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For those U.S.-based readers out there, enjoy the long Memorial Day weekend, and if you’re on the road, expect it to be crowded. AAA projects 45.1 million people will travel at least 50 miles from home over the Memorial Day holiday period, from Thursday to Monday. About 39.4 million of those folks will use a car.
Let’s get to it! This edition has news on loads of companies, including Aurora, Uber, Tesla, and Waymo. Plus, a number of startups you may be interested in.
A little bird
Got a tip for us? Email Kirsten Korosec at [email protected] or my Signal at kkorosec.07, Sean O’Kane at [email protected], or Rebecca Bellan at [email protected]. Or check out these instructions to learn how to contact us via encrypted messaging apps or SecureDrop.
Deals!
Luminar, the lidar startup turned SPAC, appears to be grasping for capital. Why else would the company make a deal with Yorkville Advisors Global that could bring another $200 million into its coffers through the sale of convertible preferred stock over an 18-month period?
Under the terms, Luminar will issue $35 million in convertible preferred stock to the investors. Luminar may issue additional tranches in amounts of up to $35 million no more than every 60 days at a purchase price equal to 96% of the stated value of the convertible preferred stock.
You might recall Luminar’s board recently replaced founder Austin Russell as its CEO. The company is also going through another restructuring — its third in a year.
Other deals that got my attention …
SparkCharge, which offers what it calls “charging-as-a-service” for fleets, raised $15.5 million in a Series A-1 round led by Monte’s Fam, with participation from Cleveland Avenue, Collab Capital, Elemental Impact, MarcyPen, and non sibi ventures. Alongside the equity round, SparkCharge also secured a $15 million venture loan from Horizon Technology Finance Corp.
Sylndr, a Cairo-based online used car sales startup that is expanding into auto financing, servicing, and tools for dealers, raised $15.7 million. The round was led by Development Partners International’s Nclude Fund. The startup also raised nearly $10 million in debt financing from local banks in the past year.
Is an auction a deal? Perhaps for someone. Nikola’s hydrogen trucks, which have a value of about $114 million, are up for auction — one of the company’s last steps in unloading all of its assets after filing for bankruptcy in February.
Notable reads and other tidbits
Autonomous vehicles
Aurora has put human “observers” in its self-driving trucks at the request of its partner PACCAR, a disclosure that has some scratching their heads about the move. To be clear, these “observers” are not human safety operators, meaning they can’t intervene. An Aurora spokesperson confirmed and noted they have a different role than the human safety operators in the company’s supervised hauls.
This news prompted folks to send me a slew of messages with questions like “Why?” and “What’s the point?”
Einride founder Robert Falck is stepping down from the role of CEO. Einride’s CFO, Roozbeh Charli, will take over the role of chief executive effective immediately.
Reliable Robotics, the autonomous aviation company, appointed Marc Stoll as its new CFO. Stoll is the former VP of Finance at Apple and partner at Eclipse Ventures.
Zoox has completed the “initial mapping phase” and will begin testing its self-driving vehicles in Atlanta later this summer.
The California Public Utilities Commission approved Waymo’s request to expand its commercial robotaxi service area into more communities south of San Francisco. Meanwhile, Waymo and Uber plan to start offering robotaxi rides in Atlanta to select customers who signed onto a waitlist earlier this year.
Tesla plans to limit where its robotaxis operate in Austin, Texas, to specific areas the company deems “the safest,” according to Elon Musk. Using a geofence represents a major strategy shift for Musk, who spent years claiming his company would be able to create a general-purpose self-driving solution that could be dropped into any location and work without human supervision.
Electric vehicles, charging, & batteries
Arc unveiled a new electric boat called the Arc Coast, a $168,000 watercraft with a center console design.
Senate Republicans have voted to overturn a waiver that allowed California to set stricter air pollution standards for vehicles. The state has received waivers more than 100 times since federal laws granted the right some 50 years ago.
Gig economy
Uber plans to launch a B2B logistics service in India through a partnership with a government-backed nonprofit that aims to break the domination of Flipkart, the e-commerce giant backed by Amazon and Walmart.
AI
Uber Freight recently launched a suite of AI features to shippers around the world as part of its existing supply chain software. That includes an expansion of Insights AI, which Uber Freight quietly launched in 2023, as well as more than 30 AI agents built to “execute key logistics tasks throughout the freight lifecycle.” Senior reporter Sean O’Kane interviewed CEO Lior Ron about the company’s dive into AI — including the how, why, and what’s next.
This week’s wheels
Yup, “This week’s wheels” is back with Rebecca Bellan, who writes about her time on the new Heybike Alpha, a sturdy, fat-tire, all-terrain e-bike with a $1,699 price tag.
The entire review can be read here.
For those who want the highlights: The Alpha ticked a lot of boxes for Bellan — notably the mid-drive motor with torque sensor and long-lasting battery. There were some frustrations, though, too. Putting the bike together, the app, and outsized horn were disappointments. But generally, Rebecca felt the Alpha was an excellent all-around e-bike, whether you want to take it on off-road adventures or use it in the city to do your weekly Trader Joe’s shopping.
