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| Hey Insiders — Today we're bringing you the latest on a hydrogen fuel-cell vehicle manufacturer's latest funding round, plus the NHTSA's new take on vehicle data sharing. Scroll down for information on the federal investigation at a GM plant. Let us know which areas you would like us to cover next. If you find this newsletter helpful, please share it with a friend or colleague. Thanks for reading. Nicolas
p/mobilitynerd | |
| 1 | | On Tuesday, the National Highway Traffic Safety Administration announced that automakers can comply with Massachusetts state law requiring automakers to share data with third-party repair shops. The move marks a reversal in its June letter to 22 automakers, requesting non-compliance with the open-access law as it alleged the potential for hackers to access critical safety functions. More: - Following conversations with the state, the federal agency said Massachusetts clarified that automakers could comply by using short-range wireless to transmit data rather than long-range technologies that the NHTSA feared would pose risks.
- The NHTSA requested that automakers be given a "reasonable period of time" to implement the technology.
- The Alliance for Automotive Innovation, which includes General Motors, Volkswagen, and Toyota, previously warned against the Massachusetts law, arguing it would "remove essential cybersecurity protections" from the vehicles.
- A White House competition council has reportedly been helping the agency and the opposing groups reach an agreement behind the scenes.
Q: Should more states adopt laws enabling independent shops to access data for repairs? Do the benefits outweigh the potential risks? Share your thoughts here. |     | |
| 2 | | Assembly Ventures, a Detroit-based firm, announced the closing of its inaugural fund for a total of $76M. Assembly plans to invest in startups across space, land, sea, and air mobility from the Seed to Series B stages. More: - The fund plans to focus on U.S. and European companies in areas such as battery tech, supply chain optimization, and auto production.
- The firm plans to open an office in Berlin to advise its European startups.
- "We believe that the world is on the cusp of a new geopolitical era where the West will increasingly choose to de-risk its heavy reliance on China," said Chris Thomas, co-founder and partner at Assembly Ventures.
- Founded in 2020, the VC firm claims ~$93M in assets under management.
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| 3 | | The Occupational Safety and Health Administration is investigating a chemical spill at an Ultium Cells battery plant in Warren, Ohio. The agency said a slurry containing n-methylpyrrolidone (NMP), a solvent used to dissolver polymers that combine battery materials, leaked at the site. More: - Short exposure to NMP has been linked to fetal loss and long-term exposure to fertility issues, memory loss, and anxiety, among other issues.
- Operations at the joint General Motors and LG plant will be halted until inspections deem the area safe to return.
- Ultium Cells issued a statement earlier this week indicating that no employees were exposed or injured by the spill.
- The plant in Warren, Ohio, is the first of three planned by the joint venture, with a Spring Hill, Tennessee, location opening this year and a Delta Township, Michigan, site expected to begin operating in 2024.
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| 4 | | Australian hydrogen fuel-cell vehicle manufacturer H2X raised $57M from Verde Mobility as it seeks to expand through Asia and Europe. The company plans to use the funds to aid in delivering $25.7M in firm vehicle orders. More: - H2X claims $300M in non-binding purchase agreements.
- In June, Swedish recycling company Renova ordered a hydrogen truck fleet worth up to $21.9M from H2X.
- The startup also reached an agreement in May 2022 with KTM to collaborate on developing a lightweight, low-cost vehicle chasis for light commercial vehicles.
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| 5 | | Hyundai Motor is selling its plant for a starting price of $505M in Chongqing, China, as it experiences price competition and slower demand. The factory is run through a joint venture with Beijing Automotive Group. More: - The Chongqing facility began production in 2017 and has an annual capacity of 300,000 units.
- At its peak, the automaker owned five manufacturing plants in China, having sold one in 2021.
- Hyundai plans to scale down to two factories in China, focusing on producing vehicles for export to emerging markets.
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| 6 | | Taiwan-based electric scooter developer Kymco is expanding its Ionex battery-swapping platform to Thailand via a joint venture with Arun Plus. The new entity will have a market capitalization of $17M. More: - The announcement follows Kymco's plan to invest approximately $142M in electric scooters and battery swapping.
- Kymco is also working on developing two electric motorcycle models, the SuperNex and RevoNex.
- The company expanded its retail sales to Italy in 2022.
- Kymco's main competitor, Gogoro, recently reported a 3.8% YoY decrease in revenue to $87.2M for Q2; however, its battery swapping segment grew by 9.6% YoY to $33.3M.
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- Ferrari CEO Benedetto Vigna said that approximately one-third of the car maker's buyers are under 40 years of age.
- Luxembourg-based Wave Nickel is planning to build a $440M refinery in Texas to meet demand from EV companies.
- The NHTSA is investigating whether Ford's recall of 49,000 Ford Mustang Mach-E vehicles in 2022 addressed its concerns and whether it should expand it to more vehicles.
- KG Mobility (formerly Ssangyong) is considering building a joint battery factory in South Korea with BYD.
- Carey Mendes, Nikola's energy president, resigned from the company.
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INSIDE TRANSPORTATION LEADERBOARD (ALL-TIME) |
 | Sr. Analyst | | Nicolas S. is a Sr. Analyst at Inside, covering transportation and startup trends. He is an avid map maker and data nerd. Nicolas has worked in the shared-scooter space, as well as advised e-bike and moped startups. Follow him at @MobilityNerd. | | This newsletter was edited by Aaron Crutchfield | |
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