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| Here is your Transportation briefing: - 🚀 Evios secured £4M in funding.
- 💰 BYD rolled out a fresh hybrid vehicle.
- 🚗 The Biden administration announced plans to ease tailpipe emission restrictions, offering car manufacturers extended time to transition to electric vehicles.
Thanks for reading! Robel
p/Robel-Kelkile | |
| 1 | | Xpeng, led by CEO He Xiaopeng, announced plans to hire 4,000 new employees and invest $486.2M in artificial intelligence technology. Amidst intense competition in China's electric vehicle market, Xiaopeng also warned of a potential "bloodbath" while expressing optimism about Xpeng's differentiation from industry rivals. More: - Xpeng aims to launch approximately 30 new or upgraded cars over the next three years.
- The firm is expanding its product line, with upcoming models priced over 300,000 yuan ($41,716) and at 150,000 yuan.
- Despite initial challenges, Xpeng's deliveries have shown improvement.
- Xpeng, like other electric carmakers, faces price pressure due to competition, notably from Tesla, amid cautious consumer behavior in China's economy.
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| 2 | | Evios, a leading provider of at-home EV charging solutions, secured £4M ($5M) in Series A funding. The recent funding is aimed at expanding the operations and growth of Andersen EV. More: - Andersen EV, acquired by Evios in October 2022, is a preferred supplier for Porsche and Jaguar Land Rover in the U.K.
- Founder and CEO David Martell's expertise in the EV charging space has led to successful ventures, including the growth and acquisition of companies like Chargemaster.
- Martell's previous venture, Chargemaster, acquired Elektromotive in 2017 for £8.5M, which later contributed to the formation of BP Pulse after being acquired by BP for £130 million.
- The investment in Evios reflects the growing importance of at-home EV charging solutions in the electric vehicle infrastructure.
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| 3 | | Northwood, led by cofounders including Mendler, Cleverly, and Luthra, has raised $6M. The funding was led by Founders Fund, Andreessen Horowitz, and Also Capital. More: - The startup aims to revolutionize the space industry by mass-producing ground stations with fast production and deployment flexibility, targeting satellite operators who seek reliable and efficient data transmission from low Earth orbit.
- The startup's name originates from a lake in New Hampshire, where the idea for the company was conceived during the COVID-19 pandemic.
- Northwood focuses on mass-producing ground stations to handle the increasing volume of data transmission between satellites and Earth.
- Initially targeting services for satellites in low Earth orbit, Northwood aims to address the bottleneck in shared ground stations, making it easier for customers to access reliable data transmission services.
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| 4 | | The Biden administration plans to relax its rule limiting tailpipe emissions, aiming to give car manufacturers more time to transition to electric vehicles rather than requiring rapid sales increases in the next few years. This shift would mean that the requirement for a sharp rise in EV sales won't occur until after 2030. More: - Auto industry trade group the Alliance for Automotive Innovation emphasizes the importance of allowing time for market development, supply chain adjustments, and infrastructure improvements before mandating a rapid EV sales ramp-up.
- The previously proposed Environmental Protection Agency regulation would have mandated dramatic reductions in tailpipe emissions as soon as March, aiming to boost U.S. EV market share to 67% by 2032.
- Automakers like General Motors, Ford, and Stellantis have expressed concerns about the rapid transition to EVs, citing profitability challenges and the need for more time to develop charging infrastructure.
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| 5 | | Fisker, a Californian EV startup, announced it faces potential delisting from the New York Stock Exchange after its stock closed below $1 for 30 consecutive trading days. Despite challenges such as production cuts and supply chain issues, Fisker aims to regain compliance with NYSE rules through measures such as price reductions and expanding dealership networks. More: - The company has six months to get back in compliance to avoid delisting.
- In response to Tesla's price cuts, Fisker reduced the price of its luxury Ocean Extreme SUV by $7,500.
- Fisker built 10,000 EVs last year but only delivered 4,700. It originally aimed to build 42,400.
- To improve delivery efficiency, Fisker has expanded its dealership network alongside its direct-to-consumer model.
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| 6 | | BYD, the world's largest electric vehicle maker, has launched the Qin Plus DM-i plug-in hybrid model. The car is priced lower than bestselling petrol-powered cars like Volkswagen's Lavida and Toyota's Corolla. More: - BYD's new variant, the Glory Edition of the Qin Plus DM-i, starts at 79,800 yuan ($11,086), which is 20% lower than the previous edition, making it more affordable for budget-conscious consumers.
- The Glory Edition boasts a battery-only driving range of 55 kilometers, offering competitive performance compared to petrol-powered alternatives.
- BYD aims to challenge traditional petrol car assemblers with its competitive pricing strategy, positioning the Glory Edition as a benchmark for the Class-A car segment.
- The move comes as BYD has been actively making efforts to make its mass-market EVs more affordable, such as pricing its entry-level hatchback, the Seagull, at 73,800 yuan in April 2023 to appeal to low-income clients.
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 | Writer | | Born and raised in the Bay Area, Robel Kelkile is passionate about all things tech, venture, and financial education. He has previously served both universities and state governments in their engagement strategy and tracking legislation. | | This newsletter was edited by Aaron Crutchfield | |
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