Government
Elon goes to China, Rivian is selling stock for $3 billion, and Fiat’s cutest tiny EV
Welcome back to The Station, your central hub for all past, present and future means of moving people and packages from Point A to Point B. Rebecca Bellan…
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Welcome back to The Station, your central hub for all past, present and future means of moving people and packages from Point A to Point B.
Rebecca Bellan here, and yup, I’m still steering the ship.
The biggest news this week has been Elon Musk’s visit to China, a move that has the potential to strengthen Tesla’s ties with the world’s largest auto market. It’s Musk’s first visit since the COVID-19 pandemic, and his commitment to China isn’t surprising given how much China’s vehicle sales carry the automaker’s global sales. In Q1, China accounted for over half of Tesla’s deliveries.
Even though Twitter is banned in China, Musk has still managed to make himself something of a legend to the Chinese people, reports Rita. The CEO has over 2 million followers on Weibo, where Musk shares his admiration for China, his opposition to cutting off supply chains and his plans to expand his business in China.
“The China space program is far more advanced than most people realize,” wrote Musk on Weibo.
His sweet-talking has earned him the nickname “Iron Man.”
The pieces of Musk’s visit to China are still falling, and we’ll keep updating, but here’s what we know so far. Musk kicked off his trip by dining with Zeng Yuqun, chairman of CATL, one of the largest battery manufacturing companies. There have been talks lately of CATL and Tesla partnering to build cheaper batteries in the U.S., but there’s nothing solid yet.
Musk also paid a visit to the Shanghai Gigafactory, where he met the staff behind Tesla’s popular Model 3 and Model Y.
We’re keeping our eyes out for more news of Musk’s happenings in China. And with that, onto the rest!
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Micromobbin’
Cake is expanding into India via a partnership with Pepfuels under the brand name CollarEV.
Cowboy is being sued by eBikeLabs, a French startup that builds embedded software for e-bikes, for patent infringement and copying eBikeLabs’ tech in its latest feature, AdaptivePower. Cowboy has refuted the claims and accused eBikeLabs of running a smear campaign. As Romain Dillet reports, “This is a messy story about a business relationship that fell apart between a small startup that doesn’t have deep pockets and a popular consumer brand that wants to protect its reputation.”
Zoomo will start offering Urban Arrow’s electric cargo bikes on its e-bike subscription platform.
Residents of Santa Barbara can check out e-bikes on a weekly basis from a new e-bike lending library.
Honda filed patents for two new moped-style electric scooters called Dax:e and Zoomer:e. Both are poised to enter the Indian market.
Zeus launched a solar panel charging pilot program in Regensburg, Germany. Under the pilot, scooters parked at the company’s three “Zolar stations” will get a charge from the sun. Maybe they should be called Helios stations, amiright?!
Porsche has launched two new e-bike cross-performance models that look like they can absolutely shred mountains.
City Spotlight: Atlanta
On June 7, TechCrunch is going to (virtually) be in Atlanta. We have a slate of amazing programming planned, including the mayor himself, Andre Dickens. If you are an early-stage Atlanta-based founder, apply to pitch to our panel of guest investors/judges for our live pitching competition. The winner gets a free booth at TechCrunch Disrupt this year to exhibit their company in our startup alley. Register here to tune in to the event.
Image Credits: Bryce Durbin (opens in a new window)
Deal of the week
Lucid Group plans to raise $3 billion through a stock offering, the majority of which will come from Saudi Arabia’s Public Investment Fund (PIF). PIF already owns more than 60% of the company, and it’s agreed to buy 265.7 million shares in a private placement for about $1.8 billion, which suggests a price of about $6.80 per share. The rest will be raised from a public offering of 173.5 million shares of common stock, according to the company.
Shares immediately dropped 9% after-hours on the news as investors considered how much more money Lucid would need to surmount its rising losses and diminishing available capital. And all of this amid a looming recession, a Tesla-sparked price war, and the aftertaste of large-scale layoffs in March.
Sure, Lucid can bring in more cash, but the company really needs to cure its spending problem. In the first quarter, Lucid’s cash and cash equivalents dropped to $900 million, down from $1.74 billion at the end of Q4 2022.
Other deals that got my attention this week …
Boeing has fully acquired eVTOL startup Wisk Aero. The terms of the deal were not disclosed, but Boeing already owned part of Wisk and had committed $450 million in capital back in January.
A British consortium that includes mining company Glencore will invest $9 billion in Indonesia’s mining and EV battery sectors. Indonesia has the world’s biggest nickel reserves.
General Motors and South Korea’s Posco Chemical are getting C$150 million from Canada’s federal government and Quebec to build a battery materials facility. The companies aim to have the C$600 million project up and running by 2025.
Loewi, a Paris-based e-bike refurbishment startup, raised €1 million in funding to help it reach 300 refurbishments per month and expand globally.
Ola Electric, an Indian manufacturer of electric two-wheelers, is said to be preparing for an initial public offering before the year’s end. The company achieved a valuation of $5 billion during its most recent fundraising round in 2022.
Notable reads and other tidbits
Autonomous vehicles
A California bill that would require a trained human safety operator to be present anytime a heavy-duty autonomous vehicle operates on public roads passed the state’s Assembly floor. It’ll go to the Senate now and, if passed, to the governor’s desk. The AV industry argues the bill stifles California’s competitiveness and defeats the whole purpose of self-driving trucks. The bill’s authors are concerned about safety on highways and job security for truckers.
Cruise is expanding hours of operation in San Francisco for certain riders who have access to its free service. For some, rides will start at 9 p.m. and go until 5:30 a.m.
Einride announced a partnership with the UAE Ministry of Energy and Infrastructure to deploy 2,000 EVs, 200 autonomous vehicles, eight charging stations and Einride’s SaaS product Saga across 550 km of Abu Dhabi, Dubai and Sharjah. The partnership is expected to play out over the next five years. Einride did not share the financial terms.
Serve Robotics and Uber have expanded their existing partnership. Over the next couple of years, about 2,000 of Serve’s little autonomous sidewalk delivery robots will deliver food via the Uber Eats platform in multiple markets across the U.S.
Electric vehicles, batteries and charging
Arcimoto unveiled its new tiny, three-wheeled flatbed truck called the MUV. It has a customizable rear storage space, top speed of 75 mph, and about 102 miles of city range. The MUV is available now for $23,500, and Arcimoto is aiming to sell fleets.
Select 2024 Audi and other VW Group cars will have Webex available to download from the automaker’s in-app car store. Webex is also available on the 2024 Mercedes-Benz E-Class and in Ford vehicles.
Fiat’s new Topolino tiny EV is so cute we could scream. The remade Citroen Ami is a retro-looking quadricycle with a convertible top and ropes instead of doors, and aside from a teaser image, that’s really all we know about it. It probably won’t go any faster than the Ami, which hits around 28 mph, so it’ll be a no-go for the States. Which is sad because, again, it’s super cute and better for the environment and urban landscapes than an electric Hummer.
Ford’s CEO Jim Farley said the automaker might not break even on its EVs until 2030.
Geely is preparing to enter Thailand’s electric vehicle market.
The 2023 Mercedes-Benz EQS SUV is a practical, luxurious car with top-notch tech in the form of a Hyperscreen and a handful of driver-assist features. It’s great for tech-forward families who like the finer things in life and plenty of space. Only downside? The exterior is a bit meh. As Tim Stevens describes it, “The result is a bit of a blob that absolutely disappears into any parking lot.”
Polestar’s latest software update includes YouTube. Like other similar iterations, users can stream video while stopped, like if they’re waiting for a pickup or charging their vehicles. The Polestar 2 software update also includes an updated version of Apple CarPlay that lets you project Apple Maps onto the instrument cluster.
Rivian has teased its smaller, lower-cost R2 SUV design over the Memorial Day weekend during an Instagram Q&A. CEO RJ Scaringe stood in front of a clay model of an R2 covered with a black cloth, outlining a boxy-looking compact vehicle.
Tesla says all of its Model 3 sedans now qualify for the full $7,500 EV tax credit.
Toyota has committed another $2.1 billion to its battery factory in North Carolina. The automaker also said its first U.S.-made electric SUV will be built at its Kentucky factory.
Volkswagen has finally debuted its U.S. version of the Volkswagen ID.Buzz minivan after years of teasing. The specs on the U.S. van are, unsurprisingly, much bigger than the European bus. The whole feel of it is retro-meets-cool, and indeed, we have ourselves asking, Can VW make minivans cool? Once factoring in the nostalgia aspect, the answer is undoubtedly yes. And VW will need that as it coasts into EV-land.
Volvo revealed some details about the interior of its new EX30. From what we can tell, that good old Scandinavian design is really pulling through to optimize space in the small SUV.
Miscellaneous
Attending Apple’s WWDC this month? Check out this new website from flight tracking tool Flighty to find others who are traveling to the event and connect with them, maybe even en route!
Delta Air Lines is being sued in a class action lawsuit for allegedly greenwashing. The company made a $1 billion pledge in 2020 to become carbon neutral, but the plan relied on carbon credits to offset the airline’s pollution.
The National Highway Traffic Safety Administration proposed a new rule that would require all new cars and trucks sold in the U.S. to be equipped with automatic emergency braking systems.
Tesla has been given the all-clear by NHTSA after the agency closed an investigation into Tesla for allowing in-dash gaming while its vehicles were moving.
Bored of the standard navigation voice on Waze? Now you can have Roger Federer give you turn-by-turn directions, because why not?
Wingcopter and Siemens have signed an MoU to develop and roll out an integrated drone delivery solution to transport lab diagnostics and other medical supplies in Africa.
Ride-hail
Ford launched a new pilot called Ford Drive that will give Uber drivers in San Diego, San Francisco and Los Angeles access to flexible leases on Mustang Mach-Es.
Revel is diversifying its all-Tesla ride-share fleet with about 50 Kia Niro EVs.
Uber, Lyft, DoorDash and other app-based ride-hail and delivery companies will have to reimburse California gig workers potentially millions of dollars for unpaid vehicle expenses between 2022 and 2023. The backpay comes from a provision in Prop 22 that gives low-earning drivers a vehicle reimbursement fee of $0.30 per active mile driven. That fee was meant to increase with the rate of inflation, but for the past year and a half, it has remained stagnant.
Uber is dropping the 5% discounts on rides that it used to offer members of its Uber One subscription service. Instead, riders can now earn 6% Uber Cash on rides that can be spent on more Uber stuff. It’s a bold move, and one that might see the instant gratification seekers among us ditch their memberships. But if it works out for Uber, the company might see even more spend coming from its subscribers.
* A previous newsletter inadvertently had some missing words in the following write-up. Here is the complete sentence. QuantumScape, the solid-state battery company, is (sort of) pivoting. The company said it is planning to focus more on the consumer-electronics sector in an effort to bring in the capital it needs to commercialize automotive-grade cells.
Elon goes to China, Rivian is selling stock for $3 billion, and Fiat’s cutest tiny EV by Rebecca Bellan originally published on TechCrunch
recession pandemic covid-19 senate governor south korea africa india canada european germany quebec china
International
This is the biggest money mistake you’re making during travel
A retail expert talks of some common money mistakes travelers make on their trips.
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Travel is expensive. Despite the explosion of travel demand in the two years since the world opened up from the pandemic, survey after survey shows that financial reasons are the biggest factor keeping some from taking their desired trips.
Airfare, accommodation as well as food and entertainment during the trip have all outpaced inflation over the last four years.
Related: This is why we're still spending an insane amount of money on travel
But while there are multiple tricks and “travel hacks” for finding cheaper plane tickets and accommodation, the biggest financial mistake that leads to blown travel budgets is much smaller and more insidious.
This is what you should (and shouldn’t) spend your money on while abroad
“When it comes to traveling, it's hard to resist buying items so you can have a piece of that memory at home,” Kristen Gall, a retail expert who heads the financial planning section at points-back platform Rakuten, told Travel + Leisure in an interview. “However, it's important to remember that you don't need every souvenir that catches your eye.”
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According to Gall, souvenirs not only have a tendency to add up in price but also weight which can in turn require one to pay for extra weight or even another suitcase at the airport — over the last two months, airlines like Delta (DAL) , American Airlines (AAL) and JetBlue Airways (JBLU) have all followed each other in increasing baggage prices to in some cases as much as $60 for a first bag and $100 for a second one.
While such extras may not seem like a lot compared to the thousands one might have spent on the hotel and ticket, they all have what is sometimes known as a “coffee” or “takeout effect” in which small expenses can lead one to overspend by a large amount.
‘Save up for one special thing rather than a bunch of trinkets…’
“When traveling abroad, I recommend only purchasing items that you can't get back at home, or that are small enough to not impact your luggage weight,” Gall said. “If you’re set on bringing home a souvenir, save up for one special thing, rather than wasting your money on a bunch of trinkets you may not think twice about once you return home.”
Along with the immediate costs, there is also the risk of purchasing things that go to waste when returning home from an international vacation. Alcohol is subject to airlines’ liquid rules while certain types of foods, particularly meat and other animal products, can be confiscated by customs.
While one incident of losing an expensive bottle of liquor or cheese brought back from a country like France will often make travelers forever careful, those who travel internationally less frequently will often be unaware of specific rules and be forced to part with something they spent money on at the airport.
“It's important to keep in mind that you're going to have to travel back with everything you purchased,” Gall continued. “[…] Be careful when buying food or wine, as it may not make it through customs. Foods like chocolate are typically fine, but items like meat and produce are likely prohibited to come back into the country.
Related: Veteran fund manager picks favorite stocks for 2024
stocks pandemic franceSpread & Containment
As the pandemic turns four, here’s what we need to do for a healthier future
On the fourth anniversary of the pandemic, a public health researcher offers four principles for a healthier future.
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Anniversaries are usually festive occasions, marked by celebration and joy. But there’ll be no popping of corks for this one.
March 11 2024 marks four years since the World Health Organization (WHO) declared COVID-19 a pandemic.
Although no longer officially a public health emergency of international concern, the pandemic is still with us, and the virus is still causing serious harm.
Here are three priorities – three Cs – for a healthier future.
Clear guidance
Over the past four years, one of the biggest challenges people faced when trying to follow COVID rules was understanding them.
From a behavioural science perspective, one of the major themes of the last four years has been whether guidance was clear enough or whether people were receiving too many different and confusing messages – something colleagues and I called “alert fatigue”.
With colleagues, I conducted an evidence review of communication during COVID and found that the lack of clarity, as well as a lack of trust in those setting rules, were key barriers to adherence to measures like social distancing.
In future, whether it’s another COVID wave, or another virus or public health emergency, clear communication by trustworthy messengers is going to be key.
Combat complacency
As Maria van Kerkove, COVID technical lead for WHO, puts it there is no acceptable level of death from COVID. COVID complacency is setting in as we have moved out of the emergency phase of the pandemic. But is still much work to be done.
First, we still need to understand this virus better. Four years is not a long time to understand the longer-term effects of COVID. For example, evidence on how the virus affects the brain and cognitive functioning is in its infancy.
The extent, severity and possible treatment of long COVID is another priority that must not be forgotten – not least because it is still causing a lot of long-term sickness and absence.
Culture change
During the pandemic’s first few years, there was a question over how many of our new habits, from elbow bumping (remember that?) to remote working, were here to stay.
Turns out old habits die hard – and in most cases that’s not a bad thing – after all handshaking and hugging can be good for our health.
But there is some pandemic behaviour we could have kept, under certain conditions. I’m pretty sure most people don’t wear masks when they have respiratory symptoms, even though some health authorities, such as the NHS, recommend it.
Masks could still be thought of like umbrellas: we keep one handy for when we need it, for example, when visiting vulnerable people, especially during times when there’s a spike in COVID.
If masks hadn’t been so politicised as a symbol of conformity and oppression so early in the pandemic, then we might arguably have seen people in more countries adopting the behaviour in parts of east Asia, where people continue to wear masks or face coverings when they are sick to avoid spreading it to others.
Although the pandemic led to the growth of remote or hybrid working, presenteeism – going to work when sick – is still a major issue.
Encouraging parents to send children to school when they are unwell is unlikely to help public health, or attendance for that matter. For instance, although one child might recover quickly from a given virus, other children who might catch it from them might be ill for days.
Similarly, a culture of presenteeism that pressures workers to come in when ill is likely to backfire later on, helping infectious disease spread in workplaces.
At the most fundamental level, we need to do more to create a culture of equality. Some groups, especially the most economically deprived, fared much worse than others during the pandemic. Health inequalities have widened as a result. With ongoing pandemic impacts, for example, long COVID rates, also disproportionately affecting those from disadvantaged groups, health inequalities are likely to persist without significant action to address them.
Vaccine inequity is still a problem globally. At a national level, in some wealthier countries like the UK, those from more deprived backgrounds are going to be less able to afford private vaccines.
We may be out of the emergency phase of COVID, but the pandemic is not yet over. As we reflect on the past four years, working to provide clearer public health communication, avoiding COVID complacency and reducing health inequalities are all things that can help prepare for any future waves or, indeed, pandemics.
Simon Nicholas Williams has received funding from Senedd Cymru, Public Health Wales and the Wales Covid Evidence Centre for research on COVID-19, and has consulted for the World Health Organization. However, this article reflects the views of the author only, in his academic capacity at Swansea University, and no funding or organizational bodies were involved in the writing or content of this article.
vaccine treatment pandemic covid-19 spread social distancing uk world health organizationGovernment
The Grinch Who Stole Freedom
The Grinch Who Stole Freedom
Authored by Jeffrey A. Tucker via The Epoch Times (emphasis ours),
Before President Joe Biden’s State of the…
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Authored by Jeffrey A. Tucker via The Epoch Times (emphasis ours),
Before President Joe Biden’s State of the Union address, the pundit class was predicting that he would deliver a message of unity and calm, if only to attract undecided voters to his side.
He did the opposite. The speech revealed a loud, cranky, angry, bitter side of the man that people don’t usually see. It seemed like the real Joe Biden I remember from the old days, full of venom, sarcasm, disdain, threats, and extreme partisanship.
The base might have loved it except that he made reference to an “illegal” alien, which is apparently a trigger word for the left. He failed their purity test.
The speech was stunning in its bile and bitterness. It’s beyond belief that he began with a pitch for more funds for the Ukraine war, which has killed 10,000 civilians and some 200,000 troops on both sides. It’s a bloody mess that could have been resolved early on but for U.S. tax funding of the conflict.
Despite the push from the higher ends of conservative commentary, average Republicans have turned hard against this war. The United States is in a fiscal crisis and every manner of domestic crisis, and the U.S. president opens his speech with a pitch to protect the border in Ukraine? It was completely bizarre, and lent some weight to the darkest conspiracies about why the Biden administration cares so much about this issue.
From there, he pivoted to wildly overblown rhetoric about the most hysterically exaggerated event of our times: the legendary Jan. 6 protests on Capitol Hill. Arrests for daring to protest the government on that day are growing.
The media and the Biden administration continue to describe it as the worst crisis since the War of the Roses, or something. It’s all a wild stretch, but it set the tone of the whole speech, complete with unrelenting attacks on former President Donald Trump. He would use the speech not to unite or make a pitch that he is president of the entire country but rather intensify his fundamental attack on everything America is supposed to be.
Hard to isolate the most alarming part, but one aspect really stood out to me. He glared directly at the Supreme Court Justices sitting there and threatened them with political power. He said that they were awful for getting rid of nationwide abortion rights and returning the issue to the states where it belongs, very obviously. But President Biden whipped up his base to exact some kind of retribution against the court.
Looking this up, we have a few historical examples of presidents criticizing the court but none to their faces in a State of the Union address. This comes two weeks after President Biden directly bragged about defying the Supreme Court over the issue of student loan forgiveness. The court said he could not do this on his own, but President Biden did it anyway.
Here we have an issue of civic decorum that you cannot legislate or legally codify. Essentially, under the U.S. system, the president has to agree to defer to the highest court in its rulings even if he doesn’t like them. President Biden is now aggressively defying the court and adding direct threats on top of that. In other words, this president is plunging us straight into lawlessness and dictatorship.
In the background here, you must understand, is the most important free speech case in U.S. history. The Supreme Court on March 18 will hear arguments over an injunction against President Biden’s administrative agencies as issued by the Fifth Circuit. The injunction would forbid government agencies from imposing themselves on media and social media companies to curate content and censor contrary opinions, either directly or indirectly through so-called “switchboarding.”
A ruling for the plaintiffs in the case would force the dismantling of a growing and massive industry that has come to be called the censorship-industrial complex. It involves dozens or even more than 100 government agencies, including quasi-intelligence agencies such as the Cybersecurity and Infrastructure Security Agency (CISA), which was set up only in 2018 but managed information flow, labor force designations, and absentee voting during the COVID-19 response.
A good ruling here will protect free speech or at least intend to. But, of course, the Biden administration could directly defy it. That seems to be where this administration is headed. It’s extremely dangerous.
A ruling for the defense and against the injunction would be a catastrophe. It would invite every government agency to exercise direct control over all media and social media in the country, effectively abolishing the First Amendment.
Close watchers of the court have no clear idea of how this will turn out. But watching President Biden glare at court members at the address, one does wonder. Did they sense the threats he was making against them? Will they stand up for the independence of the judicial branch?
Maybe his intimidation tactics will end up backfiring. After all, does the Supreme Court really think it is wise to license this administration with the power to control all information flows in the United States?
The deeper issue here is a pressing battle that is roiling American life today. It concerns the future and power of the administrative state versus the elected one. The Constitution contains no reference to a fourth branch of government, but that is what has been allowed to form and entrench itself, in complete violation of the Founders’ intentions. Only the Supreme Court can stop it, if they are brave enough to take it on.
If you haven’t figured it out yet, and surely you have, President Biden is nothing but a marionette of deep-state interests. He is there to pretend to be the people’s representative, but everything that he does is about entrenching the fourth branch of government, the permanent bureaucracy that goes on its merry way without any real civilian oversight.
We know this for a fact by virtue of one of his first acts as president, to repeal an executive order by President Trump that would have reclassified some (or many) federal employees as directly under the control of the elected president rather than have independent power. The elites in Washington absolutely panicked about President Trump’s executive order. They plotted to make sure that he didn’t get a second term, and quickly scratched that brilliant act by President Trump from the historical record.
This epic battle is the subtext behind nearly everything taking place in Washington today.
Aside from the vicious moment of directly attacking the Supreme Court, President Biden set himself up as some kind of economic central planner, promising to abolish hidden fees and bags of chips that weren’t full enough, as if he has the power to do this, which he does not. He was up there just muttering gibberish. If he is serious, he believes that the U.S. president has the power to dictate the prices of every candy bar and hotel room in the United States—an absolutely terrifying exercise of power that compares only to Stalin and Mao. And yet there he was promising to do just that.
Aside from demonizing the opposition, wildly exaggerating about Jan. 6, whipping up war frenzy, swearing to end climate change, which will make the “green energy” industry rich, threatening more taxes on business enterprise, promising to cure cancer (again!), and parading as the master of candy bar prices, what else did he do? Well, he took credit for the supposedly growing economy even as a vast number of Americans are deeply suffering from his awful policies.
It’s hard to imagine that this speech could be considered a success. The optics alone made him look like the Grinch who stole freedom, except the Grinch was far more articulate and clever. He’s a mean one, Mr. Biden.
Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.
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