TechCrunch Mobility: Ford’s Significant Investment

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Ford made waves earlier this week with a major EV announcement — detailing a plan to invest $2 billion to transform its Louisville Assembly Plant into a facility capable of producing a new affordable generation of EVs. This effort will begin with a midsize pickup truck expected to be priced around $30,000 and slated for release in 2027.

During presentations from various executives, union representatives, and employees, CEO Jim Farley shared a thought that struck me:

“There are no guarantees with this project. We’re testing out a variety of new strategies; I can’t assure that everything will go flawlessly; it’s a risk. There is uncertainty.”

So, what’s at stake? The company assembled a skunkworks team that has spent years finding a way to produce affordable electric vehicles efficiently in the U.S. using fewer components, while still keeping profit margins intact. As part of this approach, Ford has moved away from its century-old manufacturing system to implement an innovative three-pronged assembly line that incorporates greater automation and unicastings.

Like many auto manufacturers, Ford faces hurdles such as tariffs, slower-than-anticipated EV demand, and looming competition from China. The company must make savvy decisions to stay competitive. But is this the correct one?

Ford’s new manufacturing concept isn’t replicable in other factories, as it’s tied to how the vehicle is designed and divided into three unicastings — marking a significant departure from traditional assembly practices. This represents a $5 billion experiment ($3 billion for the LFP battery factory and $2 billion for Louisville) aimed at retaining jobs in the United States.

A little bird

Rumor has it that rental car startup Kyte, which once promoted itself as the “best alternative to Hertz,” has shut down.

The startup began experiencing difficulties late last year after downsizing its workforce and narrowing its operations to just two markets. In July, it sold its customer database to peer-to-peer car-sharing service Turo. (Turo has declined to comment on the specifics.) Since then, Kyte appears to have completely failed, filing for receivership in California in late July.

This has reportedly left many customers stranded who had booked reservations via Kyte; Turo informed TechCrunch that it only covers the assets it acquired — not any financial obligations linked to the now-defunct Kyte.

Do you have a tip for us? Email Kirsten Korosec at kirsten.korosec@techcrunch.com or connect via Signal at kkorosec.07, or contact Sean O’Kane at sean.okane@techcrunch.com.

Deals!

Bumper, a UK-based buy now, pay later platform specializing in vehicle servicing and repairs, has raised $10.8 million in Series B extension funding, led by Autotech Ventures, with participation from InMotion Ventures, Suzuki Global Ventures, Porsche Ventures, and Shell Ventures.

Chowdeck, a Lagos-based food delivery startup, has secured $9 million in Series A funding led by Novastar Ventures, with contributions from Y Combinator, AAIC Investment, Rebel Fund, GFR Fund, Kaleo, HoaQ, and others.

Eve Air Mobility, focused on urban air mobility, has announced a $230 million capital raise and plans for a dual listing in both the U.S. and Brazil. To date, the company has amassed a total of $1 billion.

Ultraviolette, an Indian electric motorcycle startup, has completed a $21 million all-equity funding round led by TDK Corporation’s corporate venture arm. Existing investors Zoho Corporation and Lingotto (formerly Exor Capital) also contributed.

Via has officially filed its S-1 in preparation for going public. The transit software company has not yet disclosed the number of shares to be offered or the pricing range. This announcement coincided with the distribution of this newsletter, so I have not reviewed the full document yet. A couple of notable highlights: The company witnessed revenue growth of 35%, reaching $337 million from 2023 to 2024. Meanwhile, its net loss shrank to $90 million within the same period. CEO Daniel Ramot’s 2024 compensation package, including stock grants, totals $9.5 million. Additional footnotes indicate that the company is providing him with another grant package for 2025 along with a cash bonus program.

WeRide, a Chinese autonomous vehicle firm, has received an investment from Grab, though the amount has not been disclosed. WeRide stated that these funds will hasten the deployment and commercialization of Level 4 robotaxis and shuttles throughout Southeast Asia.

Notable reads and other tidbits

Foxconn will halt electric tractor manufacturing for California startup Monarch Tractor following the sale of its Ohio factory to SoftBank. A brief history: Foxconn had initially planned to launch an electric vehicle contract manufacturing operation at the site, partnering with Monarch and three other companies that have since gone bankrupt (Lordstown Motors, Fisker, and IndiEV).

Significant executive changes are underway. Self-driving truck manufacturer Waabi has appointed former Uber Freight CEO Lior Ron (who has a robust background in the AV sector) as its chief operating officer. Rebecca Tinucci, who previously built Tesla’s charging network over six years, will now head Uber Freight, while Ron continues as Uber Freight’s chairman.

A funding freeze on the National Electric Vehicle Infrastructure program has been lifted after months of hesitation. The Trump administration released new guidelines for states to utilize the $5 billion earmarked for electric vehicle charging infrastructure, following an extended period of withheld funding.

Rapido, a prominent ride-hailing service in India, is beta testing its food delivery service in Bengaluru, taking on market leaders Swiggy and Zomato.

How many shifts can a single company make throughout its life? Revel is exploring that very question. Once an electric scooter rental service, it has now closed its ride-hailing operations in New York City to focus on its thriving EV charging business.

In follow-up to last week’s news about “Tesla Dojo being disbanded,” Elon Musk confirmed that Tesla has ceased the development of its Dojo AI training supercomputer, just weeks after stating that the second cluster would be operational “at scale” by 2026. Tesla is now realigning its efforts toward its AI5 and AI6 chips, manufactured by TSMC and Samsung, respectively. Note: Tesla’s facility in Buffalo, New York, was originally intended to house the Dojo supercomputer, with the company committing $500 million to enhance the factory over five years for this purpose.

Riding in a Waymo robotaxi is a cutting-edge, almost futuristic experience for passengers, with one notable exception: the music selection. Reporter Max Zeff delves into the importance of the Waymo music upgrade.

One more thing …

The Autonocast, another podcast I co-host (also contributing to TechCrunch Equity), focuses on the future of transportation. We just released a new episode featuring an interview with Nuro co-founder and president Dave Ferguson. I believe you’ll find it intriguing.