The Station is a weekly newsletter dedicated to all things transportation.\u00a0Sign up here \u2014\u00a0just click The Station<\/a>\u00a0\u2014 to receive the newsletter every weekend in your inbox. Subscribe for free.\u00a0<\/em><\/p>\n 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.<\/p>\n A year ago, President Biden<\/strong> signed the Inflation Reduction Act<\/strong>, a law loaded with incentives for climate tech and designed to encourage companies like automakers to bring manufacturing back to the United States. We looked into what the effect of the law has had on the automotive industry, relations with Europe and whether startups \u2014 a world we pay attention to \u2014 have benefited.<\/p>\n The upshot? The battery factory trend might have started before the IRA was signed, but the law has helped accelerate the ramp. And while most funds are headed to infrastructure projects, startups are starting to see more deal flow. Check out our coverage!<\/p>\n For climate tech startups, the IRA is starting to pay off<\/strong><\/a><\/p>\n Tracking the EV battery factory construction boom across North America<\/strong><\/a><\/p>\n The White House\u2019s effort to combat climate change have sparked a tech arms race with the EU<\/strong><\/a><\/p>\n Want to reach out with a tip, comment or complaint? Email Kirsten at kirsten.korosec@techcrunch.com<\/a>.<\/em><\/p>\n Reminder that you can drop us a\u00a0note at\u00a0tips@techcrunch.com<\/a>.\u00a0If you prefer to remain anonymous<\/strong>,\u00a0<\/em>click here to contact us<\/em><\/a>, which includes SecureDrop (<\/em>instructions here<\/em><\/a>) and various encrypted messaging apps.<\/em><\/p>\n <\/a><\/p>\n ElectraMeccanica<\/strong>, previously the maker of the three-wheeled Solo EV, is merging with an electric truck startup<\/a> Tevva<\/strong>, and the whole deal makes me wonder if there\u2019s a place for such tiny autocycles in the U.S.<\/p>\n The Solo could have been a neat way to get around cities, for both commuters and delivery drivers. But ElectraMeccanica struggled to produce its vehicles in a way that was cost-effective. The company faced adoption issues since three-wheelers were excluded from government rebates and it was too difficult to insure the vehicles. Back in March, ElectraMeccanica dropped the three-wheeled pursuit in favor of a more mainstream form of transport.<\/p>\n I understand why ElectraMeccanica went with electric trucks. Incentives abound, and going for commercial customers is always a good idea. But it\u2019s sad to see such a green and interesting form of transport fail to make it off the ground. Especially when Arcimoto<\/strong>, probably the only other maker of tiny three-wheeled EVs, is also struggling to stay afloat<\/a>.<\/p>\n Perhaps it\u2019s only the three-wheeled aspect that makes such vehicles difficult for America to love. Electric golf cars appear to be on the rise, with some American families (particularly ones in warm climates like Florida) viewing the vehicles as a \u201csecond car.\u201d<\/p>\n \u2014 Rebecca Bellan<\/em><\/p>\n Talk about a wild ride!<\/p>\n Vietnamese EV maker Vinfast <\/strong>made its debut on the Nasdaq exchange with a bang. The company, which went public via a merger with special purpose acquisition company Black Spade Acquisition, saw shares shoot up 68% to close at $37.06 and a valuation of $86 billion. To put that into perspective, GM, Ford and Stellantis have market caps that are in the $45 billion to $50 billion range.<\/p>\n The celebrations didn\u2019t last long. VinFast\u2019s stock has plummeted in the days since. VinFast shares closed Friday at $15.40, which perhaps isn\u2019t suprising considering the young EV upstart delivered just 11,300 vehicles<\/a> in the first half of 2023 \u2014 not to mention its fundamentals show a company with costly ambitions that far outweigh revenue<\/a>.<\/p>\n Other deals that got my attention \u2026<\/strong><\/p>\n Assembly Ventures<\/strong>, an early-stage venture capital firm that invests in mobility technologies, closed its inaugural $76 million Assembly Ventures Fund I.\u00a0 Some of investors in the fund include strategic corporates such as Arbor Bancorp Inc. and Stellantis Ventures. A number of automotive, AV tech and VC veterans also invested in the fund, including Wolfgang Bernhart, Matt Cullen, Calvin Ford, Dan Gilbert (DVP), Philipp von Hagen, Joe Hinrichs, Karl Iagnemma, Jody Kelman, Tim Lalonde, Kathleen Ligocki, John Moavenzadeh, Stephen Polk, Tony Posawatz and Dug Song .<\/p>\n General Motors<\/strong> led a $60 million Series B round<\/a> into battery materials startup Mitra Chem<\/strong>.<\/p>\n Helm.ai<\/strong>, startup that developed software for autonomous driving and automation of robotics, raised $55 million in its Series C round led by Freeman Group. Venture capital firms ACVC Partners and Amplo as well as strategic investors Honda Motor, Goodyear Ventures and Sungwoo Hitech also participated. Helm.ai has now raised $102 million to date.<\/p>\n JetZero,<\/strong> a commercial aerospace startup, was awarded a $235 million contract<\/a> from the U.S. Air Force to build a jet with a blended wing body.<\/p>\n Pono Capital Three<\/strong>, a special purpose acquisition company, agreed to merge with Robinson Aircraft Ltd., Canadian company doing business as Horizon Aircraft that is developing an electric hybrid eVTOL (electric vertical take-off and landing aircraft).<\/p>\n When the California Public Utilities Commissio<\/strong>n voted to approve final permits<\/a> allowing Cruise<\/strong> and Waymo<\/strong> to expand robotaxi operations and charge for driverless rides, I made a comment that not all newsletter readers appreciated. I wrote: \u201cCruise and Waymo may have won this battle, but the war to win over the public is hardly over.\u201d<\/p>\n The past week has proven my point. Cruise experienced several embarrassing snafus in the few days following the vote, including videos showing vehicles blocking traffic and one driving into wet cement.\u00a0It was enough to prompt the San Francisco City Attorney\u2019s office to file motions with the CPUC<\/a> to rollback that approval.<\/p>\n And that was before Thursday night, when Cruise collided with a fire truck that was responding to an emergency. A day after that crash, the California Department of Motor Vehicles, the agency that regulates the testing and deployment of autonomous vehicles in the state, asked Cruise to immediately reduce its robotaxi fleet<\/a> in San Francisco by 50% while it investigates the incident.<\/p>\n Cruise has complied with the request.<\/p>\n A 75MW solar farm backed by Electrify America<\/strong> is up and running<\/a>.<\/p>\n Ford<\/strong> partnered with South Korean battery manufacturers SK On<\/strong> and EcoPro BM<\/strong> to build a cathode manufacturing facility<\/a> in Quebec, Canada. The CAD $1.2 billion (USD $890 million) joint investment will provide battery materials to supply future Ford electric vehicles.<\/p>\n Tesla<\/strong> launched cheaper Model X and Model S<\/a> options with less range.<\/p>\n Ford<\/strong> will make its hands-free driving hardware \u2014 BlueCruise \u2014 standard in many of its future vehicles and charge owners a subscription,<\/a> which can be activated any time, to access the tech.<\/p>\n Monterey Car Week<\/strong> typically centers on giving homage to the past. But a number of companies at the events scattered around the area had\u00a0their sights very much set on the future of high-end motoring, including speed, tech and electrification. Check out our roundup<\/a> from contributor Tim Stevens.<\/p>\n Ford<\/strong> hired former Apple executive<\/a> Peter Stern<\/strong> to lead its newly formed Ford Integrated Services unit. The unit will create and market software-enabled customer experiences across the automaker\u2019s three business units: Ford Blue, for gas and hybrid vehicles, Model e for connected EVs, and Ford Pro for commercial products.<\/p>\n Vroom vroom! TechCrunch Disrupt 2023, taking place in San Francisco on September 19\u201321, is where you\u2019ll get the inside scoop on the future of mobility. Come and hear from today\u2019s leading mobility entrepreneurs on what it takes to build and innovate for a more sustainable future. Save up to $400 when you buy your pass now through September 18, and save 15% on top of that with promo code STATION. Learn more<\/a>.<\/em><\/p>\n<\/p><\/div>\nMicromobbin\u2019<\/h2>\n
Deal of the week<\/h2>\n
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<\/a><\/p>\nNotable reads and other tidbits<\/h2>\n
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<\/a><\/p>\nAutonomous vehicles<\/h3>\n
Electric vehicles, charging & batteries<\/h3>\n
Software and in-car tech<\/h3>\n
People<\/h3>\n
Disrupt!<\/h2>\n
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