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Welcome back to TechCrunch Mobility — your central hub for news and insights on the future of transportation. Have you heard about the recent developments at Fisker? Read on to catch up on the latest news.
Fisker recently announced a pause in production for six weeks and revealed a cash balance of $121 million, with $32 million being restricted or not immediately accessible. The company was relying on a $150 million capital influx through convertible notes and a potential partnership with another automaker. Unfortunately, negotiations with the automaker fell apart, jeopardizing the convertible note deal and leading to a 28% drop in shares and the New York Stock Exchange taking steps to delist Fisker.
One issue that surfaced within the company was the temporary misplacement of millions of dollars in customer payments, which was discovered during an internal audit and took months to resolve.
Let’s explore more in this edition, including updates on bankrupt EV startup Arrival, the innovative startup Ionobell, and the significant investment in Lucid.
A little bird
Founders, investors, engineers, and others share valuable information with us. If you have a tip to share, please email Kirsten Korosec at kirsten.korosec@techcrunch.com or Sean O’Kane sean.okane@techcrunch.com.
Deal of the week
Amidst the challenges faced by EV startups, Lucid secured a $1 billion investment from Saudi Arabia’s Ayar Third Investment. This investment provides Lucid with crucial capital but does not alleviate all their financial concerns.
Other notable deals include Cyvl.ai raising $6 million, Ember securing $14 million, Ionobell closing a $3.9 million seed extension, and Iron Sheepdog raising $10 million.
Notable reads and other tidbits
ADAS
Tesla is offering a free trial of its Full Self-Driving Beta to all U.S. customers, while Arrival sold some assets to Canoo.
Electric vehicles, charging & batteries
The U.S. EPA announced new emissions standards for heavy-duty vehicles, potentially boosting the demand for battery-electric trucks.
In-car tech
GM experienced personnel changes in its software and digital services team.
This week’s wheels
Image Credits: Kirsten Korosec
This week, I had the opportunity to test drive the 2024 Land Rover Defender 110 X-Dynamic SE, equipped with a six-cylinder Mild-Hybrid Electric Vehicle powertrain. Despite its urban appeal, this Defender proved its off-road capabilities on dirt roads. The ride was quiet, the suspension adaptive, and the interior boasted high-quality materials and functional design.
The user interface was intuitive, offering features like wireless charging, ample charger ports, and easy switching between Apple CarPlay and the native infotainment system. Overall, the Defender provided a comfortable and capable driving experience.
