World News
The battery business is booming and Zeekr kicks off it IPO roadshow on August 27, 2023 at 8:00 pm
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We have a lot to cover so let’s jump in. But wait! One note to share: These days, I’m a semi-regular guest on TechCrunch’s Equity Podcast, including an episode that aired Friday that covers robotaxis, Nvidia’s earning, plus Better.com and startups that are full of shit (you’ll get the joke if you listen).
Vamos.
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Deal of the week
The battery business keeps attracting capital.
Just take a look at Swedish lithium-ion battery producer Northvolt. The company raised around $1.2 billion in a convertible notes from BlackRock and various Canadian pension plans. Participants in the round included Goldman Sachs, Volkswagen, Baillie Gifford, Swedbank Robur, Singapore’s GIC and Hong Kong-based Chow Tai Fook Enterprises.
That cash will be used to build new factories in North America and Europe.
Northvolt has been on a bit of tear the past few years — even before the big battery boom really took off. The company has raised $9 billion in debt and equity since 2017, including $1.1 billion in convertible notes last year. The company has also secured more than $55 billion in orders from customers like BMW, Fluence, Scania, Volvo and Volkswagen.
The Northvolt deal gives me another chance to plug a collection of articles we put together earlier this month on the one-year anniversary of the Inflation Reduction Act, including a look at how startups have benefited and a map that tracks all the battery factories in North America. Once Northvolt picks a location for this next factory, we’ll update the map.
Other deals that caught my attention …
Accure, a startup that uses AI to predict lithium-ion battery failures, raised $7.8 million in a Series A2 round led by Blue Bear Capital and HSBC Asset Management with participation from Riverstone Holdings and Capnamic Ventures.
Channel19, a startup that developed software for refrigerated trucking companies, raised $2.7 million in pre-seed and seed funding round led by Augment Ventures with participation by Accion Venture Lab, TMV, Overton Venture Capital and Refashiond Ventures. Several Silicon Valley and freight tech industry angels also participated, according to the company.
Electric Era, a startup founded by former SpaceX engineers that developed software and hardware to make EV charging stations faster and more reliable, raised $11.5 million in a Series A round led by HSBC’s asset management arm. Climate-tech fund Blackhorn, lithium-mining giant SQM and mobility-focused investor Proeza also participated.
NaaS Technology Inc., an EV charging service company in China, said it plans to acquire Charge Amps AB in a deal valued at $66.4 million.
Nickelytics, an advertising tech startup focused on rideshare, has been acquired by Texas-based venture capital group T72 Club Inc. Terms were not disclosed.
Zeekr, the Chinese EV maker under Geely Holdings, is kicking off its roadshow with investors ahead of its initial public offering, Reuters reported citing unnamed sources. Zeekr’s aim is a share sale that will push its valuation over $13 billion. Zeekr filed confidentially for an IPO back in December and raised $750 million in February. If Zeekr is successful and actually lists, this could be one of the largest Chinese IPOs in the past two years.
Chinese companies listing on U.S. exchanges haven’t had the smoothest of rides. Didi, which raised $4.4 billion in its June 2021 IPO, ran up against Chinese regulators. The company delisted later that year. A few other Chinese companies, including Hesai are dipping their toes back in the U.S. IPO waters now that there is more regulatory clarity in both countries. Last year, the U.S. and China struck a deal that allows American officials to review audit documents of Chinese businesses that trade in the United States, an agreement expected to lower the likelihood of Chinese companies on U.S. exchanges delisting.
Notable reads and other tidbits
ADAS
Polestar plans to make Mobileye’s hands-off, eyes-off automated driving technology (called Chauffeur) available to owners of the upcoming Polestar 4 electric SUV coupe. The vehicle, which launched in China and will hit global markets in 2024, comes standard with Mobileye’s SuperVision advanced driver assistance system. Polestar plans to add Chauffeur at a later date, but did not specify when.
Tesla shareholders who sued the company for financial losses stemming from Elon Musk’s “funding secured” tweet in 2018 are set to receive compensation now that the case has been settled. The SEC said 3,350 eligible claimants will share in the $42.3 million payout.
Speaking of Tesla, CEO Elon Musk livestreamed a test drive of FSD Beta v12 — a yet-to-be-released version of its automated driving software (the video has since been posted on YouTube by a number of people). To be clear, this is not a self-driving car; it is ADAS that requires a human to be ready to intervene at any time. The 40-minute video showed the vehicle handling roundabouts and intersections and even some construction. At about the 19-minute mark Musk had to intervene and take control of the vehicle when it misread the traffic signal and tried to go through a busy intersection at the wrong time.
Autonomous vehicles
Baidu expanded its Apollo Go driverless ride-hailing service to cover trips to and from Wuhan Tianhe International Airport. The company now operates Apollo Go robotaxis in five cities in China.
Beep has partnered with self-driving software company Oxa (previously known as Oxbotica) to deploy autonomous vehicles in the United States.
Electric vehicles, charging & batteries
Jaguar Land Rover has found a use for its second-life Jaguar I-Pace batteries.
The National Highway Traffic Safety Administration is investigating whether Ford‘s 2022 recall of nearly 49,000 Mustang Mach-E electric vehicles sufficiently addressed issues and whether more vehicles should be included in the recall.
Gig economy
Uber is blaming high insurance rates for its decision to raise the minimum age requirement for new drivers in California to 25 years old. There are some caveats though.
People
General Motors’ Ultium Cells, the joint venture with LG Energy Solutions, reached an agreement with the United Auto Workers to increase pay for workers at its Ohio battery factory by an average of 25%.
Wu Xinzhou, the former vice president of autonomous driving at Chinese electric vehicle maker Xpeng, posted on social media site Weibo that he’s taken a job at Nvidia.
Disrupt!
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The Station is a weekly newsletter dedicated to all things transportation. Sign up here — just click The Station — to receive the newsletter every weekend in your inbox. Subscribe for free. 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.
President Donald Trump says the United States might one day get rid of federal income tax because of money the government collects from tariffs on imported goods. Tariffs are extra taxes the U.S. puts on products that come from other countries.
What Trump Is Saying
Trump has said that tariff money could become so large that it might allow the government to cut income taxes “almost completely.” He has also talked about possibly phasing out income tax over the next few years if tariff money keeps going up.
How Taxes Work Now
Right now, the federal government gets much more money from income taxes than from tariffs. Income taxes bring in trillions of dollars each year, while tariffs bring in only a small part of that total. Because of this gap, experts say tariffs would need to grow by many times to replace income tax money.
Questions From Experts
Many economists and tax experts doubt that tariffs alone could pay for the whole federal budget. They warn that very high tariffs could make many imported goods more expensive for shoppers in the United States. This could hit lower- and middle‑income families hardest, because they spend a big share of their money on everyday items.
What Congress Must Do
The president can change some tariffs, but only Congress can change or end the federal income tax. That means any real plan to remove income tax would need new laws passed by both the House of Representatives and the Senate. So far, there is no detailed law or full budget plan on this idea.
What It Means Right Now
For now, Trump’s comments are a proposal, not a change in the law. People and businesses still have to pay federal income tax under the current rules. The debate over using tariffs instead of income taxes is likely to continue among lawmakers, experts, and voters.
Former President Donald Trump has signed an executive order directing federal agencies to declassify all government files related to Jeffrey Epstein, the disgraced financier whose death in 2019 continues to fuel controversy and speculation.
The order, signed Wednesday at Trump’s Mar-a-Lago estate, instructs the FBI, Department of Justice, and intelligence agencies to release documents detailing Epstein’s network, finances, and alleged connections to high-profile figures. Trump described the move as “a step toward transparency and public trust,” promising that no names would be shielded from scrutiny.
“This information belongs to the American people,” Trump said in a televised statement. “For too long, powerful interests have tried to bury the truth. That ends now.”
U.S. intelligence officials confirmed that preparations for the release are already underway. According to sources familiar with the process, the first batch of documents is expected to be made public within the next 30 days, with additional releases scheduled over several months.
Reactions poured in across the political spectrum. Supporters praised the decision as a bold act of accountability, while critics alleged it was politically motivated, timed to draw attention during a volatile election season. Civil rights advocates, meanwhile, emphasized caution, warning that some records could expose private victims or ongoing legal matters.
The Epstein case, which implicated figures in politics, business, and entertainment, remains one of the most talked-about scandals of the past decade. Epstein’s connections to influential individuals—including politicians, royals, and executives—have long sparked speculation about the extent of his operations and who may have been involved.
Former federal prosecutor Lauren Fields said the release could mark a turning point in public discourse surrounding government transparency. “Regardless of political stance, this declassification has the potential to reshape how Americans view power and accountability,” Fields noted.
Officials say redactions may still occur to protect sensitive intelligence or personal information, but the intent is a near-complete disclosure. For years, critics of the government’s handling of Epstein’s case have accused agencies of concealing evidence or shielding elites from exposure. Trump’s order promises to change that narrative.
As anticipation builds, journalists, legal analysts, and online commentators are preparing for what could be one of the most consequential information releases in recent history.
What Happened at the United Nations
On Friday, Israeli Prime Minister Benjamin Netanyahu addressed the United Nations General Assembly in New York City, defending Israel’s ongoing military operations in Gaza. As he spoke, more than 100 delegates from over 50 countries stood up and left the chamber—a rare and significant diplomatic walkout. Outside the UN, thousands of protesters gathered to voice opposition to Netanyahu’s policies and call for accountability, including some who labeled him a war criminal. The protest included activists from Palestinian and Jewish groups, along with international allies.
Why Did Delegates and Protesters Walk Out?
The walkouts and protests were a response to Israel’s continued offensive in Gaza, which has resulted in widespread destruction and a significant humanitarian crisis. Many countries and individuals have accused Israel of excessive use of force, and some international prosecutors have suggested Netanyahu should face investigation by the International Criminal Court for war crimes, including claims that starvation was used as a weapon against civilians. At the same time, a record number of nations—over 150—recently recognized the State of Palestine, leaving the United States as the only permanent UN Security Council member not to join them.
International Reaction and Significance
The diplomatic walkouts and street protests demonstrate increasing global concern over the situation in Gaza and growing support for Palestinian statehood. Several world leaders, including Colombia’s President Gustavo Petro, showed visible solidarity with protesters. Petro called for international intervention and, controversially, for US troops not to follow orders he viewed as supporting ongoing conflict. The US later revoked Petro’s visa over his role in the protests, which he argued was evidence of a declining respect for international law.
Why Is This News Important?
The Gaza conflict is one of the world’s most contentious and closely-watched issues. It has drawn strong feelings and differing opinions from governments, activists, and ordinary people worldwide. The United Nations, as an international organization focused on peace and human rights, is a key arena for these debates. The events surrounding Netanyahu’s speech show that many nations and voices are urging new action—from recognition of Palestinian rights to calls for sanctions against Israel—while discussion and disagreement over the best path forward continue.
This episode at the UN highlights how international diplomacy, public protests, and official policy are all intersecting in real time as the search for solutions to the Israeli-Palestinian conflict remains urgent and unresolved.
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