Notable reads and other tidbits
Aurora is partnering with Ryder to pilot on-site fleet maintenance at Aurora’s terminal in South Dallas, a step closer to building out the network Aurora will need as it moves towards commercialization.
TuSimple co-founder Xiaodi Hou was fired earlier month from his CEO, president and CTO posts by the company’s board. That move might have stripped Huo of power —he was even removed from his position as chairman of the board and member of the board’s government security committee. But it didn’t immobilize him.
Hou teamed up with co-founder and major shareholder Mo Chen and fired board members Brad Buss, Karen C. Francis, Michelle Sterling and Reed Werner. Hou became the sole remaining member of the board; he then appointed Chen and Cheng Lu, a shareholder and the former CEO, to the board.
While power now rests back in the hands of the co-founders, it’s unclear how this will affect an investigation into the company by the Federal Bureau of Investigation, Securities and Exchange Commission and Committee on Foreign Investment in the U.S. (CFIUS). The investigation is apparently focused on TuSimple’s relationship with Hydron, a hydrogen-powered trucking company led by Chen and backed by Chinese investors.
Waymo reached two milestones this past week.
The company opened up its fully driverless ride-hail service in downtown Phoenix to the general public. And the California Department of Motor Vehicles approved an amendment to Waymo’s existing deployment permit to include driverless, as well as drivered, operations. Waymo will now be able to charge for food and grocery delivery using its autonomous vehicles, which will operate without anyone in the driver’s seat. All Waymo needs now is a driverless deployment permit from the California Public Utilities Commission (CPUC) to finally start charging for rider-only autonomous rides in the city.
Arrival said in its Q3 earnings that it doesn’t expect to earn revenue until after 2023. Yes, I said REVENUE. The EV company, which is restructuring its business to develop commercial vans for the U.S. instead of Europe and is at risk of being delisted from the Nasdaq exchange, reported a third-quarter loss of $310.3 million, compared with a $30.6 million loss for the same period a year ago.
Canoo said in its Q3 earnings that it entered into an agreement to acquire a vehicle manufacturing facility in Oklahoma City. This shouldn’t be confused with Canoo’s “megamicro factory” in Pryor, Oklahoma. This other facility will help Canoo ramp production and bring EVs to market in 2023. Another item of note in Q3: Canoo closed out the quarter with cash and cash equivalents of $6.8 million. 😬
Gogoro’s Q3 earnings show the company earned $102.2 million, which is up from $90.7 million last quarter. The company said its revenue would have been up to $9.2 million higher had foreign exchange rates remained constant. The company closed the quarter with a net income of $56.4 million. Gogoro’s total subscribers at the end of the third quarter was more than 505,000, up 20.8% from last year.
Lyft reported a net loss of $422.2 million in the Q3. Nearly one third of that loss ($135.7 million) was due to the shutdown of Argo AI, which Lyft had a small stake in.
Polestar said in its Q3 earnings that it is still on track to deliver 50,000 cars worldwide this year. The company reported a third-quarter operating loss of $196.4 million, down from $292.9 million for the year-ago period. Revenue more than doubled to $435.4 million, from $212.9 million. Polestar forecasts full-year revenue of $2.4 billion,
Rivian affirmed that the company is on track to hit its annual production target of 25,000 vehicles despite unpredictable supply chain crunches and component shortages. The company is still losing money and has had to adjust some of its plans for growth. Rivian reported a net loss of $1.72 billion on revenue of $536 million in Q3 and delayed the launch of its next-generation R2 EV platform.
Electric vehicles, batteries & charging
Audi and Redwood Materials are teaming up to collect end-of-life batteries from cell phones, electric toothbrushes and other lithium-ion-powered devices at participating dealerships nationwide.
California voters shot down Proposition 30, which would have made EVs more affordable for some residents, dealing a blow to Lyft and the EV industry alike. Prop 30 would have taxed residents making more than $2 million a year to subsidize electric cars and public charging stations as well as funded wildfire prevention programs.
Maserati is applying what it learned developing a vehicle for Formula E to its first passenger EV, the 2024 Maserati GranTurismo Folgore.
Tesla opened up its EV connector design to automakers and suppliers. The aim? Tesla wants to be the new standard in North America. Separately, Zoom said it is working with Tesla to bring video conferencing into its vehicles. (Zoom meetings would only be possible when the vehicle is parked).
Volvo unveiled the EX90, a flagship electric seven-passenger SUV loaded with sensors and software that the company hopes will push it ahead in an increasingly saturated luxury EV market. Luminar founder and CEO Austin Russell shared his thoughts about the EX90 (the company’s lidar is integrated into the EV) and called it a new era of safety. He also addresses consolidation in the marketplace and struggles within the AV industry.