Rivian has confirmed the finalisation of a $6.6bn loan agreement with the US Department of Energy (DOE) to aid in building its new manufacturing plant in Stanton Springs North, Georgia. This facility will bolster EV sales, create over 7,500 jobs, and ramp up production of Rivian’s upcoming R2 SUV and R3 crossover models. Construction is set to begin in 2026, with production starting in 2028. The loan includes $6bn in principal and $600m in capitalised interest, split across 2 phases of development. The facility will employ advanced construction methods and environmental management, preserving natural spaces and supporting local communities. Rivian emphasised that this loan would help accelerate the launch of the Georgia plant, providing thousands of jobs and additional capacity for Rivian's mass-market products. The Stanton Springs North site is strategically located less than an hour from Atlanta and is set to become a benchmark for modern automotive manufacturing. This investment underscores Rivian’s ambitious vision to expand its market presence and accelerate the transition to electric mobility.
BT Group has announced the UK's largest-ever commercial EV fleet order, securing c.3,500 new EVs to support its network operations. This addition will increase BT Group's fleet to c.8,000 EVs by 2026, making it the largest EV fleet holder in the UK. This move aligns with BT Group's commitment to becoming net zero by March 2031. The new EVs, sourced from Ford, Stellantis, Toyota, and Renault, will help upgrade broadband and mobile networks nationwide. BT Group's existing fleet of 4,300 EVs already contributes to reducing emissions. The company aims to become net zero for its own emissions by Q1 2031, targeting a net-zero supply chain and customer emissions by 2041. BT Group manages the second-largest commercial vehicle fleet in the UK, with over 27,000 vehicles supporting broadband and mobile network operations. The new EVs will enhance efficiency and reduce the company's carbon footprint. The company emphasised the importance of sustainability in their operations. The initiative has received government support, with the Future of Roads Minister praising BT Group's use of the plug-in van grant to facilitate the transition. BT Group has been a leader in climate action, achieving a 61% reduction in carbon emissions intensity since FY17.
New York's Midtown Bus Terminal project has secured a $1.9bn loan to support its $10bn replacement and expansion. The project aims to modernise the 73-year-old terminal to meet future commuter growth and enhance the customer experience. The new facility will include a 2.1 million square foot main terminal, a separate storage and staging building (equipped with charging capacity for electric buses), and new ramps leading in and out of the Lincoln Tunnel. The project will also create nearly 3.5 acres of publicly accessible open space, improve connectivity for pedestrians, and add new street-facing concessions and retail amenities. The terminal will feature improved facades to enhance its visual appeal. Governor Kathy Hochul and Mayor Eric Adams emphasised the project's importance for economic development and infrastructure modernisation. The city has committed 40 years of tax revenue from 3 potential new commercial developments to help fund the project. Construction of a temporary terminal and new ramps is expected to begin in 2028, with the main terminal's completion slated for 2032. This investment aims to transform the terminal into a state-of-the-art facility, reducing congestion and improving the commuter experience in Midtown Manhattan.
Hyundai Motor Group has announced it is planning a record c.$16.7bn (Won24.3tn) investment in South Korea this year to accelerate its shift to EVs amid domestic and geopolitical challenges. The Group faces tougher competition abroad, with higher tariffs expected under Donald Trump's 2nd term and sluggish domestic demand due to political instability. The investment includes Won11.5tn for R&D, focusing on electrification and connected cars, and Won12tn for upgrading EV production facilities. The remaining funds will enhance autonomous driving technology. Hyundai emphasised the need for continuous investment to overcome crises and secure future growth. The group is aiming to increase global sales by 2% to 7.4m vehicles in 2025, despite challenges from lower-cost Chinese rivals and falling overseas demand. Domestic sentiment is weak due to political chaos following President Yoon Suk Yeol's impeachment. Hyundai's EVs are eligible for US tax credits under the Inflation Reduction Act, with its $7.6bn Georgia plant producing the Ioniq electric SUV. Hyundai plans to invest $90bn globally by 2030 to expand EV and hybrid models. It also became the first carmaker to sell cars on Amazon, aiming for 30% of US sales from online platforms by 2030.
Norway leads the world in EV adoption, with EVs accounting for 88.9% of new car sales in 2024. Oslo showcases the prevalence of EVs, with nearly every other car being electric. The country, with a population of 5.5 million, is set to phase out new fossil fuel car sales, having already surpassed petrol-powered cars on the roads. The Norwegian Road Federation reports that EVs made up 88.9% of new car sales in 2024, up from 82.4% in 2023. Norway's EV revolution began in the early 1990s with tax incentives for EVs and higher taxes on petrol and diesel cars. This long-term policy support, including perks like free parking and bus lane access, has driven EV adoption. Despite being a major oil and gas producer, Norway aims for all new cars to be zero-emission by 2025. The country's wealth, renewable hydroelectric power, and strong policies have facilitated this transition. Norway's success demonstrates that other nations can adopt similar strategies, to promote EV adoption and reduce emissions.
Skoda Group has secured a contract to deliver up to 70 trolleybuses to Tallinn, Estonia. The €50m deal includes x22 18-metre 33Tr trolleybuses and x18 12-metre 32Tr trolleybuses for Aktsiaselts Tallinna Linnatransport. These vehicles will feature alternative battery drives, allowing (up to) 25km of operation without overhead lines. The contract also covers comprehensive maintenance and servicing. The new trolleybuses will have modern amenities such as air conditioning, wi-fi, and accessibility features like low floors and electric ramps. Deliveries are expected to begin in H1 2026. This initiative marks a significant step in modernising Tallinn's public transport infrastructure.
CES 2025 showcased a significant presence of self-driving cars and other transportation technologies. Autonomous vehicle technology was a major highlight this year, with companies like May Mobility, Tier IV, Waymo, and Zoox exhibiting their advancements. Zoox even offered robotaxi rides to the media. Automated driving tech extended beyond passenger vehicles, with John Deere and Kubota showcasing agricultural applications. Companies like Polymath Robotics demonstrated self-driving systems for off-road environments. The event also featured numerous products supporting automated driving and advanced driver assistance systems (ADAS), including simulation, machine learning, sensors, and data integration. Honda announced a new operating system, Asimo, for its next-gen 0 Series EVs, supporting ADAS features. Comma.ai presented its open-source driver-assistance system, which can be integrated into many modern vehicles. Vay introduced a driverless twist on car-sharing. Overall, CES 2025 highlighted the growing importance of autonomous vehicle technology and its diverse applications, indicating a promising future for transportation innovation.
The Clean Hydrogen Partnership has launched its 2025 Call for Proposals under the Horizon Europe programme, with a budget of €184.5m (c.$190m). This initiative aims to enhance the European hydrogen supply chain by funding projects focused on cost-effective green hydrogen production, hydrogen storage solutions, and scalable fuel cell systems for heavy-duty vehicles and maritime applications. The funding is allocated across several key areas: up to €80m for the Hydrogen Valleys initiative, €40m for renewable hydrogen production, €16m for hydrogen storage and distribution, €17m for transport applications, €5m for heat & power, and €6.5m for cross-cutting activities. Applications must be submitted via the EU’s Funding and Tenders portal by April 23rd, 2025. The initiative aims to expand hydrogen applications in key sectors, enhance fuel cell technologies, improve hydrogen electrolysis efficiency, and address market challenges such as reducing production costs and improving material durability and safety. This call for proposals reflects the ongoing efforts to strengthen Europe’s hydrogen infrastructure and support the transition to a sustainable energy future.
Deals
Serve Robotics, an autonomous sidewalk delivery company backed by Uber and NVIDIA, has secured an additional $80 million in funding. This funding will support the deployment of up to 2,000 delivery robots this year. The investment was raised through a direct offering of 4.2 million shares of common stock. Serve Robotics, originally a division of Postmates, focuses on zero-emission, autonomous delivery robots designed to operate in public spaces. The company aims to enhance last-mile delivery efficiency and reduce vehicle emissions. The new funding will help Serve Robotics expand its market presence across the US and further develop its AI-powered mobility platform. The company has seen significant growth, with delivery volumes increasing by over 30% month-over-month on average for the past 18 months. Serve Robotics also completed a reverse merger with Patricia Acquisition Corp, becoming a wholly owned subsidiary and changing its name to Serve Robotics, Inc. The company plans to leverage its strategic partnerships with Uber and NVIDIA to bring sustainable, autonomous delivery solutions to more customers.
Eccentric, an Indian 3D visualisation technology startup for the automotive sector, has raised $5m in its first external funding round. The pre-series A round was co-led by Exfinity Venture Partners and Arkam Ventures. Founded in 2012, Eccentric developed the One3D platform to enhance vehicle visualisation for automotive OEMs and dealerships. The platform is currently used in 3,500 dealerships worldwide and has facilitated over 200 million user interactions. The new funding will support Eccentric's efforts to expand its global presence and enhance the capabilities of One3D.
Overhaul, a supply chain visibility platform, has raised an additional $55m to help companies like Microsoft and Dyson combat supply chain theft. Overhaul leverages telemetry and data to track the location of goods and ensure compliance during transit. The platform uses AI models to detect risks and alert security operations, enabling real-time responses to potential theft. Cargo theft has been on the rise, with a 14% increase YoY in Q3 24 across the US and Canada. Overhaul's software aims to mitigate these risks by providing detailed insights into the supply chain, helping companies identify cost-saving opportunities and improve overall efficiency. The company currently serves around 350 customers, including major players like Microsoft, Dyson, and Bristol Myers Squibb. Despite facing competition from other supply chain visibility software providers like Tive, Altana, Project44, and FourKites, Overhaul continues to grow and innovate. The market for supply chain visibility software is projected to be worth c.$12.6bn by 2032. Overhaul's recent funding will further enhance its capabilities and support its mission to provide comprehensive supply chain security solutions.
Netradyne, a California-based startup specialising in AI-enabled dashcams for commercial fleets, has raised $90m in a Series D funding round, bringing its valuation to $1.35bn. The round was led by Point72 Private Investments, with participation from Qualcomm Ventures and Pavilion Capital. Netradyne's dashcams, used by major clients like Amazon, collect vehicle data and video to enhance driver safety, reducing accidents by around 50%. The devices feature inward and outward-facing cameras and use edge computing to provide real-time notifications for distracted or dangerous driving, while also rewarding good behaviour. Since its $150m Series C in 2021, Netradyne has expanded beyond North America and India to Germany, the UK, Australia, and New Zealand. The new funding will support further expansion into Ireland and Japan, as well as product improvements and go-to-market investments. Netradyne has accumulated over 18 billion miles of data, achieving 99% accuracy in alerts and 25 million better compliance scores. The company plans to invest more in generative AI to enhance its Safety Manager Assistant, an AI-powered co-pilot that uses natural language to interact with the company's portal. Netradyne aims to use its extensive data to develop foundational driving models for autonomous driving technology, focusing on edge-case scenarios.
Sarla Aviation, an Indian flying taxi startup, has secured $10m in Series A1 funding led by Accel, with participation from notable angel investors like Binny Bansal and Nikhil Kamath. The funds will accelerate the development of Sarla's hybrid-lift-and-cruise eVTOL design, which aims to offer affordable, efficient, and sustainable air mobility solutions. Sarla plans to unveil its first flying taxi prototype at the Bharat Mobility Global Expo 2025 in New Delhi, with a commercial launch targeted for 2028. The company's flying taxis are designed to carry up to 680 kg, allowing 35% more passengers per flight at significantly lower costs compared to Western competitors. Sarla also plans to launch a free air ambulance service to address urgent medical needs across India.
Harbinger, a Los Angeles-based EV startup, has raised $100m in a Series B funding round, co-led by Capricorn Investment Group and Leitmotif. Founded in 2022 by former Canoo and QuantumScape employees, Harbinger focuses on creating a modular all-electric chassis for medium-duty trucks. This hyper-focused approach has allowed the company to avoid the pitfalls that have plagued other EV startups. Harbinger's strategy includes investing in specialised tools, such as a 6,500-ton press for die-casting battery pack enclosures, which significantly reduces costs. This focus on simplicity and cost-efficiency has made their chassis more affordable from the outset, appealing to fleet company CFOs. The company plans to use the new funds to enter production and further refine its product.