A Busy Week for EVs and AVs

When it comes to new mobility, Robinhood traders, blank-check companies, and auto suppliers never tire

Even tech newsletter writers get self-driving and electric vehicle fatigue. But Robinhood traders, blank-check companies, and auto suppliers never tire. So let’s go around the world of new mobility in 331 words. 

Automated driving

Intel’s Mobileye is a dominant supplier of processors, sensors, and software for driver assist systems in passenger cars. At the Beijing Auto Show yesterday, Mobileye said it will be the tech provider for Geely Auto Group, one of China’s largest automakers. 

  • The deal will involve hundreds of thousands of vehicles, Mobileye CEO Amnon Shashua said on a call with reporters. 
  • “The pandemic has created a shrinking of activity in Europe and the U.S., and the opposite in China….China is much more ambitious and advanced,” Shashua said. 

In Europe, Volkswagen’s truck division announced Wednesday that it has taken a minority stake in TuSimple. The two companies will jointly develop self-driving trucks. Pure speculation: TuSimple goes public via SPAC in the next 18 months. 

Electric vehicles

Heading over to the Golden State…Wednesday, California Gov. Gavin Newsom issued an executive order that would ban internal combustion engine cars in the state by 2035. Ford said it’s “proud to stand with California.” 

Also this week, VW unveiled the ID.4, a $40,000 crossover built on the carmaker’s new modular EV platform. Elon Musk, who held his own EV event this week, recently commented on another new VW EV, the ID.3: “For a non-sporty car, it’s pretty good.”

California-based ChargePoint, an EV charging infrastructure startup, announced yesterday that it will go public via…this one’s really gonna shock you…SPAC. Even after the Nikola drama, traders’ enthusiasm for electric stocks remains high. 

  • Case in point: SPI Energy, a photovoltaic solar company, announced Wednesday that it was forming EdisonFuture, an EV subsidiary. The company’s market cap briefly rose from $15 million to ~$460 million… 

Big picture: Companies are fond of making bold pronouncements about EVs and self-driving. But the real action happens at the margins, with deals, shipments, pricing, and real-world performance.

Via Morning Brew

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