electric vehicles
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As NIO and Tesla rally, Chinese EV company Lixiang said to file for US IPO
The recovery in value of several high-profile electric car companies could help move yet-private EV manufacturers out of the pit lane and onto the IPO track.
On the heels of NIO’s shocking value appreciation after its recent earnings report, and Tesla’s own public market run, China-based Lixiang Automotive is reported to have filed privately for an IPO in the United States.
Lixiang Automotive is a Beijing-based company that was founded in 2015, according to Crunchbase data. The company has raised north of $1 billion while private, and is said to be valued at just under $3 billion. It most recently raised a $530 million round led by Xing Wang, of Meituan-Dianping fame.
It would not be the first Chinese EV company to go public in the United States, as NIO managed the feat in 2018. But the reported filing shows newfound confidence concerning investor sentiment by the alternative car market’s players and bankers.
To understand the news, we’ll first look at recent happenings from Lixiang’s public peers, and then examine the company itself.
A month ago, the Lixiang Automotive confidential IPO filing would have appeared quixotic. After all, its closest market comparable was flirting with penny-stock status.
NIO was in the tank more than a year after an IPO that proved far from smooth. After going public at $6.26 per share, its equity had traded down to nearly the $1 mark, setting a 52-week low at the terrifying figure of $1.19 per share. However, since then, shares of the unprofitable, cash-strapped EV manufacturer have recovered, trading for $3.84 per share today. Still down from its IPO price, yes, but up more than 200% from its recent all-time lows (a more than tripling in value).
That likely cleared a path for Lixiang Automotive to file, albeit privately. Reuters broke the news of its IPO prospects.
Tesla’s ascent also helped. After some oddly normal (for Tesla) drama cooled, the company’s shares have come back a long way. From 52-week lows of $176.99, Elon’s car company is now worth $445.25. Shares of Tesla are up 150% from their lows, a more than doubling in market cap. Investors appeared to find its earnings and delivery totals (and progress on its Chinese factory) heartening.
For Lixiang Automotive, the moves showed that U.S. equity markets were warming waters worth testing. Given that it is certainly unprofitable, the opening of a new funding avenue was welcome.
Notably, similar to NIO when it went public, the company is set to debut while its history of actually delivering cars is nascent. NIO went public having delivered cars in the mere hundreds. The firm did note at the time that it had commits north of 10,000 for its cars. During the early days of its IPO I wrote that the company’s limited history of revenue generation made its shares a gamble.
Lixiang is set to go public at a similar level of immaturity. According to Equal Ocean, Lixiang now delivers cars, though it began to ship them just last month:
Chinese electric vehicle manufacturer Lixiang Automotive, formerly known as CHJ, has announced that its EV project ‘Lixiang ONE 2020’ is officially mass-produced at the Changzhou factory and will start mass delivery in early December.
Pre-sales for the car took place in Q4 2019, as well, meaning that the company’s pre-Q4 2019 revenue should wind up looking very light.
If Lixiang does successfully go public it will show that corporate maturity is not a requirement for an IPO. When we do get to see Lixiang’s F-1 filing, we won’t see the history of a company with an obvious path to profits amid quick growth — we’ll see a deeply unprofitable company in the early motion of generating material revenue.
A little bit ago I would have given such an offering slim chance of success. But with NIO on the bounce and Tesla back on form, who knows?
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Rivian adds $1.3 billion in funding for its electric utility and adventure vehicles
American automotive technology startup Rivian has raised $1.3 billion in new funding, the company announced today. The new investment is the fourth round of capital announced by the company in 2019 alone, following prior announcements of $700 million led by Amazon, $500 million from Ford (which includes a collaboration on electric vehicle technology) and $350 million from Cox Automotive.
That’s a lot of money, but Rivian’s not your typical startup, as it’s aiming to bring fully electric vehicles to market, including the R1T pickup truck and the R1S sport utility vehicle. Both of those are consumer cars, which the company aims to bring to market starting at the end of next year — and Rivian is also working with Amazon on all-electric delivery vans, of which the commerce giant has ordered 100,000, with a target of starting deliveries of the first of those in 2021.
Rivian’s new monster round includes participation from Amazon and Ford Motor Company, along with funds advised by T. Rowe Price Associates and BlackRock, the company said in a release. It’s not adding any new board seats attached to this funding, and it’s not sharing any further details on the specific funds involved in the investment at this time.
The company, founded in 2009, has R&D facilities in a number of cities globally, and also has a 2.6-million-square-foot manufacturing facility in Normal, Ill. It debuted its pickup and SUV at the LA Auto Show last November, and the vehicles will launch with higher-end trim levels first, including up to 410 miles of range on a single charge. Base prices for the R1T pickup start at $69,000 before any tax credits are applied, while the R1S SUV starts at $72,500; Rivian has been taking pre-order reservations, available with a $1,000 deposit.
For a company that in many ways has seemed to appear out of nowhere, Rivian’s capitalization and partnerships make it one of the better existing contenders to take on Tesla, especially in the truck and SUV categories, where Tesla has less presence, with only the high-end Model X actually available to purchase so far.
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The electric Porsche Taycan Turbo has an EPA range of 201 miles
The Porsche Taycan Turbo, one of several variants of the German automaker’s first all-electric vehicles, has an EPA estimated range of 201 miles, according to government ratings posted Wednesday.
This is the first variant of the Taycan — Porsche’s first all-electric vehicle — to receive an estimated range from the EPA. The range, which indicates how far the vehicle can travel on a single charge, is far behind other competitors in the space, notably the Tesla Model S. But it also trails other high-end electric vehicles, including the Jaguar I-Pace and the Audi e-tron.
The biggest gulf is between the Taycan Turbo and the long-range version of the Model S, which has an EPA range of 373 miles. The performance version of the Model S has a range of 348 miles. It was also below the Jaguar I-Pace, an electric vehicle that launched in 2018. The EPA has given the Jaguar I-Pace an official estimated range of 234. However, the company recently said it was able to add another 12 miles of range to the vehicle through what it learned in the I-Pace racing series.
The European standard known as the WLTP placed the range of the Porsche Taycan Turbo at up to 279 miles.
Despite the lower EPA range estimate, Porsche said it’s not disappointed.
“We sought to build a true Porsche, balancing legendary performance our customers expect of our products with range sufficient to meet their everyday needs,” a Porsche spokesperson told TechCrunch. “The Taycan is a phenomenal car built to perform and drive as a Porsche should. We stand by that.”
Porsche introduced in September the Taycan Turbo S and Taycan Turbo — the more powerful and expensive versions of its all-electric four-door sports car with base prices of $185,000 and $150,900, respectively.
In October, the German automaker revealed a cheaper version called the Porsche Taycan 4S that is more than $80,000 cheaper than its leading model. All of the Taycans, including the 4S, are the same chassis and suspension, permanent magnet synchronous motors and other bits. However, this third version, which will offer a performance-battery-plus option, is a little lighter, cheaper and slightly slower than the high-end versions of the Taycan that were introduced earlier this year. Theoretically, the 4S should also have a higher range.
Porsche has always said it would have multiple versions of the Taycan. The 2020 Taycan Turbo will be among the first models to arrive in the United States.
While Porsche said it isn’t disputing the EPA range, the automaker did send an email to dealers Wednesday to share additional data that shows a far rosier picture.
Porsche asked AMCI Testing to conduct independent tests to evaluate the Taycan Turbo range, according to an email the automaker sent to dealers for Taycan customers. The independent automotive research firm came up with a range of 275 miles, a result that was calculated by averaging the vehicle’s performance over five test cycles.
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Tesla all-electric ATV makes a surprise debut at Cybertruck event
Tesla CEO Elon Musk definitely didn’t have the most issue-free presentation during last night’s Cybertruck unveil, but he did pull off a pretty impressive “one more thing moment” — revealing a surprise all-electric all-terrain vehicle (ATV) that Tesla created to pair with its futuristic pickup.
The Tesla electric ATV didn’t get a lot of time to shine on its own, and instead was used primarily to demonstrate how the Tesla Cybertruck bed and active suspension works for loading cargo, but it’s a real enough thing that Tesla made sure to point out that you can charge the electric four-wheeler right from the Cybertruck while the ATV is loaded in the bed.
Musk didn’t reveal anything about pricing or availability regarding the ATV, but a demo driver did actually drive it up onstage and load it into the bed, so it’s real enough to be functional. Like the Cybertruck itself, it also featured a body design with a lot of intersecting flat planes and angels, and it was done up in matte black, which makes it look like the ATV version of a stealth bomber.
In the past, Musk has discussed the idea of electric motorcycles, dismissing Tesla’s interest in the category in favor of electric bikes. Musk said at a Tesla shareholder meeting in 2018 that a motorcycle was not in the cards, and also floated the idea of doing an e-bike instead that same year.
An ATV is a very different kind of vehicle — designed more for utility and recreation than for road use, but it’ll be interesting to see what kind of consumer launch Tesla has in mind for such a vehicle. A “Cybertruck: ATV Edition” would probably incur a lot of demand.
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Ford’s Mustang Mach-E all-electric SUV revealed in leaked photos, prices and configurations
Ford is officially debuting its fully electric crossover SUV on Sunday, November 17 — but we got a look at the new Mach-E (which was just officially named yesterday) a couple of days early. The leak comes from Ford’s own website, as screenshotted for posterity by Jalopnick, and includes photos of most angles of the car, including the interior, as well as pricing and configuration details for the model variants available at launch.
The Mach-E will start at $43,895 U.S., before any state or tax incentives are applied (and that turns into $36,395 once you apply the maximum $7,500 federal tax credit). The “Select” trim Mach-E as configured at that price gets you 230 EPA-rated miles of range, either AWD or RWD (which presumably alters the price) and a 0-60MPH time in the mid five-second range.
Next up is the “Premium” trim starting at $50,600, again offering an AWD or RWD option, with 300 miles of estimated EPA-rated range, and that same mid five-second 0-60MPH time. The “California Route 1” model above that comes in only AWD, has that longer 300 miles of EPA range and promises a mid six-second 0-60MPH time. It’s a bit slower off the jump, but it’s “named for its cruise-worthy engineering,” so presumably it’s got a more luxe interior for long-distance highway scenic drives.
Next up is a $59,900 “First Edition,” which will be in limited availability and only at launch for the first batch of customers to reserve. It’s got AWD, a range of around 270 miles, a mid five-second 0-60MPH time and exclusive exterior color options, special scuff plates, brushed aluminum pedals and red brake callipers, as well as contrast-colored interior stitching. There’s a GT edition at the top end, with an MSRP starting at $60,500, that will manage to get a 0-60MPH time in the mid three-second range, so that’s clearly the peak performance options for thrill-seekers. Estimated EPA range on that one is around 230 miles.
In terms of looks, the Mustang Mach-E’s design won’t be a surprise to anyone who’s seen the camouflaged spy shots, or the teaser peeks officially released by Ford. It’s definitely got Mustang vibes, and looks a bit like a Mustang that has been lifted up with paneling extended down toward the road. It looks like a panorama roof is an option, and that hatchback will probably please a lot of small SUV fans. There’s also something funky going on with the door handles — the front ones appear very small and near the base of the door windows, while I’m not sure how exactly it works on the rear passenger doors based on these photos.
There’s also a panoramic sunroof at least as an option, and you can see the interior looks pretty blatantly Tesla -inspired, with a large vertical touchscreen taking up most of the center of the dash — albeit with something that looks like a large physical dial right at the base, instead of going for fully touch-only input. A second digital display appears to replace the instrument cluster behind the steering wheel.
Ford has since taken this down, as it’s hosting a splashy event on Sunday with Idris Elba in LA for the full official reveal. TechCrunch will be on site to bring you more photos and details around availability, customization options and more on the day.
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Lyft deploys 200 long-range EVs for its rideshare rental fleet in Colorado
Lyft is making 200 new long-range EVs available to rideshare drivers as part of its Express Drive program, the company revealed today. Express Drive is a program that Lyft offers to provide rental cars to drivers on its platform as an alternative to options like long-term leasing. Express Drive members get unlimited miles, as well as included insurance, maintenance and roadside service, with the ability to return the car after a rental period of as little as just a week.
These 200 new EVs (all Kia vehicles for this particular deployment, Lyft tells me) will be available to Express Drive Lyft drivers in December, and the rideshare company says that this is “the largest single deployment of EVs in Colorado’s history,” and there’s good financial reasoning for the timing of Lyft’s introduction of the program — in May, Colorado Governor Jared Polis signed a bill into law that provides rental programs for rideshare operators with the same incentives that it provides consumers at the state level: as much as $5,000 per car purchased.
EV deployments of this nature have benefits across all aspects of the rideshare economy: Lower operating costs for drivers are one immediate effect, for instance, and Lyft says that it has seen costs drop between $70 to $100 for drivers on average based on existing EV fleet deployments in both Seattle and Atlanta. For cities and residents, it’s obviously beneficial in terms of lowering net emissions resulting from cars on the road. The jury is still out on whether rideshare and ride-hailing programs ultimately decrease the total number of cars on the roads, but if programs like this can speed the adoption of EVs and ensure they represent a higher percentage of the mix of vehicles that are driving around cities, that’s a net win.
Large fleets of EVs in operation also provide incentives for infrastructure operators to ensure that there’s a good charging network on the ground for these vehicles to take advantage of. That, in turn, means the infrastructure is present for consumers to take advantage of, which helps with the general EV adoption curve.
Lyft also says it’s aiming to “electrify more of the Lyft fleet each year moving forward,” so expect additional cities and fleet deployments to follow as it works on those goals.
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Ford’s all-electric SUV is officially the ‘Mustang Mach-E,’ and you can reserve one starting Nov. 17
Ford has revealed the official name of its forthcoming EV SUV, which has a Mustang lineage and will be officially revealed on November 17 in LA. The new vehicle is called the Mustang Mach-E, and following its official unveiling (hosted by Idris Elba, by the way), you’ll be able to actually sign up online and reserve one by putting down a $500 deposit.
The reservation system will include access to a limited “First Edition” set of cars, about which Ford says it will provide details during the launch event. The deposit is also fully refundable, in case you get cold feet, and people who put down deposits will later get the opportunity to actually configure their vehicle prior to delivery. During the reservation process, you also select your preferred Ford dealer, presumably for eventually picking up the car.
Ford’s teases of the vehicle so far suggest a crossover-style electric SUV, and Ford has put up some collateral material on the web with a few additional clues about what it will offer, including a targeted EPA range rating of “at least” 300 miles, and a charging rate of around 47 miles in just 10 minutes with a 150kW DC fast charger, with two years of free charging across Ford’s EV charger network included.
Below, you can see all the hints and glimpses of the car we’ve gotten from Ford so far, and you can probably fill in the gaps via imagination and reference to the existing Ford Mustang, but November 17 will finally reveal all, and we’ll definitely have coverage here on TC to satisfy your curiosity.
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UCLA now has the first zero-emission, all-electric mobile surgical instrument lab
Electrification in the automotive industry isn’t just about consumer cars: There are plenty of commercial and specialist vehicles that are prime candidates for EVs, including in the healthcare industry. Take the new UCLA mobile surgical lab developed by Winnebago, for instance — it’s a zero-emission, all-electric vehicle that will move back and forth between two UCLA campuses, collecting, sterilizing and repairing surgical instruments for the medical staff there.
Why is that even needed? The usual process is sending out surgical instruments for this kind of service by a third-party, and it’s handled in a dedicated facility at a significant annual cost. UCLA Health Center estimates that it can save as much as $750,000 per year using the EV lab from Winnebago instead.
The traveling lab can operate for around eight hours, including round-trips between the two hospital campuses, or for a total distance traveled of between 85 and 125 miles on a single charge of its battery, depending on usage. It also offers “the same level of performance, productivity and compliance” as a lab in a fixed-location building, according to Winnebago.
Aside from annual savings on operating costs, UCLA also got some discounts toward the purchase of the lab from a few grant programs, including the Hybrid and Zero-Emission Truck and and Bus Voucher Incentive Project (an admitted mouthful, but it does have its own acronym luckily — HVIP). These programs all encourage the adoption of electric vehicles through financial incentives that help defray the upfront costs, which is yet another good reason for industries like healthcare to look at EVs as a way to not only reduce costs long term, but upfront as well.
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All-electric Mini Cooper SE priced starting at $29,900 in the US
The new all-electric Mini Cooper SE, the first Mini designed from the ground up as an electric car, is going to retail in the U.S. starting at $29,900 (plus an $850 Destination and Handling fee) — before any tax incentives are applied. That puts final pricing as low as around $17,900 when you consider federal and state tax incentives, plus additional benefits that EV owners gain in certain states, including access to lanes typically reserved for high-occupancy vehicles.
BMW Group-owned Mini unveiled the Mini Cooper SE back in July, marking the company’s first foray into the purely electric category. The car provides between 146 and 168 miles of range, which is not on par with vehicles like the Tesla Model 3 obviously, but which provides a decent amount of range for around-city commuting, at a price point that’s quite a bit under what Tesla’s sedan can match, even with incentives.
The Cooper SE can manage a 0-60 mph time of 6.9 seconds, which will probably feel plenty fast and fun, too. At the base price, it’s pretty well-appointed, too, with a 6.5-inch in-dash display and Apple CarPlay compatibility, heated front seats, cruise control, auto wipers and headlights, up to 50kW DC-based fast charging and more.
With home charging at up to 7.4 kW, the car can go from empty to full in as few as four hours, but that fast-charging at compatible charging stations will net you as much as 80% charge in as few as 35 minutes for when you’re on the road. If this sounds like a good mix, you’ll be able to start buying the Mini Cooper SE in the U.S. as soon as March 2020.
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Electric vehicle charging software EV Connect raises $12 million
EV Connect, the Los Angeles-based company that sells software to manage electric vehicle charging, has raised $12 million in a Series B round led by investors Mitsui & Co. and Ecosystem Integrity Fund.
The company has raised $25 million to date.
EV Connect’s cloud-based platform has an open standard architecture that is designed to be hardware agnostic. In other words, EV Connect aims to provide a variety of hardware vendors a way to monitor, manage and maintain charging stations.
The end goal is to push the industry away from a closed and fragmented system to a more open one, according to EV Connect CEO and founder Jordan Ramer.
EV Connect has a two-tiered approach. The company provides and manages 1,000 electric vehicle charging sites through its EV Connect network. EV Connect has a smartphone app to give drivers of electric vehicles real-time access to charging station status.
Its also sells a cloud-based software platform that businesses can customize. Clients include Yahoo!, Marriott, Hilton, Western Digital, Los Angeles Metropolitan Transportation Authority and New York Power Authority.
As part of the round, Mitsui and EV Connect have agreed to develop new business models around EV charging infrastructure. EV Connect plans to work with Mitsui on various applications of EV charging to lower the cost of charging and maximize its utilization, including fleet and energy management solutions, Ramer elaborated to TechCrunch in an emailed response.
“We strongly believe that EV Connect’s infrastructure management technology accelerates the electric vehicle revolution in the energy and power industry where Mitsui has many assets and access to partners,” Kazumasa Nakai, the COO of Mitsui’s infrastructure projects business unit, said in a statement. “Our unique engineering capabilities, in conjunction with EV Connect’s cloud-based EV infrastructure, will enable us to develop new business models to solve the challenges EV infrastructure currently pose for energy management companies.”
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