Canoo Faces More Losses, Waymo Riders Share Experiences, and How a Trump Win Could Affect Elon Musk

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With the election results still fresh, the impact of a potential second Trump presidency on sectors like transportation, tech, energy, and climate is sparking speculation. While it will take months to fully understand the ramifications, we’re already examining the possible winners, losers, and the broader dynamics that could unfold in the next four years. Our team has been busy exploring how the change in administration could shape transportation, with Tim De Chant diving into the challenges Trump might face in reversing key policies like the Inflation Reduction Act. Meanwhile, Rebecca Bellan has been tracking how the administration shift might affect Elon Musk and his companies—Tesla, SpaceX, and X.

In other transportation tech news, we’ve been hearing some intriguing rumors and updates: Tesla has abandoned its $25,000 EV project in favor of focusing on a robotaxi model. The pivot, which took place earlier this year, surprised many Tesla employees who were excited about the potential of building a more affordable EV. However, with Musk shifting priorities, morale within Tesla has reportedly taken a hit, compounded by earlier mass layoffs. That said, there’s some positive news: employee morale seems to be improving as the company reorients itself toward the robotaxi concept, which Musk has promised to unveil soon.

EV startup Canoo is facing internal turbulence. After a series of executive departures and cost-cutting measures, the company confirmed in a regulatory filing that both its CFO and general counsel have left, and the company has furloughed 30 employees. These moves signal a rough patch for Canoo, which has been struggling to maintain its leadership and financial stability.

Electric vertical takeoff and landing (eVTOL) aircraft startup Beta Technologies just completed a massive Series C funding round, raising $318 million. Led by Qatar’s sovereign wealth fund, with participation from Fidelity, TPG, and United Therapeutics, Beta’s total funding now exceeds $1 billion. This new capital will support Beta’s plan to enter the urban air mobility market by 2025. Notably, Beta has partnered with companies across defense, medical logistics, and cargo delivery, including the U.S. Air Force and Air New Zealand.

Shenzhen-based DeepRoute.ai, which specializes in autonomous driving technology, has raised $100 million from Great Wall Motor. The funding aims to boost DeepRoute’s ability to expand its automated driving systems in China, particularly as Tesla plans to ramp up operations in the region. Waymo’s parent company Alphabet closed a $5.6 billion round earlier this month, which has significantly raised its valuation to $45 billion, according to Bloomberg. As autonomous driving continues to grow in importance, Waymo’s lead in the sector is becoming increasingly solidified.

Ola, the Indian ride-hailing giant, has had its valuation revised down to $2 billion by Vanguard as of the end of August. This marks a significant adjustment after a period of rapid growth, as the ride-hailing market in India faces heightened competition and challenges. Xavveo, an autonomous vehicle sensor technology startup, has secured $8.6 million in a seed round co-led by Vsquared Ventures and imec.xpand. The company plans to use this capital to expand its sensor technology for AVs, a sector that continues to grow with increasing interest from OEMs and tech startups.

Lyft, looking to maintain its competitive edge, has announced partnerships with several companies in the autonomous vehicle (AV) space, including May Mobility, Mobileye, and Nexar. These alliances signify Lyft’s commitment to establishing a foothold in the emerging AV market as both Lyft and Uber ramp up their involvement in self-driving technology.

Ford’s electric vehicle ambitions hit a bump this week as the automaker announced a temporary pause in production of its F-150 Lightning electric pickup. The pause, which will last nearly two months, is attributed to decreased demand, increasing competition, and growing losses in Ford’s electric vehicle business. This move underscores the challenges traditional automakers face as they compete with newer EV startups and juggle rising production costs.

Kia has also unveiled an intriguing new concept: an EV camper designed as the “ideal escape pod.” The camper, while still in its conceptual stage, showcases Kia’s vision for the future of adventure-oriented electric vehicles, blending sustainability with leisure. At TechCrunch Disrupt, Rivian’s Chief of Software Wassym Bensaid shared exciting updates on the company’s plans for a third-party developer ecosystem. The initiative aims to bring more apps into Rivian’s vehicle infotainment system, enhancing user experience and creating new opportunities for developers in the automotive space.

Lastly, we asked a few TechCrunch staff members to share their first experiences riding in a Waymo autonomous vehicle while attending Disrupt 2024 in San Francisco. The reactions were mixed but insightful. For example, venture reporter Dominic-Madori Davis was pleasantly surprised, finding the ride cautious and safe, while AI reporter Kyle Wiggers was more apprehensive, particularly when overtaken by other cars. Venture editor Julie Bort experienced some quirks, such as strange drop-off locations and higher-than-expected prices, but found the ride enjoyable nonetheless. Overall, the reactions show that while Waymo’s autonomous rides are seen as safe, the overall experience remains a mixed bag for first-time riders, especially in terms of pricing and service nuances.

This week’s wheels is all about testing the next generation of transportation. Whether it’s electric vehicles, hybrid cars, or e-bikes, our team is continuously exploring the latest innovations on the road and in the air. Stay tuned for more updates as we keep an eye on how these exciting technologies evolve.