Wayve Scores $1B to Empower Cars with AI

Welcome to the Ride AI Newsletter, your weekly digest of important events and new developments at the intersection of technology and transportation. 

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ICMYI: Our sister conference, Micromobility Europe, is heading to Amsterdam on June 5-6 for two jam-packed days of spectacular programming, focusing on the future of transportation by small EVs. And not only that, but Ride AI is planning to be there to deliver some very special coverage about how next-gen autonomous tech can make our streets safer for pedestrians, scooterers, e-bikers, and more. Stay tuned… 🤖🚀

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What You Need to Know Today

Wayve, a London-based startup that develops embodied AI solutions for self-driving vehicles, has raised over $1 billion in a Series C round led by SoftBank, NVIDIA, and Microsoft. The astonishing sum will help the company commercialize its Tesla-like technology, which allows autonomous vehicles to learn from and interact with real-world environments, for auto OEMs as well as other kinds of robotics manufacturers. Wayve’s co-founder Alex Kendall explains why AI is a generational unlock for autonomy: “[S]elf-driving has largely plateaued for three years, and there’s been a lot of consolidation in the AV space. What this technology represents, what AI represents, is that it… allows us to drive without the cost and expense of Lidar and HD. That allows us to have the onboard intelligence to operate. It can handle the complexities of unclear lane markings, cyclists and pedestrians, and it’s intelligent enough to predict how others are going to move so it can negotiate and operate in very tight spaces. This makes it possible to deploy technology in a city without causing angst or road rage around you, and to drive in a way that conforms with the driving culture.”

Geely’s Zeekr is looking to raise up to $367.5 million at a $5.13 billion valuation in its U.S. IPO. The automaker’s American debut will be the first major flotation by a China-based company in more than two years.

In exchange for an increased stake, Hyundai is committing to spend nearly $1 billion on Motional to keep the struggling self-driving startup afloat. Motional, which was founded in 2020 as part of a $4 billion joint venture between Hyundai and auto supplier Aptiv, also announced it is delaying the launch of its commercial robotaxi service by two years until 2026.

If you’re interested in the intersection of tech and transportation, you should definitely check out our webinar tomorrow about how cutting-edge AI simulations can be used to drive revenue growth for mobility operators. The Q&A section promises to be loaded with practical insights. Register now.

Luminar, maker of lidars and other sensors for self-driving vehicles, is laying off 20% of its workforce and will outsource more of its production to contract manufacturers in a bid to reduce operating costs.

Following autonomous trials on highways in Germany, Chinese automaker XPeng says its self-driving tech is “nearly road-ready for Europe.”

Canada’s Potential Motors has raised $1.46 million to commercialize terrain-perception software for off-road vehicles, including the automotive, power sports, mining, and defense sectors.

Waabi has opened a terminal in Texas for autonomous trucks.

Nepal is using cargo drones to pick up trash from high-altitude Everest camps.

Speaking of cargo drones, MightyFly says it's the first company developing a large, autonomous eVTOL to be approved by the Federal Aviation Administration for a flight corridor. The company’s drone is about the size of a small single-seater aircraft, and can carry 100 lbs. of cargo up to 600 miles.

The U.S. government wants to know why Tesla vehicles with Autopilot engaged continue to be involved in crashes following a voluntary recall last December.

Mercedes won’t adopt Apple’s Carplay 2.0. The automaker argues it can unlock more advanced functionality, including automated and assisted driving, by developing its own software operating system.

In a victory for safe streets, the U.S. will require new cars to have automatic emergency braking (AEB) systems by 2029. The rule is expected to save at least 360 lives annually and prevent at least 24,000 injuries.