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Tesla’s recent earnings meet expectations, but investors were briefly surprised by $1.4 billion in free cash flow. Revenue also hit or slightly exceeded projections. However, CEO Elon Musk’s admission that millions of Tesla owners need hardware upgrades for future Full Self-Driving software raised eyebrows. This requires microfactories in major cities and significant capital expenditure, part of Tesla’s increased $25 billion budget.
Senior reporter Sean O’Kane uncovered a memo from Redwood Materials’ CEO JB Straubel announcing layoffs and restructuring to focus on energy storage, with several executives recently departing. In other news, autonomous hauler startup Humble Robotics, backed by Eclipse, raised $24 million, attracting notable figures like Eyal Cohen and Drew Gray from Silicon Valley.
Lyft expands its reach by acquiring Gett’s UK business and renewing a partnership with Serco for Santander Cycles, planning autonomous rides with Baidu. A&K Robotics raised CAD $8 million for airport mobility, and Decade Energy secured €22 million for logistics depot power infrastructure. Reliable Robotics garnered $160 million for aircraft autonomy, while PlusAI terminated its SPAC merger. Porsche is selling its stake in Bugatti Rimac, and Einride added trucks to Amazon’s network.
Other reads include Ford and Geely’s stalled US market talks, Porsche’s new Cayenne electric coupe, and Rivian’s R2 SUVs debut despite factory damage. Lastly, Aston Martin’s latest infotainment system update proves successful in a recent test drive of the Vantage Roadster.
For tips, contact Kirsten Korosec or Sean O’Kane.