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If you’ve been keeping tabs on Tesla, you’re likely familiar with Dojo. Tesla’s head honcho, Elon Musk, has brought up Dojo on numerous occasions, highlighting it as pivotal for the company’s trajectory.
But the question arises: What exactly is Dojo? TechCrunch’s Rebecca Bellan has peeled back the layers on what stands as Tesla’s AI dream. Dive into her detailed analysis here.
The world of Elon Musk and Dojo is vast, but there’s more to explore. Let’s jump into more updates.
A little bird
Recently, insider info fluttered in about Monarch Tractor, the firm engineering autonomous electric tractors. It turns out there’s been a significant reshuffling within Monarch’s executive team. Insights reveal that Monarch’s chief revenue officer, Kent Carroll, stepped down in August; closely followed by chief commercial officer Sam Abidi and VP of product Danny Beck in June; and Daron Hovanessian, the head of product design, in July. Notably, Abidi and Carroll had been part of Monarch for just one year.
These departures might signal a range of scenarios — not for us to conjecture. However, it does coincide intriguingly with periods of layoffs and fresh capital injections.
Monarch Tractor recently secured $133 million in Series C funding, co-headed by Astanor and HH-CTBC Partnership L.P., a Foxconn affiliate, boosting the company’s valuation over $500 million. Last month, CEO Praveen Penmetsa disclosed to TechCrunch that recent job cuts affected “less than” 15% of the workforce, numbering between 250 and 300 employees, attributing it to a strategic reorganization to fuel its expansion.
Have a scoop? Reach out to Kirsten Korosec at kirsten.korosec@techcrunch.com, Sean O’Kane at sean.okane@techcrunch.com, or Rebecca Bellan at rebecca.bellan@techcrunch.com. Discover how to get in touch through encrypted messaging or SecureDrop.
Deals!
Lucid Motors impressed with record sales for its electric luxury sedan in Q2, bringing in $200 million. Despite these numbers, Lucid’s financial health is worrisome, with a $643 million loss in Q2 and increasing expenditure as it aims to launch its second EV, the Gravity SUV.
In essence: Lucid is in dire need of capital. Step in the Saudi Arabia Public Investment Fund, holding a 60% stake in Lucid. The fund pledged an additional $1.5 billion, split evenly between a private placement and a loan.
As Sean O’Kane underlines, this agreement cements further the relationship between Lucid and its main investor, which promises the purchase of a minimum of 50,000 EVs and is aiding in constructing a new plant within the kingdom.
Additional note: This marks the second occasion Lucid has sought financial intervention from Saudi Arabia since Lucid’s CEO Peter Rawlinson voiced concerns in March 2024 regarding overdependence on the kingdom’s funds.
Noteworthy ventures …
3V Infrastructure, dedicated to EV charging solutions, garnered up to $40 million in funding from a Greenbacker Capital Management affiliate.
Aurora Innovation, a front-runner in autonomous driving tech that went public via a SPAC merger, announced an intent to sell up to $420 million in shares and surprisingly exceeded this, amassing $483 million. CEO Chris Urmson shared insights on the roadmap ahead.
To note: This follows Aurora’s previous funding round that raised $820 million a year prior, from both public and private stock offerings.
H3X, known for its electric motors, attracted $20 million in a Series A funding phase led by Infinite Capital, featuring contributions from Hanwha AM, Cubit Capital, Origin Ventures, Industrious Ventures, and Venn10 Capital, as well as continued support from Lockheed Martin Ventures, Metaplanet, Liquid 2 Ventures and TechNexus.
Essential reads and other snippets
Autonomous vehicles
Waymo is broadening its autonomous taxi service area by an additional 10 square miles to envelop surrounding areas of San Francisco, including Daly City, Broadmoor, and Colma. This expansion increases its operational area to roughly 55 square miles. Waymo is also enlarging its footprint in Los Angeles by another 16 square miles.
A reminder from last week about Nuro revving up its presence: Following authorization from California’s regulatory body for expanded driverless testing, the company teased on X that its autonomous system, the Nuro Driver, is being road-tested on highways. A nod to Nuro’s acquisition of self-driving truck startup Ike in 2020.
Electric vehicles, charging & batteries
Rivian unveiled its Q2 financials, depicting growing losses as it transitions from its first-gen R1 series to more cost-effective models. The fiscal bleed reaffirms the timeliness of its $5 billion partnership with Volkswagen Group.
Ride-hailing and the gig economy
Uber and Lyft unveiled their Q2 earnings, with notable mentions around autonomous driving technologies.
Lyft reached its first quarter of GAAP profitability, albeit with cautious forecasts for Q3. It’s experimenting with a subscription model to cap prices for specific routes during peak times, aiming to combat surge pricing, according to CEO David Risher.
Uber, on the other hand, reported robust Q2 performance, highlighting a significant uptick in autonomous vehicle trips, albeit without baseline figures for context.
This week’s wheels
TechCrunch’s Sean O’Kane shares his insights after spending time with the Pedego Moto e-bike:
Having limited experience with e-bikes, I was keen to test the Pedego Moto, especially for my daily daycare commutes.
This ride has become essential for my short, approximately ten-minute journeys, offering a similar duration compared to car travel. My three-year-old is thrilled with the bike, particularly its motorcycle-like design.
Its step-through design simplifies mounting and dismounting, reducing the risk of accidents. The front and rear shocks ensure a smooth ride across varied terrains, from historic brick roads to the broken asphalt of our daycare route.
The Moto’s heft does make it slightly cumbersome to maneuver, and the throttle response appears sluggish, even on the highest setting. However, the bike’s performance offsets these minor drawbacks, offering stability and a sense of security, especially when my child is on board.
Its appeal is so strong that I’m willing to undertake the school run on sweltering, humid days, a testament to its utility and enjoyment.
“This week’s wheels” is our spotlight on the various forms of transportation we’re evaluating, from electric or hybrid vehicles to e-bikes and autonomous rides.
Compiled by Techarena.au.
Fanpage: TechArena.au
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