parking options.
📍Go to Market. Neta said it will launch models with CATL's skateboard chassis as early as 2024. Tevva, a British electric truck startup, announced it has begun production of its first vehicle, a 7.5-tonne delivery truck. VinFast delayed its first US EV deliveries.
💼 Business. Hyundai Mobis announced it will prioritize an integrated hardware and software mobility platform over its legacy business of producing individual vehicle parts. Cabify and Mobilize extended their partnership to boost sustainable mobility in Spain. Porsche and Google are reportedly in talks to integrate Google software in Porsche cockpits fully. Volkswagen Group's annual deliveries fell 7% to the lowest in over a decade. Geely and Alibaba announced a new partnership to develop a series of digital automotive solutions jointly. Continental and Ambarella teamed up for autonomous driving development. Lightyear and Arval joined forces on sustainable mobility.
💰 Investments. Scorpio Electric secured $6.75 million in funding as the brand works to launch its electric motorcycle internationally. J.D. Power acquired ZappyRide, an EV data company that develops white-label software and tools for automakers, electric utilities, and others in the green tech space.
Interesting Reads
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