News: Farewell Fisker?

Today's email covers Fisker's financial struggles, Toyota's boardroom dynamics, and the latest plans from GM, Wuling, and BYD for electric vehicles. Then we will meet the newest member of the robo-drivers you may be sharing the road with soon: Semi trucks (hooray?)

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Fisker Files for Bankruptcy

Electric vehicle maker Fisker has filed for Chapter 11 bankruptcy protection, citing market and economic challenges. The California-based company, founded by designer Henrik Fisker, listed assets between $500 million and $1 billion and liabilities between $100 million and $500 million, with up to 999 creditors.

Despite efforts to compete with industry leaders like Tesla, Fisker struggled due to slow EV sales and rising inflation. The company will pursue asset sales under Chapter 11. Fisker Inc. and some subsidiaries are not included in the filing, and the company is in talks for financing and asset sales.

Toyota Shareholders Re-elect Toyoda

Yesterday, we reported that Toyota shareholders were considering kicking Toyoda to the curb, but their coup was short-lived. Despite governance concerns and certification test scandals, Toyota Chairman Akio Toyoda and nine other board members were re-elected at the annual general meeting, securing support due to record business results and firm investor backing.

GM, Wuling, and BYD: Future Plans for Electric Vehicles

• GM's Wuling: SAIC-GM-Wuling unveiled teaser images of the new Starlight S electric SUV, set to compete with BYD and Tesla. Priced around $9,700, this compact SUV follows the successful Starlight sedan. It features a 201 hp electric motor and an LFP battery pack.
• BYD: Chinese EV giant BYD accounted for over 40% of German EV imports through April 2024, despite new EU tariffs looming. BYD's market share increased even as imports declined slightly, demonstrating resilience in the European market. The company faces additional tariffs but continues to maintain strong profitability.
• Tesla: Tesla's RWD Model Y, priced at $35,500, remains a crucial competitor in the Chinese market. However, the Starlight S and BYD models offer more affordable alternatives, challenging Tesla's dominance.

Waabi Secures $200M in Series B Funding

Autonomous trucking startup Waabi raised $200 million in a Series B funding round led by Uber and Khosla Ventures, with new investments from Nvidia, Porsche, and Volvo's venture arm. The Toronto-based company plans to launch fully driverless trucks by 2025 and extend its generative AI technology to humanoid and warehouse robots.

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Which of today's stories will have the most significant impact on the industry?

Try to resist the urge to make a "robo-truck IMPACTING the walls of their training course" if you can.