BY AUTOMOTIVE VENTURES | 26 JUNE 2023 | VIEW ONLINE ➡️

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Rivian will follow Ford and GM in adopting Tesla-style charging ports on its EVs. It signals a rapidly shifting paradigm for EV charging in North America, and casts increasing doubt on the future of the previously standardized CCS connector. (Link)Hyundai will also consider making its vehicles compatible with the Tesla charging standard in North America. (💲Link)A federal court in Louisiana dismissed Tesla's complaint against a state restriction on direct car sales. (💲Link)Tesla's recent market rally is due to two factors: The appointment of a new CEO at Twitter (thus freeing up Elon Musk to spend more time back at Tesla), and the fact that all of Tesla's vehicles now qualify for the full U.S. tax credit. (💲Link)Behind Elon Musk's management philosophy: The "First Principles" process involves envisioning what ultimate success looks like and then being open to any path that leads there. (💲Link)Subaru refuses to activate Starlink on new cars sold in Massachusetts. Kia has stopped offering a similar service called Kia Connect. Both companies say it’s the best way to avoid violating the state’s right-to-repair law. (💲Link)Ford Executive Chairman Bill Ford says the U.S. is not ready yet to compete with China in the production of electric vehicles. (Link)In Japan, factory workers are disassembling old batteries from the world’s first mass-market electric cars and preparing them for a second life. (💲Link)Male drivers are much more likely to die in a car crash compared to female drivers, regardless of age and race. (Link)The most dangerous hour to drive in the U.S. is between 6 p.m. and 7 p.m. (Link)The FBI warned that electric vehicles (EVs) have enhanced attack surfaces for cybercriminals to latch onto. (Link)The complexity of modern vehicles is inflating auto-repair bills. (💲Link)Virtual Power Plants are coming to save the grid sooner than you might think. Networks of thousands of home-based batteries could be key to a cleaner, more reliable electricity system. (Link)Cox Enterprises is launching Socium Ventures. The fund’s goal will be finding “early-stage businesses that are solving big problems and leaving the world in a better place for the next generation.” (💲Link)Marc Andreessen on why "AI will save the world". (Link)Dealership consultant Tom Stuker has flown 23 million miles, putting me to shame. (💲Link)

Have a great week,Steve Greenfield

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🎤 On this week's Future of Automotive segment on CBT News: Why consumers fall for the low-priced "loss leader" deal in automotive. (💲Link)

📢 My perspective on the Future of the Automotive Finance Industry. (Link)

📰 Automotive Ventures portfolio company Privacy4Cars and their new Vehicle Privacy Report were featured in last week's WIRED Magazine. (Link)📰 Automotive Ventures portfolio company Recurrent's CEO Scott Case was featured in Automotive News. (💲Link)

🌟 Voltfang gives EV batteries a second life in stationary operations. With the help of their AI energy storage operating systems and continuous monitoring, batteries are just as durable as new batteries and are guaranteed for 10 years. (Link)

🌟 dcbel's Home Energy Station brings premium DC charging to residential customers. It delivers more energy, a faster full-range charge, and the ability to power your car with solar panels. (Link)

🚜 AgTech & Industrial

Guardian Agriculture, a developer of electric Vertical Take-Off and Landing (eVTOL) systems for commercial-scale sustainable farming, raised $20M in Series A funding. Guardian provides the Guardian SC1 platform, an autonomous, electric and aerial crop protection system designed specifically for large-scale agriculture. (Link)

✈️ Air Mobility & Space

Apex, a startup focused on building the backbone of a spacecraft (the satellite bus, which provides the structure, power, and movement) has raised an additional $16 million. (Link)Specter Aerospace, a Boston area defense contractor specializing in the field of plasma-assisted combustion and hypersonic propulsion, has secured over $9.5 million in venture and government funding. (Link)

⚡ Electrification & Alternate Fuels

Rivian has been in talks to acquire the world’s most popular EV route planning service, Sweden-based A Better Routeplanner (ABRP). Financial details weren’t disclosed. (Link)Shanghai-based NIO announced that CYVN Holdings, a smart mobility-focused investment vehicle majority-owned by the Abu Dhabi government, will invest a total of $738.5 million in the Chinese EV maker. Upon completion of the deal, the Abu Dhabi-backed firm will own a roughly 7% stake in Nio, which is listed on the NYSE. (Link)Noodoe, a global developer of electric vehicle (EV) charging software, announced a key investment from ABM (NYSE: ABM), one of the nation's largest providers of facility services, infrastructure solutions, and parking management.  A preeminent installer of EV charging stations, with over 28,000 installed to date, ABM is investing in Noodoe through its ABM Ventures program. (Link)The Investment Management Corporation of Ontario (IMCO) has bought convertible notes worth US$400 million in European lithium-ion gigafactory firm Northvolt. Northvolt is building numerous lithium-ion battery production facilities, including cell production, cathode production, recycling and an energy storage system (ESS) assembly facility. (Link)Sicona Battery Technologies announced an AU$22 million Series A funding.  Sicona develops low-cost, scalable next-generation battery materials technology used in lithium-ion ("Li-ion") batteries that enable electric mobility and storage of renewable energy. Sicona's current generation silicon-composite anode technology delivers a remarkable 50-100% higher capacity than conventional graphite anodes and its anode materials can deliver more than 50% higher cell energy density than current Li-ion batteries. (Link)Battery maker SK On will raise an additional $400 million, upping its total funding to nearly 5 trillion won ($3.8 billion) ahead of its initial public offering (IPO) scheduled for 2026. SK On split off from SK Innovation in October 2021. (Link)Tesla has plans to acquire Wiferion, a German-based company that offers wireless charging systems for autonomous guided vehicles (AGVs), autonomous mobile robots (AMRs), forklifts, and collaborative robots (cobots). (Link)

🚛 Supply Chain & Logistics

Cargobot has developed a suite of digital tools to reduce disruptions for shippers, boost earning potential for carriers, and provide a straightforward pathway to growth for freight forwarders. The company closed a $6 million Series A round. (Link)Rose Rocket closed a $38 million Series B funding round. The company offers a software-as-a-service transportation management system (TMS), aimed at helping trucking and logistics companies manage their business. (Link)

🏭 Vehicle Production & Assembly

ASK AUTOMOTIVE has filed papers for an IPO in India. The company offers a comprehensive range of products to original equipment manufacturers (OEMs) in the automotive sector. (Link)BorgWarner plans to acquire the electric hybrid system segment of Eldor Corporation, an Italy-based manufacturer of electric vehicle charging components, in a deal valued at about $80 million that would build up the electric portfolio of the automotive supplier. (💲Link)

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