World News
Cruise and Waymo score a win and a surprising deal between electric aircraft rivals on August 13, 2023 at 7:15 pm
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.
All eyes were on San Francisco this week as critics and supporters of deploying self-driving cars on public roads awaited a vote from the California Public Utilities Commission. Tl;dr: it was a win for the autonomous vehicle industry.
If you haven’t been following, the CPUC approved the last remaining permits to Cruise and Waymo, giving the two companies the green light to offer commercial robotaxi services across San Francisco 24 hours a day, seven days a week.
In the lead up to the vote, the commission listened to hundreds of public comments, which were pretty evenly split for and against. My take: Cruise and Waymo may have won this battle, but the war to win over the public is hardly over.
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Micromobbin’
You remember Veo, right? It’s the shared micromobility operator that has gained a rep for growing at a steady, sustainable pace, rather than moving fast and breaking things? Well, now the company is moving into the retail space<.
Candice Xie, co-founder and CEO, told TechCrunch that its Cosmo seated scooter was so popular, the company decided to pursue D2C sales of it.
When a company adds a business unit, I wonder if it’s in trouble and looking for new ways to secure revenue. Xie says that Veo is still operating profitably and sees moving into retail as a good way to expand into new markets. The company is starting with limited sales this year and will grow its capacity in 2024 if all goes well.
The Cosmo X starts at $3,499.
In other news . . .
Bird has another new CEO. Not even a year after the struggling company fired its founder Travis VanderZanden and replaced him with Shane Torchiana, it appears the company is facing yet another executive shakeup. Torchiana is jumping ship (as many execs at Bird have already done), to be replaced by the company’s rather new CFO. Michael Washinushi has officially taken over as interim CEO.
Boston mayor Michelle Wu is offering free cycling lessons for kids.
London-based HumanForest is now just Forest. And it’s doubling its bike-share numbers in the English city.
NABSA’s fourth annual state of shared micromobility report shows that ridership in North America has returned to pre-pandemic levels. The number of cities with shared micromobility has hit an all-time high with 401 cities, and shared e-bikes and e-scooters have offset about 74 million pounds of CO2 emissions by replacing auto trips.
Tier and Voi are reportedly in talks over a merger.
— Rebecca Bellan
Deal of the week
The deal of the week took me by surprise!
Serve Robotics, the autonomous sidewalk delivery robot startup that spun out of Uber’s acquisition of Postmates, is going public via a reverse merger with a blank-check company.
Ahead of the merger, Serve raised $30 million in a round led by existing investors Uber, Nvidia and Wavemaker Partners. New investors Mark Tompkins and Republic Deal Room also participated. The startup/soon-to-be-public company has raised a total of $56 million.
Upon the closing of the merger, Uber held a 16.2% stake and Nvidia an 11% stake in Serve, according to regulatory filings. Sarfraz Maredia, Uber’s vice president of delivery and head of its Americas region, has joined Serve’s board.
Other deals that got my attention this week . . .
Archer Aviation raised $215 million in new capital from its manufacturing partner Stellantis, Boeing, United Airlines, Ark Investment Management LLC and others, to accelerate its path to commercialization. Boeing’s portion of that new investment is going to support the collaboration between Wisk and Archer on autonomy, a source told TechCrunch.
There was some other big Archer news this week as well that I suppose could be considered a deal, or at least an agreement. I’m talking about Archer Aviation and its rival Wisk settling their trade secret legal dispute more than two years after the lawsuit was originally filed.
In a somewhat surprise twist — given how bitterly the legal battle had become — the two companies have agreed to collaborate, TechCrunch reported. Archer also agreed to make Wisk its exclusive provider of autonomy technology to be integrated into a future autonomous variant of Archer’s Midnight aircraft, in addition to the collaboration, according to a source familiar with the settlement.
Inrix, the transportation analytics and connected car services, raised $70 million in a financing round from investment funds managed by Morgan Stanley Expansion Capital and Morgan Stanley Tactical Value.
Proterra filed for Chapter 11 bankruptcy protection. I dug into Proterra’s day one declaration and while some parallels can be drawn between Proterra and other failing or defunct EV companies, this company faces specific headwinds that took it down a rocky financial path. I break down what led to Proterra’s bankruptcy.
Treehouse, a home EV charging startup, raised $10 million in a funding round led by Montage Ventures and Trucks Venture Capital, with participation from CarMax, Assurant Ventures, Acrew Capital, Gutter Capital, Detroit Venture Partners, Holman and Automotive Ventures.
Yellow, a Nashville-based trucking company, filed for bankruptcy and has plans to shutter. The company had received a $700 million loan from the Trump administration in 2020.
Notable reads and other tidbits
Autonomous vehicles
Cruise has started testing its self-driving vehicles in Atlanta.
Earnings
There were loads of earnings this week, but maybe you missed these two.
Two-wheeler battery-swapping company Gogoro reported revenue of $87.2 million in Q2, down 3.8% YoY and up 0.2% on a constant currency basis. Of that revenue, $33.3 million came from its battery-swapping service, predominantly active in Taiwan, which is up 9.5% YoY.
Gogoro recorded a net loss of just $5.6 million, which is way down from a net loss of $121.1 million last year, which was primarily due to a one-time $178.8 million listing expense for its SPAC merger in 2022. In adjusted terms, Gogoro recorded $12.9 million, which is up from $9.3 million in Q2 2022.
Shared micromobility operator Bird recorded revenue of $48.3 million, down from the $66.8 million reported in Q2 2022. Bird says this is because it is operating in fewer markets than last year. That said, ride profit also went down to $26.6 million, compared to $28.4 million last year.
Bird has been trying to bring down costs, and it seems to be working. The company recorded a net loss of $9.3 million in Q2 2023, compared to $320.3 million in the same period of 2022. But it might not be enough to keep the company afloat. Bird has just –$1.8 million in free cash flow, and its total operating expenses in Q2 were $36.1 million. Maybe the company’s new CEO will be able to turn the ship around.
Electric vehicles, charging and batteries
BrightDrop, GM’s commercial EV delivery business unit, plans to expand sales of its flagship electric vans to Mexico.
Cadillac revealed the Escalade IQ — an absolutely massive EV, laden with screens, luxury features, an estimated 450 miles of range and the option to upgrade the automaker’s standard advanced driver assistance system, known as Super Cruise, to the next-level Ultra Cruise.
Lucid said during its Q2 earnings call that it will reveal its long-awaited, all-electric Gravity SUV in November with production not kicking off until late 2024.
Motiv Power Systems said it plans to launch a medium-duty chassis with a cab that can be used in various sizes of box trucks, step vans, shuttle buses, refrigerated vehicles and vocational vehicles.
Rivian gained positive momentum in the second quarter as it ramped up EV sales, narrowed losses, reduced costs and shored up its supply chain. The company also raised its production guidance for the year from 50,000 to 52,000 vehicles and said it expects its adjusted earnings guidance for the year to improve to a loss of $4.2 billion. While still a massive number, it is better than it expected.
People
Arrival‘s board of directors appointed Igor Torgov as an executive director.
Verge Motorcycles appointed Mark Wilson as its new CFO. Wilson was most recently CFO for Aston Martin Lagonda Plc and before that McLaren Automotive.
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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. All eyes were on San Francisco this week as critics and supporters of deploying self-driving cars on public roads awaited a vote from the California Public Utilities Commission. Tl;dr:
Business
The Cities Bracing for Trump’s Immigration Crackdown
In the wake of Donald Trump’s recent election victory and his promise of “the largest deportation operation in American history,” several major U.S. cities are bracing for potentially seismic shifts in their economic and social landscapes. As the nation grapples with the implications of this proposed policy, urban centers that have long been havens for immigrant communities find themselves at the epicenter of a looming storm.
Los Angeles, often dubbed the “City of Angels,” stands to lose more than its celestial nickname suggests. As a primary gateway for immigrants, the city’s vibrant tapestry of cultures and its economic engine could face significant disruption. From the bustling streets of Koreatown to the sun-drenched orchards of the Central Valley, the absence of undocumented workers could leave gaping holes in the city’s workforce and cultural identity.
Across the country, New York City, with its iconic skyline and melting pot reputation, faces its own reckoning. The Big Apple’s 5.9 million immigrants, many of whom are undocumented, form the backbone of industries ranging from construction to healthcare. The potential exodus could transform neighborhoods like Jackson Heights and Flushing, altering the very essence of what makes New York a global city.In the Sunshine State, Miami’s tropical allure belies the turbulent times ahead. Home to 2.5 million immigrants, the city’s economy relies heavily on sectors like tourism and hospitality – industries where undocumented workers often fill crucial roles. The potential deportation of these workers could send shockwaves through Miami’s economic ecosystem, from South Beach’s glitzy hotels to the agricultural heartlands of South Florida.
Chicago, the “City of Big Shoulders,” may find those shoulders significantly weakened. With 1.7 million immigrants in its metropolitan area, the Windy City’s diverse neighborhoods and industries face an uncertain future. From the meatpacking plants to the tech startups, Chicago’s economic resilience could be tested like never before.
In the Lone Star State, Houston and Dallas stand as twin testaments to the complexities of immigration policy. These Texas titans, each home to large immigrant populations, could see their booming economies stumble. The construction sites that dot their ever-expanding skylines and the service industries that keep these cities humming could face unprecedented labor shortages.
Out West, the San Francisco Bay Area’s reputation as a bastion of innovation and progress could be challenged. The region’s tech industry, often reliant on immigrant talent, might find itself grappling with a new reality. From Silicon Valley’s coding campuses to the agricultural expanses of the Central Valley, California’s economic powerhouse could face a reckoning. Phoenix, rising from the Sonoran Desert, could see its growth trajectory altered. As Arizona’s urban center, it stands at the forefront of the immigration debate, potentially facing not just economic impacts but social and political upheaval as well.
These cities, along with others like San Diego and Las Vegas, are not just facing potential economic disruptions. They are staring down the barrel of profound social change. Family separations, community fragmentation, and the erosion of cultural enclaves built over generations are all possible consequences of mass deportations. Moreover, the fiscal implications are staggering. Undocumented immigrants contribute billions in taxes annually, often without receiving the full benefits of their contributions. Their sudden absence could leave gaping holes in city budgets, potentially affecting public services and infrastructure projects.
As these urban centers brace for impact, the debate rages on. Supporters of stricter immigration policies argue for the need to enforce laws and protect American jobs. Critics warn of economic devastation and the unraveling of America’s urban fabric. What’s clear is that America’s cities stand at a crossroads. The coming months and years will likely reshape urban landscapes in ways both visible and invisible. From the foods we eat to the services we rely on, from the neighborhoods we call home to the very character of our cities, the impacts of this proposed immigration crackdown could be far-reaching and long-lasting. As the nation watches and waits, these cities – vibrant, diverse, and economically vital – find themselves on the front lines of a policy that could redefine what it means to be an American city in the 21st century.
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Business
How Trump’s Deportation Plans Could Reshape Major Cities
In the wake of Donald Trump’s recent election victory, his ambitious plans for mass deportations have thrust America’s urban centers into the spotlight. As the nation grapples with the potential implications of what Trump calls “the largest deportation operation in American history,” cities across the country are bracing for significant changes that could reshape their economic, social, and cultural landscapes.
The stakes are particularly high for metropolitan areas like New York, Los Angeles, Houston, Dallas, and Miami, which host the largest populations of unauthorized immigrants. These cities, along with other major urban hubs such as Chicago, Washington D.C., and San Francisco, stand at the forefront of a looming transformation that could reverberate throughout the nation.
Economic Tremors
Economists warn that the proposed deportations could send shockwaves through urban economies. Mark Zandi, chief economist at Moody’s, cautions that businesses would face “significant challenges” if a substantial number of immigrants were removed. Industries such as construction, hospitality, and healthcare—pillars of urban economies—could face severe labor shortages.
Joe Brusuelas, chief economist at RSM, emphasizes the potential ripple effects: “The native-born workforce cannot meet current labor demands.” This labor gap could lead to increased wages, potentially rekindling inflation—a concern that looms large over city planners and policymakers alike.
Community Fabric Under Strain
Beyond economic considerations, the social fabric of cities hangs in the balance. Elena, a Nicaraguan immigrant in Houston, voices a fear echoed in immigrant communities across the nation: “I’m scared… This is my home.” The threat of family separations, particularly in mixed-status households, casts a long shadow over urban neighborhoods.
Immigrant advocacy groups like FIEL are mobilizing, advising clients to prepare for “anything that can happen.” This atmosphere of uncertainty could lead to decreased community engagement and cooperation with local authorities, potentially impacting public safety and community cohesion.
Cities at a Crossroads
As the debate intensifies, cities find themselves at a crossroads. Some, like New York and Los Angeles, have historically positioned themselves as “sanctuary cities,” often at odds with federal immigration enforcement. The impending clash between federal policy and local governance promises to be a defining feature of this new political landscape.
Meanwhile, the logistical challenges of implementing such a massive deportation operation remain daunting. Questions abound regarding detention facilities, transportation networks, and the sheer manpower required to carry out Trump’s vision.
Looking Ahead
As America’s urban centers brace for potential change, the full impact of Trump’s deportation plans remains to be seen. Legal challenges are all but certain, and the resilience of America’s cities will be put to the test.
What is clear is that the coming months and years will be pivotal for urban America. As Jason Miller, a senior Trump adviser, puts it, the plan is to “immediately reinstate” immigration policies from Trump’s first term. For America’s cities, this could mean a period of unprecedented change, challenge, and, potentially, transformation.
As the nation watches and waits, the story of America’s cities in the face of this ambitious deportation plan is just beginning to unfold. The outcome will undoubtedly shape the future of urban life in America for years to come.
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Business
Donald Trump Wins 2024 USA Election
Based on the election results, Donald Trump has indeed won the 2024 U.S. presidential election, defeating Vice President Kamala Harris. Here’s an analysis of the key statistics and implications:
Electoral College Victory
Donald Trump has secured the presidency by winning crucial battleground states and flipping some key states that were previously held by Democrats. The final Electoral College tally is still being determined, but Trump has surpassed the 270 electoral votes needed to win.
Battleground State Performance
Trump’s victory was largely secured by winning several critical swing states:
- Wisconsin: Trump’s win here was pivotal in securing his path to victory.
- Pennsylvania: This state flipped back to Republican control.
- Georgia: Another key state that Trump managed to win back.
- Michigan: Trump successfully flipped this traditionally Democratic stronghold.
Popular Vote and Voter Priorities
While the final popular vote tally is still being calculated, exit polls provide insight into voter priorities:
- Economy and democracy were top concerns for voters.
- Abortion and immigration also played significant roles in voter decision-making.
Congressional Control
The election results extend beyond the presidency:
- Republicans are set to take back the Senate majority, securing at least 51 seats.
- Control of the House of Representatives remains undetermined.
Media Implications
The outcome of this election could be seen as a challenge to mainstream media narratives for several reasons:
- Polling Discrepancies: Many pre-election polls suggested a tight race or even a slight Harris advantage in key states. Trump’s victory, particularly in battleground states, may indicate that polls underestimated his support.
- Narrative Shifts: Throughout the campaign, much of the mainstream media focused on Trump’s legal challenges and controversies. His victory suggests that these issues may not have resonated with voters as much as economic and policy concerns.
- Voter Priorities: The emphasis on issues like the economy and immigration in voter decision-making may indicate a disconnect between media focus and voter concerns.
- Electoral Predictions: Many mainstream outlets were cautious about predicting a Trump victory, even as results began to favor him. This hesitancy could be seen as a reflection of broader media skepticism about Trump’s chances.
- Underestimation of Trump’s Base: The results suggest that Trump’s core support remained strong and potentially grew, despite negative coverage in much of the mainstream media.
It’s important to note that while the election outcome may challenge some media narratives, it doesn’t necessarily invalidate all mainstream reporting. The complex factors influencing voter behavior and the challenges of accurate political forecasting remain subjects of ongoing analysis and debate.
As the dust settles on this historic election, both the media and political analysts will likely engage in extensive reflection on the factors that led to Trump’s victory and the implications for future political coverage and analysis.
Bolanle Media is excited to announce our partnership with The Newbie Film Academy to offer comprehensive courses designed specifically for aspiring screenwriters. Whether you’re just starting out or looking to enhance your skills, our resources will provide you with the tools and knowledge needed to succeed in the competitive world of screenwriting. Join us today to unlock your creative potential and take your first steps toward crafting compelling stories that resonate with audiences. Let’s turn your ideas into impactful scripts together!
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