Topics
later
AI
Amazon
Image Credits:Bryce Durbin/TechCrunch
Apps
Biotech & Health
Climate
Image Credits:Bryce Durbin/TechCrunch
Cloud Computing
Commerce
Crypto
initiative
EVs
Fintech
Fundraising
Gadgets
stake
Government & Policy
Hardware
Layoffs
Media & Entertainment
Meta
Microsoft
concealment
Robotics
Security
societal
blank
inauguration
TikTok
Transportation
Venture
More from TechCrunch
Events
Startup Battlefield
StrictlyVC
newssheet
Podcasts
Videos
Partner Content
TechCrunch Brand Studio
Crunchboard
Contact Us
Autonomous fomite technology and electrification startups were once the darlings of the VC and corporate world . The two engineering assure jillion of clam in revenue — and a new pathway for automakers to make money beyond build and selling cars .
Those VC - money - printing twenty-four hour period have been over for AVs for a while now , with a few exception likeWaymoandWayve . But as 2024 kicked off , there was still a mill about EV buzz in the air , albeit quieter than before .
Now , as 2024 draw to a conclusion , it ’s dependable to say that bombilation is more of a voicelessness , with several EV startups faltering and automakers readjust their investiture plans .
EV demand start softening in 2023 , and even though sale volume has overall increased , the pace of growth has been far below what was expected . In 2024 , automakers responded . Ford pivoted its design , which include abandon a program to make an all - electric three - row sport utility and choose rather to power those future vehicles with hybrid powertrains . GM , which had already pulled back EV spending in 2023 , made more move in 2024 , most recentlyoffloading its stakein the nearly completed Ultium Cells battery cell plant in Lansing , Michigan , to its joint speculation partner LG Energy Solution . Stellantis and Mercedespaused planson EV barrage fire factories .
Toyota ’s often - criticized approach togo slow on EVsand continue to prioritize gas and hybrid vehicles now count like the smart move .
The answer were n’t great for EV inauguration either .
Meanwhile , Ab had their hypey minute in the VC Sunday a few long time ago before world hit : It wrick out driverless railroad car are hard , the occupation model is n’t proven , and those backers might not have the patience for a recollective - full term pre - revenue stakes .
Join us at TechCrunch Sessions: AI
Exhibit at TechCrunch Sessions: AI
A first wave of consolidation swept through the sector in 2019 and 2020 . Some AV ( and EV ) startups merged with exceptional purpose acquisition companies in search of the public - market capital letter necessary to commercialize their tech . Others dumbfound with big - name automaker backers . There were blow for both strategies in 2022 and 2023 , prompt a last scurry for selection : the pivot man .
Ab startups that were once focus on chance in driverless cars tried applying their tech to warehouses , mining , and agriculture . But it turns out those areas were already hopping with competition . Others stick to their original mission , but turn into dual - use companies becausedefense tech is so very hot these days .
In curt , 2024 was the year when the weak startups bid farewell and corporate entities take in a toilsome facial expression at what they were drop on and tell “ time to move on . ”
Apple car project
Apple ’s not - so - secret auto projection , we did n’t even get laid ya . And yet , we all felt the exit . Perhaps because we have been hearing about the promise and faint plans for an Apple galvanizing and autonomous ( maybe ) car for so long — a decade since the first program leaked . Apple made it official in 2024 : the car projection was call off .
I ca n’t wait for 2025 and the break news program scoop that this project is on again .
Arrival
This EV startup , which desire to utilise microfactories to manufacture its commercial galvanizing avant-garde and buses , was once valuate at more than $ 13 billion and back by Hyundai and UPS . The party go public in 2021 via a SPAC and by 2023 was in worry — even with a$300 million lifelinemeant to twist the business around . Less than a twelvemonth later , Arrival announced its U.K. division wasentering governance , the land ’s version of bankruptcy .
farewell shot : Troubled EV inauguration Canoobought some of Arrival ’s assetsafter its failure filing .
Cake
E - bikes and e - motorcycle had a minute during the COVID pandemic , but that did n’t guarantee survival . In February , Swedish fellowship Cakefiled for bankruptcy . The company , best known for making high - design bicycle , was apparently in the thick of a backing round of drinks . The detachment of an investor tipped its fate in the amiss guidance . In the week that followed , a Florida man who owns a retail shopbought the majority of its U.S. stock .
Cake did get a 2nd life however . The caller egress from bankruptcy and wasacquired by Norse motorcar dealerBrages belongings AS .
Cruise robotaxi
Cruise is technically not dead . The ego - drive fomite troupe will be on , its parent caller GM pronounce , but it ’s not clear precisely what shape it ’ll take . But GM isno longer fundingthe commercial-grade robotaxi program , which was Cruise ’s focal point . The decision“blindsided ” Cruise employees , include top executive .
This decision is just beginning to ripple through the governance . have a bun in the oven a luck more news about Cruise and GM ’s plans for automatize driving in 2025 .
Fisker
Where do we start ? The year did n’t start off well for Fisker as the EV startup struggled to meet internal sales goals and its Ocean SUV was look into by federal rubber regulators over complaints on brake loss . It got worse from there with more Union investigation , layoffs , a suspension from the New York Stock Exchange , and finally bankruptcy by June . Here ’s atimeline of events . Be sure to take some of newsperson Sean O’Kane ’s coverage , includingInside EV inauguration Fisker ’s collapse : How the company crumbled under its founders ’ whims .
Ghost Autonomy
Ghost Autonomy , an autonomous drive package inauguration , exclude down in February . The inauguration , founded in 2017 as Ghost Locomotion , had gone through a few pivots . It ultimately raised $ 220 million before closing for good .
Lilium
Lilium , the German electric erect takeoff and landing place inauguration , shut down in Octoberafter running out of money . Here ’s an staggering physique to consider . The company raised more than $ 1 billion from investor before move public in 2021 on the Nasdaq Exchange via a rearward merger with a blank - check company , SPAC Qell . Then on December 20 , and after try at a cut-rate sale , Lilium ceased operations andnearly all 1,000 stay on employeeswere lay off .
Update : In a last - minute rescue , a pool of investor have correspond to buy Lilium ’s two subsidiaries . If the deal shut down , Lilium will restructure and exit insolvency — the U.S. equivalent of failure .
There is still interest in electric aircraft startups . In the past several month , a German startup called Vaeridion that ’s modernize forgetful - haul electrical aircraft close down a € 14 million Series A round , Archerraised $ 430 millionto build defense aircraft , and Toyota made a$500 million investmentinto Joby Aviation .
However , it is not clear , sorry , and 22 for this sphere . Turbulence ahead .
Northvolt
Swedish battery producer Northvolt foretell in November it wasfiling for bankruptcyin the U.S. and its co - founder and CEO Peter Carlson resigned . The company was an investor favorite , raising $ 14.26 billion , according to PitchBook , including a $ 1.2 billion round in 2023 to lucubrate operations in North America .
Phantom Auto
The California startup , which had get a teleoperation political program that allowed a removed driver , sometimes situate thousands of miles away , to lock a fomite if needed , shut down in March . The party raised a total of $ 95 million from a admixture of backer , including angel investors and early - stage VCs such as Bessemer Venture Partners and Maniv Mobility , private equity firm InfraBridge , and strategical investor such as ArcBest and ConGlobal .
