Via raises $492.9M in IPO, and German automakers go on the offensive

Welcome back! Did you miss me? Yes, of people you did. There is simply a batch of “future of transportation” quality to support way of. Let’s leap in. 

It’s comeback week, and not conscionable due to the fact that I person returned from vacation. I’m talking astir the biennial IAA Mobility league successful Munich and the purposeful effort among German automakers to amusement the satellite it tin inactive connection compelling, technologically advanced, and affordable vehicles. The subtext of the splashy lawsuit that started Tuesday: “Hey, China, we’re not retired of the race.”

VW Group, Mercedes, and BMW each showcased galore caller vehicles, including electrical ones. And executives made their conflict cries: VW Group Oliver Blume struck a bullish code successful a fewer interviews with reporters and laid retired the company’s program to beryllium competitive successful China, peculiarly with EVs, a class wherever VW has lagged.

But what astir connected the location front? Chinese automakers person been pushing into Europe, and consumers person responded. The German automakers are hoping their latest products — including a caller all-electric Mercedes GLC, the BMW iX3 with its 4 “superbrain” computers, and the Volkswagen ID Polo and ID Cross conception — volition sphere and adjacent turn marketplace share. But they person immoderate enactment to do. Chinese companies similar BYD astir doubled their marketplace stock successful Europe implicit the past year, JATO Dynamics reported successful July.

One different IAA quality point of note: Rimac Technology, the tech and parts portion of Rimac Group, has developed solid-state artillery packs it says volition beryllium disposable by precocious 2027. These batteries seemingly battalion successful the vigor and tin beryllium charged from 10% to 80% successful under 10 minutes.

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A small bird

Image Credits:Bryce Durbin

Hyundai appears to inactive beryllium committed to Motional, according to 2 small birds who person shared caller concern accusation with me. 

Hyundai and Aptiv had created a associated task (called Motional) with an statement to put $4 cardinal successful the effort. Aptiv backed retired successful aboriginal 2024, leaving Hyundai to either put its ain money, find different extracurricular partners, oregon shutter the programme altogether. Hyundai opted to invest $1 billion — $475 cardinal straight into Motional arsenic portion of a broader woody that includes buying retired associated task spouse Aptiv. Hyundai agreed to walk different $448 cardinal to bargain 11% of Aptiv’s communal equity involvement successful Motional.

Now it appears Hyundai is investing much into Motional successful 2 tranches. The archetypal is being dispersed this twelvemonth and is astir $452 million. The 2nd comes adjacent year, and I’m inactive trying to nail down that amount. That archetypal fig is successful enactment with reporting from a Korean outlet. Hyundai declined (a mates of times!) to respond to my questions astir the funding. That’s beauteous emblematic for ample corporations to enactment mum. However, 1 small vertebrate who is heavy wrong the AV manufacture besides noted that Hyundai mightiness not privation to marque a large woody astir this, considering it’s besides moving with Waymo. 

In different small vertebrate chirpings, determination are 2 caller hires astatine General Motors that you mightiness find interesting. Sony Mohapatra, the erstwhile elder manager of AI compute platforms astatine Cruise, has landed arsenic manager of AI and instrumentality learning engineering astatine General Motors. And Paul Menson, who was the elder unit relationship manager of Megapack astatine Tesla, is present manager of vigor retention systems concern improvement astatine General Motors. 

Got a extremity for us? Email Kirsten Korosec at kirsten.korosec@techcrunch.com or my Signal astatine kkorosec.07, oregon Sean O’Kane at sean.okane@techcrunch.com.

Deals!

Image Credits:Bryce Durbin

Via, the transit bundle startup that garnered attraction for its consumer-facing on-demand shuttle service, has made its IPO debut. The company, arsenic I person mentioned before, has been batting astir plans for an IPO for years. 

Earlier this year, it filed confidentially for an IPO — the 2nd clip it took this step. But this time, Via took the large IPO leap. The company, which is known for its Citymapper mobile navigation app, said it sold 10.7 cardinal shares for $46 per share. In all, Via raised $492.9 cardinal astatine a $3.7 cardinal valuation. That’s conscionable somewhat supra its $3.5 cardinal valuation that it garnered backmost successful 2023 during its past task raise. 

We had to wrapper up this newsletter earlier it officially began trading, but I’ll beryllium backmost adjacent week with an update. 

Other deals that got my attraction …

Arc Boats, the Los Angeles startup founded successful 2021 by erstwhile SpaceX employees, signed a $160 cardinal contract with Curtin Maritime for caller hybrid-electric tugs, which are expected to deed the waters astir the Los Angeles larboard successful 2027. 

LeydenJar, the Netherlands-based artillery materials startup, raised €13 million ($15.2 million) successful a circular led by Extantia and Invest-NL.

Standard Fleet, a fleet absorption bundle company, raised $13 million successful a Series A circular led by Nova Threshold with information from WEX Venture Capital, SNR, Garry Tan (CEO of Y Combinator), Salil Deshpande (Uncorrelated Ventures), and Apoorv Bhargava (WeaveGrid). Returning investors included Burst Capital, Canvas Ventures, Liquid 2, Night Capital, Olive Capital, UP2398, and Danny Wen.

Notable reads and different tidbits

Image Credits:Bryce Durbin

The Federal Aviation Administration announced a new aviator program that volition fto electrical vertical takeoff and landing (eVTOL) startups trial immoderate operations earlier they person afloat regulatory certification.

Hyundai’s once-buzzy electrical aerial taxi startup Supernal is having occupation getting disconnected the ground. The institution paused enactment connected its craft program aft a rocky fewer months that saw unit cuts and the departure of its CEO and CTO, 2 radical acquainted with the substance told TechCrunch.

InDrive, the Mountain View-based startup that got its commencement successful Siberia and is known for its bidding-based ride-hailing exemplary crossed Asia and Latin America, wants to beryllium a planetary ace app. Here’s what and wherever it’s targeting.

Jaguar Land Rover said a cyberattack brought conveyance assembly lines to a standstill.

Lyft and May Mobility person launched a robotaxi work successful Atlanta, the archetypal commercialized deployment successful the 2 companies’ partnership.

Nevada’s Occupational Safety and Health Administration opened an investigation aft a Boring Company worker sustained a “crushing injury” moving connected 1 of its tunnels successful Las Vegas. Work has stopped astatine the site.

Tesla has the due licence to begin testing autonomous conveyance exertion connected nationalist roads successful Nevada. As I explicate successful this article, securing a investigating licence successful the authorities is straightforward and easy. (Just capable retired the registry form, and marque definite you person the due $5 cardinal security coverage.) Tesla volition inactive request to implicit the self-certification process to beryllium capable to rotation retired an full program. And it volition request abstracted support to run a commercialized ride-hailing service. 

Uber and Chinese autonomous conveyance startup Momenta program to commencement testing robotaxis successful Munich starting successful 2026.

The U.S. Justice Department filed a suit against Uber, accusing the ride-hailing institution of violating national instrumentality by discriminating against radical with carnal disabilities.

One much happening …

TechCrunch Disrupt 2025 is close astir the country — successful astir six weeks oregon so. And we person immoderate high-profile folks from the proscription satellite coming onto our signifier astatine the Moscone Center successful San Francisco. The event, which volition beryllium held October 27 to 29, volition see Wayve co-founder and CEO Alex Kendall, Waymo co-CEO Tekedra Mawakana, and Flexport founder and CEO Ryan Petersen. And much are coming. Stay tuned.

You tin buy tickets here. And beryllium definite to cheque retired our Startup Battlefield 200, a pretty unthinkable database of startups that volition beryllium exhibiting — and immoderate pitching connected the main stage.