According to a new report out from IDTechEx, electric car sales have hit new records as governments double down on support for the sustainable energy future. “While 2022 continues to add to the challenges electric vehicle (EV) makers face, markets are still growing,” the report states. “Indeed, electric car sales for the first half of…
In an unusual move, Ford Motor Co. is planning to cut up to 8,000 jobs in the next few weeks in order to boost profits to fund the push into electric vehicles. According to Crain’s Detroit Business, the job cuts come in the newly formed Ford Blue unit that produces internal combustion engine vehicles and other salaried jobs throughout Ford. This is according to insiders, and plans have not been finalized and could still change.
North American EV charging company FLO has just announced plans to open its first U.S. manufacturing facility in Michigan in 2022. This is part of a plan to accelerate execution of its U.S. market strategy to support electric vehicle charging infrastructure. FLO’s new facility will be located in the north Detroit suburb of Auburn Hills, and expects the new location will make a major contribution to Michigan’s electrification future.
Septentrio, an industry leader in high-precision GNSS positioning solutions, has just announced a collaboration with MicroPilot, a creator of professional UAV autopilot systems.
CarBeast is a Michigan and California-based startup who created an AI tool with a different application: it helps you make informed decisions about the repair and maintenance of your car, even before it has problems.
A number of materials shortages have challenged automakers’ efforts to get more EVs on the road in the last year, but General Motors has now secured an agreement to get the raw materials needed to produce EV batteries. GM and Glencore, a company that mines, recycles, and produces raw materials, have just announced that they have signed a multi-year agreement to source materials for GM’s electric vehicle batteries.
LG Energy Solution announced this week that they will invest $1.7 billion and create 1,200 jobs at the company’s current location in Holland to expand investment in EV battery production. LGES’s expansion quintuples the plant’s capacity to produce battery components as Michigan’s stake in the future of electric vehicles grows.
May Mobility, one of Ann Arbor’s top mobility startups that created a self-driving shuttle, just closed an $83 million Series C round of funding led by Mirai Creation Fund II, a SPARX Group Co., Ltd. managed fund that focuses its support on high-growth, high-tech companies. New investors include Tokio Marine and Toyota Tsusho, with returning investors Toyota Ventures, Millennium Technology Value Partners, Cyrus Capital Partners, 1843 Capital, BMW i Ventures, and Bay Lake Ventures.
Detroit continues its lead in the autonomous vehicle and electric vehicle space with new startups coming out every month to address pedestrian safety, in-vehicle AI-based connectivity, and more. As transportation, advanced manufacturing, last-mile logistics, and autonomous technologies advance, expect to see more government investment in these areas to secure Michigan’s future dominance of these markets. Detroit’s got skin in the game and is already investing in an autonomous test highway, multiple self-driving car test facilities, drone deliveries for automakers and the airport, and mobility-focused incubators to support startups across Detroit and the state.
Ann Arbor’s 4th Mobility Summit Offers Behind the Scenes Look at How Mobility Investment Is Changing
PitchBook’s “a flurry of mobility startups going public through IPOs and SPACs through last year.” $54 billion invested despite headwinds of the pandemic. First half of 2021 even better $49.4 billion raised, over 100% over last year, putting us on track for a record year of investment for mobility. Michigan leads across the spectrum from EVs to autonomous startups (May Mobility, Refraction AI) to those disrupting services like FixMyCar and startups focused on shared mobility. $104 million so far this year invested in Michigan-based mobility startups, which has affected Michigan’s startup valuations. “What we’ve seen is overall valuations have seen an uptick in 2021, but especially this has been driven by valuation for later stage companies… up 244% compared to last year.” Angel and seed is flat year over year, and early stage are up 13%. Although Michigan-based mobility startups have a lower valuation than their Silicon Valley-based counterparts, they’re showing a similar trend.