Hi ,
Special Announcement:
Automotive News features one of the initial focus areas of the Automotive Ventures DealerFund: technology startups that can help recruit technicians and improve service department productivity. (
)
Automotive News also
that Lincoln Motor Company, after persuading dozens of its dealers to spend millions of dollars building glass-walled standalone showrooms, now says they have to
invest $900,000 more on chargers and other upgrades in order to ride with the brand into the electric-vehicle era.
While Lincoln does not yet sell any battery-powered vehicles, and isn't expected to for several more years,
executives say they need to prepare now to woo younger buyers who its research shows are open to luxury EVs.
Lincoln is dividing its network of 650 stores into two camps based on the size of their market. Dealerships in the top 130 markets must spend roughly
$900,000
to install two DC fast chargers and seven Level 2 chargers. Lincoln has 252 stores in those markets, which it says account for 90 percent of luxury sales.
The remaining 400 stores in smaller markets must spend about
$500,000
for one DC charger and four Level 2s. Dealerships that make the investment required for their market will be allowed to sell an unlimited number of EVs.
Dealers have until Dec. 15 to make a decision
on the EV certification program, which will run from late 2024 until 2026. Another enrollment period will open near the end of 2026 and start in 2027.
Those who choose not to opt in can maintain their franchise selling only gasoline models.
Enjoy this week’s Weekly Update!
Last Week's Auto-Tech Transactions:
Finance & Insurance:
Insurance technology startup
has raised $4 million. The funds came from existing investors including Ulu Ventures, Emergent Ventures, Sure Ventures, and Thornton Capital, along with other angel investors. It brings the company’s total funding to over $16 million. Mile Auto uses computer vision and machine learning technology to provide auto insurance to low-mileage drivers. (
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Electrification & Alternative Fuels:
, the leader in developing zero-emission solutions for commercial aviation, announced that it has acquired in full the leading fuel cell stack innovator HyPoint. The financial terms of the deal were not disclosed. (
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, a Spanish startup setting up and operating ultra-fast chargers for electric cars, reached a valuation of 400 million euros ($388.40 million) after its latest funding round, led by French sustainability investor Mirova. (
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Autonomy, Robotics & AI:
, the advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety, announced an exclusive collaboration agreement with Magna International, to pursue driver and occupant monitoring system business targeting the vehicle's interior rear-view mirror. In return, Magna has agreed to invest US$65m into Seeing Machines. (
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Volkswagen AG will invest 2.4 billion euros ($2.33 billion) and take a 60 percent stake in a new joint venture with Chinese technology company
for autonomous driving software and hardware. (
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Miovision, an innovative company that helps cities modernize their approach to traffic management using artificial intelligence and advanced analytics, has acquired Pittsburgh-based
for an undisclosed amount. (
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Shared Mobility & Subscription:
, a Las Vegas-based startup that combines teleoperations and car sharing, said it will remove the human safety operator from behind the wheel later this year — the last hurdle before its commercial launch. The company has raised $5 million in a seed round led by climate tech fund At One Ventures, with participation from T-Mobile Ventures, Earthshot Ventures and existing investor Boost VC. (
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German startup
has picked up €12 million in capital investment as the shared mobility market continues to grow. The funding was provided by investors KCK, Blumberg Capital, and others. The Hamburg-based innovators are now marking themselves as a European leader in software and hardware for shared mobility operators. (
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Belgian startup
has secured €8.5 million in equity funding and another €32 million in a debt financing agreement to bolster its B2B car leasing platform. (
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, an India-based car-sharing platform, has reached an agreement to go public via a merger with blank-check firm Innovative International Acquisition Corp. (NASDAQ: IOAC). (
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Supply Chain & Logistics:
is trying to bring sophisticated technology to bear on the process of moving freight, while providing a full set of freight brokerage services. The Chicago-based startup announced a $20 million Series A led by Andreessen Horowitz with participation from Equal Ventures, Abstract Ventures, M25 and industry angels. (
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made its name developing software that makes it possible to operate forklifts, warehouse yard trucks and delivery robots remotely from almost anywhere on Earth. Its system works extremely well, but the fast-growing company announced it acquired Swedish software company
to further improve performance. (
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Hyundai Glovis, the logistics arm of Korean conglomerate Hyundai Group, has acquired 100% of the
in Pennsylvania from the Briggs family. (
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Air Mobility & Space:
Delta Air Lines invests $60 million in
, plans air taxi rides to airports. In the future, when you book a flight on Delta Air Lines, you might also be able to arrange to have an air taxi from Joby Aviation Inc. fly you to the airport. (
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Private jet service
is planning to merge with SPAC HORIZON ACQUISITION CORP. II (HZON.N), in a deal that will value the combined company at $3.1 billion, including debt. (
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Have a great week,
Steve Greenfield
678.576.9972
