BY AUTOMOTIVE VENTURES | 03 APRIL 2023 | VIEW ONLINE ➡️

We will be conducting the final close of the Automotive Ventures DealerFund at the end of this month (April 30th). If you’re a dealer who wants to invest in early-stage AutoTech companies that benefit your business, let me know. We are still accepting new investors. (Link)

Lithia Motors, once the smallest publicly traded dealership group before embarking on a multiyear dealership buying spree, passed longtime No. 1 AutoNation in new vehicles sold in 2022. (Link)Recurrent, a Seattle company that tracks the EV market, has collected data from more than 12,000 battery-electric and plug-in hybrid electric vehicles across 55 different models operating in all 50 states. The company continues to build its database and is modeling average battery capacity loss over time. (Link)The Biden administration detailed new criteria for an electric-vehicle tax-credit program, a change that will reduce the number of eligible models. Currently, 43% of electric vehicles on the market are eligible for the tax credit, down from 92% before the IRA last August required that vehicles be manufactured in North America. (Link)General Motors plans to phase out widely-used Apple CarPlay and Android Auto technologies that allow drivers to bypass a vehicle's infotainment systems, shifting instead to built-in infotainment systems developed with Google for future electric vehicles. GM CEO Mary Barra is aiming for $20 billion to $25 billion in annual revenue from subscriptions by 2030. (Link)The Biden administration granted California the legal authority to require that half of all garbage trucks, tractor-trailers, cement mixers and other heavy vehicles sold in the state must be all-electric by 2035, an aggressive plan designed to clean up the worst polluters on the road. (Link)At just two weeks after its launch and with a $99k MSRP, the Dodge Challenger SRT Demon 170 is already being marked up to $350,000, a price tag that would fetch a Ferrari or McLaren supercar. (Link)Rethink's "2023 Connected Car Forecast" believes in-car connectivity will reach 829 million vehicles by 2030, triple last year's count, and that revenue derived from car connectivity will quadruple to $244 billion by 2030, as 5G access becomes increasingly prevalent to deliver added-value services such as ultra HD streaming and more advanced driver assistance system (ADAS) features. (Link)Following Tesla's lead, Hyundai is exploring establishing its own EV charging network. Reports have proliferated on social media of confusing, inoperable, and slower-than-expected fast chargers. (Link)Have a great week,Steve Greenfield

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🎤 The Spree Acquisition Corp. investor presentation for zTrip / WHC Worldwide is now available on our SEC website. (Link)🗞️ Automotive Ventures portfolio company Recurrent was featured in Automotive News. (Link)🗞️ I had a chance to catch up with Niel Hiscox to discuss the automotive industry and provide a preview of my presentation at CADEX in Halifax this coming week. (Link)🎤 I'm the keynote speaker at the GoFast Solutions' 2023 Mobile Expo on April 12th in Springfield, MA. (Link)🗞️ On this week's Future of Automotive segment on CBT News, we discuss Jaguar downsizing their dealer footprint and Hyundai building out a proprietary EV charging network. (Link)

🎤 I'm the keynote speaker at the ToolTech 2023 conference next month in New Mexico. (Link)🎤 I'm very excited to be hosting the "Emerging 8" nominees at the Auto Intel Summit next month. (Link) 

🌟Openbay is an online marketplace for automotive repair and maintenance services and a provider of SaaS for the automotive service industry. OpenBay can help drive new customer acquisition and increase your customer satisfaction. (Link)🌟Treehouse is working closely with many automakers and dealers to help remove friction from the EV charger buying, installation, and ownership experience. (Link)

🚗 Dealer Tech & Auto Commerce

Rollick, a leading customer engagement technology provider for RV, marine, and powersports manufacturers and dealers, closed $10 million in new funding in the fourth quarter of 2022. (Link)

🛠️Aftermarket & Repair

A consortium led by Lifelong Group has acquired distressed firm GoMechanic.in, months after the Sequoia Capital India-backed startup admitted “grave errors” in financial reporting. (Link)

✈️ Air Mobility & SpaceFrontier Aerospace, a company developing liquid rocket engines for in-space propulsion, raised $10M in Series A funding. (Link)Doroni Aerospace, the South Florida startup developing a 2-seater flying car, has raised $3.5 million through crowdfunding. (Link)

🦾 Autonomy, Robotics & AI

Applied Intuition has acquired SceneBox, a data management and operations platform built specifically for machine learning (ML). The SceneBox platform enables engineers to train better, more accurate ML models with a data-centric approach. (Link)Venti Technologies, focused on self-driving vehicles for industrial customers, has raised $28.8 million in a Series A round. (Link)

⚡Electrification & Alternative Fuels

Bonnet, a London-based EV charging app with a European scope, received £3 million in a recent raise. (Link)Condoit, an energy management tool focused on the EV charging space helping electricians keep up with demand, closed its Seed round led by C2 Ventures. (Link)Farizon Auto, Geely's new-energy commercial vehicle brand, is considering raising as much as $300 million in fresh funds ahead of a potential U.S. initial public offering. (Link)Winnebago Industries will acquire Lithionics Battery, a lithium-ion battery solutions provider to recreational equipment and specialty vehicle markets. Terms of the deal were not disclosed. (Link)Northvolt is in talks with banks to secure more than $5 billion in funding to become Europe’s largest battery maker. The debt financing agreement could be reached later this year. (Link)Volkswagen Group is receiving extremely high interest from investors for a stock market listing of its battery unit PowerCo SE. (Link)

🏂💄Media & Lifestyle

Autio - Audio for Travel, a location-based audio entertainment app co-founded by actor Kevin Costner and formerly known as HearHere, has raised $5.9 million in a second Seed round. (Link)

📱Shared Mobility & Subscription

Cabify, a Madrid-based platform that competes against Uber in Spain and Latin America, has raised $110 million in a combination of both equity and debt financing. (Link)

🚛 Supply Chain & Logistics

Knight-Swift Transportation is buying rival trucker U.S. Xpress Enterprises in a deal valued at about $808 million that will bolster the scale of one of the country’s largest trucking operators. (Link)

🔗Vehicle Connectivity & Cybersecurity

P97 Networks, a startup that partners with fuel brands, gas station retailers, electric car charging companies, mobile wallet providers, and connected car OS makers to make it easier to select and pay for your gas (or electric charge) either through an app or connected car, has raised $40 million in equity funding. (Link)PACCAR has made a minority equity investment in its connected truck partner, Platform Science. This strategic investment complements their existing strategic partnership to integrate Platform Science’s Virtual Vehicle technology with the PACCAR Connect telematics system. (Link)

🏎️ Early-stage AutoTech or Mobility founder? We'd love to hear from you.🏁 Interested in investing directly into early-stage AutoTech and Mobility companies? Check out The Automotive Ventures Investment Club (AVIC)📈 Are you an auto dealer interested in investing in early-stage AutoTech? Learn more about the DealerFund here.✨ Looking for our Dealership AutoTech Company Landscape? View that here.✨ Looking for our Mobility Tech Company Landscape? View that here.🚀 Interested in exploring Automotive Ventures' portfolio companies shown below? Check them out here.