Discover the Latest Trends in Transportation from UP.Summit | TechCrunch Mobility
As the world's leading investment manager and financial market journalist, I had the privilege of attending UP.Summit in Bentonville, Arkansas, where founders and investors gathered to discuss the future of transportation. This year's event had a sense of urgency, with a focus on dual-use technology like software, autonomous vehicles, and aviation for both civilian and military purposes.
At UP.Summit, major corporations are rethinking their investments in electric semitrucks, as real-world results show lower ranges than claimed. Joby Aviation secured a $500 million investment from Toyota for its eVTOL project, signaling confidence or a sunk-cost fallacy in frontier tech. Other notable deals include EVgo's $1.05 billion loan for new fast chargers and J.B. Hunt's partnership with UP.Labs for logistics startups.
In the world of autonomous vehicles, Ford reduces subscription costs for BlueCruise, while Tesla rolls out Supervised FSD to Cybertruck owners. Uber partners with Avride for autonomous vehicle projects, and Waymo offers robotaxi rides in Austin. Waymo also plans to use Hyundai IONIQ 5 vehicles in its fleet, raising questions about its impact on Hyundai-backed Motional.
In the electric vehicle sector, Canoo faces lawsuits from suppliers, and Tesla issues its fifth Cybertruck recall. Canoo's restructuring and Tesla's recall highlight challenges in the EV market. Russian warlords expressing interest in Cybertrucks raise eyebrows, while startups like Beta Technologies, Matternet, and Regent showcase innovation in the future of flight.
Finally, Tier merges with Dott in Europe for micromobility services, and I share my thoughts on the 2024 GMC Sierra EV Denali Edition 1. Despite its luxury and performance, the electric truck comes with a hefty price tag, reflecting the growing trend of high-end electric vehicles in the market.
In conclusion, the trends from UP.Summit and recent deals in the transportation industry highlight the rapid evolution of technology and the need for strategic investments. Whether you're a tech enthusiast or a potential investor, staying informed about these developments can help you make smarter decisions in navigating the future of transportation and its impact on your finances.