Gogoro SPAC, Rivian Update & Tesla FSD Beta - EV News

The Station: A Weekly Transportation Newsletter

Welcome to The Station, a newsletter focused on the evolving world of transportation. This publication delivers updates on all methods of moving people and goods, from current systems to future innovations.

Rivian Achieves Key Production and Sales Milestones

Significant progress was reported this week in the electric vehicle sector. Notably, the first Rivian R1T electric pickup truck, finished in “Rivian blue,” has completed assembly at the company’s manufacturing facility in Normal, Illinois.

The R1T pickup and the forthcoming R1S SUV have now received certification for sales across all 50 United States, initially through online channels.

A Decade of Development

This achievement represents a pivotal moment for the automaker and its founder, RJ Scaringe. The company originated in 2009 under the name Mainstream Motors, later rebranding as Rivian in 2011.

Rivian has experienced substantial expansion in recent years, encompassing personnel, investment, and strategic partnerships. A successful initial public offering (IPO), for which the company has recently filed confidentially, could further accelerate this growth trajectory.

Tesla Expands Access to “Full Self-Driving” Beta

Another key development involves Tesla and its “Full Self-Driving” (FSD) beta software, which is poised to become available to a wider range of vehicle owners.

The FSD Beta v10.0.1 software update, initially released to a limited group of users, will be more broadly deployed starting September 24.

Driving Behavior as a Gatekeeper

Tesla CEO Elon Musk has indicated that access to this latest beta version, promising enhanced automated driving capabilities, will be contingent upon individual driving performance.

Telemetry data collected over a seven-day period will be analyzed to assess whether owners who have purchased the FSD software qualify for access.

Data Points for Evaluation

Information gleaned from a Reddit post several months prior suggests the types of data that will be utilized in this evaluation. The post details the discovery of an integrated insurance feature within the Tesla app.

This feature includes a new safety rating page that monitors vehicle operation and is linked to insurance considerations. This may be the “safety calculator” Musk referenced in a tweet regarding beta access.

The app is expected to track metrics such as ABS activation frequency, average daily driving hours, instances of Autopilot disengagement due to ignored alerts, forward collision warnings, time spent following too closely, and the intensity of acceleration and braking.

Regulatory Scrutiny of Tesla’s FSD Beta

The September 24 release, potentially involving thousands of Tesla owners testing beta software on public roads, will likely draw attention from regulatory bodies.

Jennifer Homendy, the head of the National Transportation Safety Board (NTSB), expressed concerns to the WSJ, stating that Tesla should address “basic safety issues” before releasing the update.

It’s important to note that the NTSB investigates accidents and provides safety recommendations, but lacks the authority to directly prevent Tesla from deploying software updates.

TechCrunch Disrupt is Here

TechCrunch Disrupt commences on Tuesday. I encourage you to attend and participate. A virtual photo booth will be available, and I invite you to share your photos.

Stay Connected

Feel free to reach out with your thoughts, feedback, or tips via email at kirsten.korosec@techcrunch.com. You can also connect with me on Twitter — @kirstenkorosec.

Micromobility Updates

Features commonly associated with modern vehicles, such as lane keeping assistance, pedestrian recognition, and enhanced braking capabilities, are increasingly being incorporated into electric scooters.

Growing demands for scooter durability, rider safety, and solutions to issues like sidewalk congestion are driving operators to integrate advanced driver-assistance systems. Companies including Voi, Spin, Superpedestrian, Zipp, and Bird are now deploying technologies capable of identifying sidewalk riding or improper parking. Utilizing either camera-based computer vision or highly precise geopositioning, these scooters can determine a rider’s location and implement braking or speed reduction when regulations are violated.

The necessity of these systems is debatable; a more effective approach would involve cities investing in dedicated, protected bicycle lanes rather than shifting safety costs to scooter operators.

Further details on this emerging technology, termed “scooter ADAS,” can be found in my recent ExtraCrunch article.

Bird Expands with E-Bikes in San Diego

Bird has secured an exclusive micromobility agreement with San Diego State University. The company’s bike-sharing service, officially launched in June, is accessible to the university’s 34,000 students.

Improved Cycling Access on the Brooklyn Bridge

Cyclists now benefit from significantly improved infrastructure. Previously, navigating the busy Brooklyn Bridge required constant bell-ringing to request passage from pedestrians. Now, the landmark bridge features a dedicated, two-way bicycle lane. This development represents a substantial improvement for cyclists, and the lane was created by repurposing space previously allocated to automobiles.

Shaero’s Innovative Moped Design

A Tokyo-based company, Shaero, has introduced a docked shared moped designed for compact storage. This unique vehicle can be folded and secured within lockers between uses. This approach offers a compelling alternative to scooter ADAS systems.

Potential E-Bike Tax Credit

The U.S. House Ways and Means Committee has proposed a 15 percent tax credit for e-bike purchases for individuals earning under $75,000 annually. While this is a reduction from a previous proposal offering a 30 percent rebate without income restrictions, it still represents a positive step forward.

New E-Bike Releases

Several new e-bike models were unveiled this week. Here’s a summary:

The Crown Cruiser is an e-bike boasting a retro-futuristic aesthetic and integrated smart features, including anti-theft technology and an impact-detection system utilizing a gyro and accelerometer. Its carbon fiber frame is lightweight, and it offers long-range swappable 36V or 48V batteries, providing a range exceeding 100 miles. The bike’s DC hub motor enables speeds up to 31 mph. Currently seeking funding on Indiegogo, the Cruiser has also received a £139,000 Sustainable Innovation grant from the UK government.

Daymak has announced the release of the Terra e-bike, part of the Avvenire series. Available in Terra Deluxe (MSRP $3,495) and Terra Ultimate (MSRP $7,999) models, the bike features two 15W solar panels to supplement battery charging and multi-level pedal assist, achieving a range of up to 60 miles and a maximum speed of 20 mph. It also includes built-in Bluetooth speakers and a drink holder, alongside RidePoints and Daymak Drive X capabilities, allowing riders to earn rewards through the company’s EV program and leveraging blockchain technology.

Harley-Davidson will be offering limited quantities of its vintage-inspired electric bike, the S1 Series, through its ebike division, Serial 1.

Zaiser Motors has successfully completed its Wefunder campaign and revealed the specifications for its platform redesign, which includes the addition of the Arrow, a sportier electric motorcycle. The company’s initial “Electrocycle,” the Silhouette, offers a range of 300 miles and a top speed of 120 mph. Both models feature a distinctive, rounded design reminiscent of vehicles in the Mario Kart video game series. The Arrow, designed for urban commuting, is priced at $8,500 and provides a range of 160 miles with a top speed of 100 mph.

Lifestyle brand Retrospec has launched the Valen Rev, a moto-style electric bike evoking a sense of coastal cruising. The bike’s aesthetic is characterized by a retro design, a tan leather saddle, and color options including fog blue, olive green, and matte black. It features a 48V motor, six levels of pedal assist, and a 55-mile range, all offered at a price of $1,799.99.

— Rebecca Bellan

This Week's Notable Transactions

A recent lull in mobility-focused SPAC transactions has been interrupted by Gogoro, a Taiwanese firm with a decade of experience in electric scooters and battery swapping technology.

The company is set to merge with Poema Global, a SPAC linked to Princeville Capital, establishing an enterprise value of $2.35 billion, pending shareholder approval. Upon completion, Gogoro will be listed on the Nasdaq under the ticker symbol GGR.

Gogoro anticipates receiving $550 million in proceeds, assuming no investors redeem their shares. This includes a successful private investment in public equity exceeding $250 million, alongside $345 million currently held in trust by Poema Global.

Key investors in this round encompass strategic allies such as Hon Hai (Foxconn) Technology Group and GoTo, the Indonesian tech conglomerate formed from the Gojek and Tokopedia merger. Generation Investment Management, Taiwan’s National Development Fund, Temasek, and Dr. Samuel Yin of Ruentex Group, Gogoro’s initial investor, also participated.

Founder and CEO Horace Luke explained the timing of this move. He stated that, following new partnerships with Yadea and DCJ in China for battery swapping infrastructure, and Hero MotoCorp in India for scooter launches, it was the appropriate time to elevate the company.

Luke further indicated that the SPAC route was chosen to facilitate a more comprehensive discussion of the business opportunity, its structure, and partnerships, enabling a more accurate company valuation than a conventional, expedited roadshow.

He questioned the notion of a “quick roadshow,” a concept that contrasts with experiences shared by founders who have pursued traditional IPOs.

Other transactions of interest this week include…

BridgeLinx, a digital freight marketplace based in Lahore, Pakistan, secured $10 million in the largest seed funding round in the nation’s history. The financing was co-led by Harry Stebbings’ 20 VC, Josh Buckley’s Buckley Ventures, and Indus Valley Capital.

Chaldal, a Bangladeshi grocery delivery service utilizing its own warehouses, completed a $10 million Series C round. The round was spearheaded by Taavet Hinrikus, co-founder of Wise, Sten Tamkivi, CPO of Topia, and Xploration Capital, with participation from Mir Group. The funds will support expansion into 15 additional cities.

EnerVenue, a battery technology company focused on stationary energy storage, raised $100 million from strategic investors. These include Schlumberger, Saudi Aramco’s venture capital arm, and Stanford University. This investment follows a $12 million seed round from the previous year.

The company intends to utilize the capital to scale production of its nickel-hydrogen batteries, including establishing a U.S. manufacturing facility, and has forged a manufacturing and distribution agreement with Schlumberger for international markets.

GPB Capital Holdings LLC, currently under SEC investigation regarding alleged fraud, is divesting its car dealership company, Prime Automotive Group, for approximately $880 million, as reported by the Wall Street Journal.

General Motors has made an investment in Oculii, a software firm dedicated to enhancing the spatial resolution of radar sensors, potentially by up to 100-fold. The funding, valued in the millions, arrives shortly after Oculii’s $55 million Series B closure.

Glovo, a Spanish on-demand delivery platform operating dark stores, has acquired two regional grocery picking and delivery startups: Madrid-based Lola Market and Portugal’s Mercadão. The financial details of these acquisitions remain undisclosed.

Muver, a mobile application enabling drivers to maximize earnings through management of ride-sharing and delivery service interactions, secured $1.2 million in a seed round. Xploration Capital led the round, with participation from Baring Vostok, Angelsdeck, and Rapid Ladder Capital.

Rolls-Royce Holdings and Babcock International Group have sold their combined 39% ownership in AirTanker Holdings Ltd. to Equitix Investment Management for £315 million ($435 million), according to Reuters.

Siemens is seeking to sell its logistics division for approximately €500 million ($591 million) as part of a broader strategy to streamline operations and concentrate on core industrial activities, as reported by Reuters.

UPS has reached an agreement to acquire Roadie, a platform leveraging gig workers for local same-day delivery services in the United States. The terms of the acquisition were not revealed. This move signifies UPS’s expansion into same-day delivery, particularly for temperature-sensitive and other goods unsuitable for its standard network.

Volta Trucks, an electric vehicle startup, raised €37 million ($44 million) to accelerate the production and sale of its large cargo vehicles. Luxor Capital Group of New York led the round, with participation from returning investor Byggmästare Anders J Ahlström Holding of Stockholm. Proterra, a U.S. electric truck and battery manufacturer, and Agility, a supply chain management company, also joined as new investors.

Volta Trucks plans to initiate pilot programs with vehicle fleets in London and Paris in the coming year.

Policy Updates

Welcome to this edition of Policy Corner. Do you recall the safety investigation initiated by the National Highway Transportation and Safety Administration (NHTSA) concerning Tesla Autopilot back in August? To recap, NHTSA launched a preliminary inquiry into 12 instances—originally eleven—where Tesla vehicles collided with stationary emergency responder vehicles.

Tesla was mandated by the regulator to submit comprehensive data regarding its Advanced Driver-Assistance Systems (ADAS) by October 22nd, facing potential penalties of up to $115 million for non-compliance.

This week, NHTSA dispatched requests for data to 12 automotive manufacturers, including Ford, VW, and General Motors. This data request is intended to support the agency’s investigation into Level 2 ADAS systems.

The letter sent to Ford clarifies that the information sought is “to facilitate a comparative analysis of production vehicles equipped with simultaneous steering and braking/acceleration control capabilities under certain conditions.”

NHTSA’s data interests encompass the total number of vehicles produced by each automaker with ADAS features. They also seek details on how companies ensure driver attentiveness, the conditions necessitating driver intervention, and any consumer complaints, legal actions, or crash reports linked to these systems.

This news falls under Policy Corner because, much like Supreme Court rulings establish legal precedent, the outcomes of NHTSA’s investigations could define the future regulation of ADAS technologies.

The agency’s utilization of its extensive authority to gather information may lead to the creation of new standards and regulations governing the development and deployment of ADAS in a vast number of vehicles, both currently and in the years to come.

It’s crucial to recognize the significant power vested in NHTSA; they possess the authority to issue a recall for all Tesla vehicles if Autopilot is determined to be sufficiently unsafe.

Regarding Tesla and GM, the existing per-manufacturer limit that disqualifies their vehicles from the $7,500 “30D” tax credit may soon be lifted. Both automakers have surpassed the 200,000 EV sales threshold.

Currently, two distinct proposals are under consideration in Congress—one in the House and one in the Senate—as part of a broader effort to revise and potentially substantially expand the 30D credit. While these proposals differ in some aspects, the removal of the manufacturer cap is a common element.

This change would reinstate eligibility for vehicles like the Tesla Model 3 and new Cadillac EVs to receive the tax credit.

A final point … The New Jersey Board of Public Utilities has temporarily suspended the acceptance of new applications for its electric vehicle purchase grant program. This is due to the rapid depletion of the $30 million fund allocated to the program.

The Charge Up New Jersey program offers grants of up to $5,000 for EV purchases, but demand has been exceptionally high, quickly exhausting available funds.

— Aria Alamalhodaei

Recent Developments and Industry Updates

This week brings a variety of noteworthy news items and developments across the automotive and technology sectors.

Autonomous Vehicle Technology

Walmart is collaborating with Argo AI and Ford to initiate an autonomous vehicle delivery service in Austin, Texas, Miami, Florida, and Washington, D.C. Customers will be able to order groceries and other goods online through Walmart’s platform. Argo’s cloud infrastructure will manage order routing and delivery scheduling to customers’ residences. Initial operations will be geographically limited, with planned expansion over time, and testing is scheduled to begin later this year.

Battery Technology and Production

Redwood Materials, founded by former Tesla CTO JB Straubel, is broadening its scope beyond battery recycling. The company intends to streamline the battery supply chain by manufacturing essential battery materials. Currently, Redwood is evaluating potential sites for a new, over one million square foot facility, representing an investment exceeding $1 billion.

This facility will concentrate on producing cathode and anode foils, critical components in lithium-ion battery construction. Production is projected to reach 100 gigawatt-hours annually by 2025, sufficient for approximately one million electric vehicles.

Electric Vehicle Manufacturing

Ford Motor is increasing investment in its F-150 Lightning production by an additional $250 million and adding 450 jobs. This expansion aims to raise annual production capacity to 80,000 all-electric trucks. The move follows the receipt of over 150,000 pre-orders for the electric pickup. These funds and new positions will be distributed across the Rouge Electric Vehicle Center, Van Dyke Electric Powertrain Center, and Rawsonville Components Plant in Dearborn, Michigan.

Lucid Group, preparing for its public debut, has announced that a specific version of its Air luxury sedan achieves an EPA-estimated range exceeding 520 miles. The Lucid Air Dream Edition Range model surpasses Tesla’s range capabilities. This announcement highlights Lucid’s strategy to offer diverse Air sedan configurations with pricing from $77,400 to $169,000.

The National Transportation Safety Board (NTSB) has announced, via Twitter, an investigation into a Tesla vehicle crash in Coral Gables, Florida, which resulted in two fatalities. The investigation will determine whether the vehicle’s Autopilot advanced driver-assistance system was active at the time of the incident.

Polestar has revealed further details regarding its upcoming electric SUV, including a two-row seating configuration and the availability of both single-motor and dual-motor options. The powertrain will offer capabilities beyond those found in EV versions of the Volvo XC90, as reported by Car and Driver.

Personnel Updates

Clive Sinclair, a British inventor and entrepreneur known for the ZX personal computer and pocket calculator, passed away at the age of 81. Sinclair also explored electric vehicle technology, notably creating the Sinclair C5 electric trike and later the Sinclair Zike electric bicycle. In recent years, he focused on personal transportation solutions, including the foldable A bike.

Ford Motor has appointed Mike Amend as its new chief digital and information officer. Amend’s role will be to drive the automaker’s expansion into software, subscriptions, and in-vehicle connectivity. Previously president of Lowe’s Online, Amend will concentrate on leveraging data, software, and technology – key elements of Ford’s “Ford+” strategy.

Miscellaneous Industry News

CNBC is reporting on the rapid evolution of headlight technology and the challenges regulators face in keeping pace.

Hyundai, the parent company of Boston Dynamics, has unveiled the “Factory Safety Service Robot,” a modified version of Spot designed for safety inspections within manufacturing facilities. The initial deployment will occur at a Kia plant in Seoul, South Korea.

Fair Financial Corp., a car subscription service, is reportedly considering bankruptcy to restructure its debt. The company intends to transition into a vehicle retailing platform named Fair Technologies.

Reilly Brennan of Trucks VC has launched a specialized job board, Mobility Jobs, dedicated to the future of transportation. Brennan is offering a discount code, THESTATION, providing 100% off job postings for readers.