The Station: SPACs Dominate Summer, Adam Neumann’s Comeback & Nissan Ariya Launch
Welcome to The Station, your weekly guide to the evolving world of transportation—from micromobility to autonomous vehicles and everything in between.
Summer of the SPAC: The Hottest Trend in Mobility Financing
While summer 2020 may lack beach parties and chart-topping hits, it’s undeniably the season of SPACs (Special Purpose Acquisition Companies). These “blank-check” firms—once known as “blind pools”—are reshaping how mobility startups go public.
Key SPAC Deals:
- Fisker merged with Apollo-backed Spartan Energy Acquisition Corp., valuing the EV maker at $2.9B ahead of its Ocean SUV launch in 2022.
- Shift Technologies, Velodyne Lidar, and Nikola Motor also opted for SPAC mergers over traditional IPOs.
Why SPACs? They offer faster access to capital with fewer regulatory hurdles—a lifeline for capital-intensive mobility ventures.
Micromobility Adapts to a Post-Pandemic World
Lime’s COVID-19 Insights:
- 34% longer rides, 18% longer distances as users shift from tourism to errands/recreation.
- E-bike rentals hit record highs (e.g., 4,000+ new London users in a single day).
Notable Micromobility Updates:
- WeMo (Taiwan): Plans international expansion for its scooter-sharing platform.
- Revel: Secured a permit to deploy 432 electric mopeds in San Francisco.
- Superstrata: Launched 3D-printed carbon fiber bikes with 250K+ customization options.
Deal Spotlight: Adam Neumann’s Mobility Gambit
WeWork’s ousted CEO invested $10M in GoTo Global, a shared mobility operator expanding across Europe. Neumann now holds a 33% stake and board influence.
Other Funding Highlights:
- Drover (UK): Raised $25.7M for car subscription expansion.
- Li Auto (China): Filed for a \(100M Nasdaq IPO after a \)550M pre-IPO round.
- Navistar & TuSimple: Partnered to produce autonomous semis by 2024.
Startup to Watch: Onfleet’s Delivery Boom
The SaaS logistics platform saw deliveries triple post-COVID, prompting:
- Contactless signature features for regulated industries (alcohol, ********).
- Multilingual driver app updates (Italian, German, Arabic).
- A global job board for delivery drivers.
“We’re now averaging over one delivery per second,” says CEO Khaled Naim.
Autonomous & Electric Vehicle Updates
Autonomous Tech:
- AutoX (Alibaba-backed): Won California’s driverless testing permit.
- Germany: Drafting L4 legislation for 2021 robotaxi commercialization.
EV News:
- Nissan Ariya: 300-mile-range electric SUV ($40K starting price) replaces the Leaf.
- Tesla: Secured $61M+ in Texas tax incentives for its Cybertruck factory.
- BMW: Signed a $2.3B battery deal with Sweden’s Northvolt.
The Road Ahead
From SPAC mania to reinvented urban mobility, the transportation sector is accelerating through uncertainty. Stay tuned for next week’s insights—and don’t forget to subscribe to The Station.
Got tips or trends to share? Reach out to @kirstenkorosec or [email protected].
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