To Experian and Beyond!

Experian has released its Automotive Consumer Trends Report: Q2 2024, highlighting trends in the North American EV market. A key trend is the increasing market share of non-luxury EVs, indicating a shift towards more affordable and practical options for consumers. This reflects a growing demand for EVs that are not only environmentally friendly but also budget-conscious. The registrations for non-luxury EVs increased to 26.6% in Q2 24, up from 22.7% in Q2 23. Additionally, the report notes that consumer preferences are evolving, with more buyers prioritizing features like range, charging infrastructure, and overall value. The rise of non-luxury models suggests that manufacturers are responding to this demand by expanding their offerings in the affordable segment. The competitive landscape is also changing, with traditional OEMs, such as Ford, ramping up their EV production to keep pace with new entrants in the market. Overall, the North American EV market in 2024 is characterized by a focus on accessibility and practicality, making EVs more appealing to a broader audience.

Leapmotor has announced it is launching 2 affordable EVs in Europe, marking a significant step in its collaboration with Stellantis. The 2 flagship models are the compact T03 city car and the larger C10 SUV, with the former priced at €18,900 and the latter priced at €36,400. This launch is part of Leapmotor’s strategy to expand its global footprint, with plans to make these EVs available in European countries starting in September 2024. This initiative reflects a growing trend among automakers to introduce more accessible electric options in the European market, which is increasingly prioritising sustainability and reducing its carbon emissions. Leapmotor’s entry into Europe is expected to enhance competition in the EV sector and potentially lower prices for consumers.

Altilium has announced a new initiative to produce and validate EV battery cells using materials recovered from end-of-life batteries. This project aims to significantly reduce the carbon footprint associated with battery production by minimising the need for newly mined materials. By focusing on recycling, Altilium is addressing both environmental concerns and the growing demand for sustainable energy solutions. The company’s approach includes the development of low-carbon cathode active materials from recycled battery components, which can be directly reused in new batteries. This not only promotes a circular economy but also enhances the sustainability of the EV industry. Altilium’s efforts are part of a broader trend in the automotive sector, where manufacturers are increasingly prioritising sustainability and resource efficiency. The initiative is expected to pave the way for more environmentally friendly battery production processes, ultimately contributing to the reduction of greenhouse gas emissions.

FirstGroup Energy has announced it has invested ￡1m into KleanDrive (a subsidiary of KleanBus), which specialises in converting diesel buses to battery electric. This partnership aims to enhance the sustainability of FirstGroup’s operations by integrating advanced energy solutions. As part of this collaboration, FirstGroup Energy (which was established last year) will have its Investment Director, Faizan Muhammad, join the KleanDrive board, indicating a strong commitment to the initiative. KleanDrive focuses on repowering existing vehicles with electric technology, which aligns with FirstGroup’s goals of reducing carbon emissions and achieving a full zero-emission fleet by 2035.

Deals

AmpUp, a California-based EV charging platform startup, has raised $15m in a Series A funding round, led by Touchdown Ventures. Investors such as Autotech Ventures, MUUS Climate Partners, Holman, Goodyear, Foothill Ventures, WEX Venture Capital, TechNexus Venture Collaborative, Powerhouse Ventures, and Connecticut Innovations participated. The startup will use this capital to accelerate its market expansion and drive continued R&D in energy management solutions for the EV charging sector.

Bot Auto, a Houston-based AV startup, has raised $20m in a Pre-A funding round led by Brightway Future Capital, Cherubic Ventures, EnvisionX Capital, First Star Ventures, Linear Capital, M31 Capital, Taihill Venture, Uphonest Capital and Welight Capital. Bot Auto leverages AI to streamline operations to increase efficiency which has helped shape the company’s path to commercialisation. The raised capital will be deployed on R&D to further develop its technology solution.

Distance Technologies, a Finnish-based mixed-reality startup, has raised $11.2m in a Seed round led by GV (Alphabet’s VC arm). The startup is aiming to infuse mixed-reality technology into any car windshield or plane cockpit. Fascinatingly, the startup states that it can turn any transparent surface into an augmented-reality display, enabling the user to see 3D digital objects overlayed on top of the panel they’re viewing. A bulk of the capital raised will be used to help commercialise its solution, as mixed-reality solutions have incredibly high manufacturing costs.

Ovoko, a Vilnius-based (used) car parts platform, has raised €20m in a Series B funding round led by Smash Capital. This startup offers an online marketplace, currently across the EU, where buyers and sellers of car parts can connect, making it easier to purchase second-hand automotive components. Ovoko intends to use the raised capital to expand its operations and increase its SaaS product offering and business development.

Vsim, a Manchester-based simulation startup, has raised $21.5m in a Seed round led by EQT Ventures. Other investors such as Factorial Fund, Samsung Next, Tru Arrow, Xora (a fully owned subsidiary of Temasek), IQ Capital, Koro Capital, Concept Ventures, Lakestar Scout Fund, and Carles Reina also participated. This startup utilises (new) algorithms that can leverage multi-core hardware architectures to accelerate physics simulations for companies in various sectors, including robotics, Visual FX, and aerodynamics for planes & vehicles.

Pyka, an electric aviation startup, has raised $40m in a Series B funding round led by Obvious Ventures. Other investors such as Piva Capital, Prelude Ventures, Metaplanet Holdings, and Y Combinator also participated. Interestingly this startup will be targeting its autonomous electric aircraft to sectors with critical flight missions, that include agricultural crop protection, commercial cargo transportation, and defence logistics. The capital raised will be used to support its domestic manufacturing capabilities, boost production of its Pelican Spray and Pelican Cargo products, and expand its operational footprint domestically (in America) and internationally. ?