Maniv

#MobilityMonday: Consumer protection CARS Rule put on hold, the latest in a string of pushbacks against Big Auto Originally slated to go into effect tomorrow — July 30 — the Combating Auto Retail Scams (CARS) Rule is a framework put in place on Dec. 12, 2023, by the Federal Trade Commission (FTC) to ensure more transparency in the car buying and leasing process. On Jan. 4, the rule was iced following judicial challenges by the National Automobile Dealers Association (NADA) and the Texas Automobile Dealers Association. In April, more than 100 national and state consumer protection organizations, led by the Consumer Federation of America, sent a letter to Congress in support of upholding the CARS Rule (see https://bit.ly/3StQ573). Buying a car is stressful enough as is. Add in shady salesmanship practices trying to extract as much cash as possible from uninformed buyers, and you get a classic example of the Lemons Problem: information asymmetry between the buyer and seller of a product (see https://lnkd.in/dQKnyxJC). The CARS Rule is meant to outlaw some of the most dubious tactics, such as selling redundant warranties, misrepresenting financing options, and banning the monetization of add-ins that provide no value. Under the rule, dealers would be required to tell you the true “drive-off-the-lot price” for the vehicle. But the CARS Rule is only one example among a string of regulatory and judicial pushbacks to the automotive retail industry’s immense power, or as some might argue, stranglehold. Last week, a judge certified an antitrust class action lawsuit against CDK Global, the leading auto dealer software (see https://reut.rs/4fr0kTh). Vendors that create apps for inventory management, repair orders, warranty services and other functions for dealer management systems like CDK are seeking nearly $400M in damages. This comes a month after CDK was downed by a cyberattack impacting 15k dealerships across North America, costing almost $1B in economic losses (see https://lnkd.in/dGKM4K_2). On Friday, two US senators called on the FTC to investigate automotive OEMs for deceptively selling vehicle data (see https://bit.ly/4fmOp90). The complaint alleges that OEMs used deceptive tactics to manipulate customers into allowing their vehicle data to be sold to data brokers. All this for fairly meager sums, with Hyundai Motor Company (현대자동차) allegedly selling data from 1.7M vehicles for $1M and Honda from 97k vehicles for a grand sum of $26k. What’s clear is that trust between consumers and the automotive industry is close to rock bottom, a trendline that doesn’t bode well as the information asymmetry introduced by EVs continues to upend the car purchasing experience and associated considerations, as well as the entire aftermarket value chain. #automotive #cars #retail #dealerships #NADA #FTC #consumers #CDK #Hyundai #Honda

#MobilityMonday: 2024 Summer Olympics in Paris ushers in surcharged transit fares, traffic jams, and lots of e-mobility solutions Over 15M people will travel to Ville de Paris for this year’s Olympic and Paralympic Games, causing a tourist influx nearly 2.5 times greater than usual. In what could be the hottest Games ever weather-wise, getting around the Paris metropolitan area efficiently and safely has never been more important (see https://lnkd.in/dRwHzrPj). Some mobility-related highlights of the Games, which officially kick off this Friday, include: • Uber is offering an automatic 10% discount on rides from Paris airports over the next month and a half, as well as up to 30% off UberX shared rides (see https://lnkd.in/dHGR8YcW). • Uber subsidiary Lime has invested more than €6M to go toward adding 5k additional e-bikes to the local fleet and bringing on board more mechanical and operational support (see https://bit.ly/4bTBecE). The City is following suit, adding 10k temporary bike parking spots and adding 3k bikes to the the local Vélib' Métropole bike-sharing program (see https://lnkd.in/dHrfcJ5F). • Mapping and navigation giant TomTom has introduced the Paris Traffic Index to offer real-time data about road congestion levels on every street in the city (see https://lnkd.in/d4-5giiP). • Apple has enabled the Paris-area Navigo transit pass to be added to Apple Wallets (see https://lnkd.in/dqTidXgE). While passengers may benefit from ease of use in their virtual wallet, their physical wallet will be hurting, as the RATPgroup transit system will have surcharges of nearly 100% between July 20-September 8 (see https://bit.ly/3YeNnGi). Although too late now, life-hackers could have loaded up on pre-booked tickets at the regular fare prices before July 20. • Toyota Motor Corporation is in the final year of its 10-year sponsorship deal with the International Olympic Committee – IOC, (see https://lnkd.in/drGTFfUU). As part of its sponsorship, Toyota is providing a fleet of more than 2,650 EVs and 700 e-last mile mobility vehicles for the Games, including e-wheelchair pullers and Accessible People Movers (see https://lnkd.in/d_mrCHcH). Less popular is Toyota’s decision to name its hydrogen fuel-cell-powered Mirai as the official vehicle of the Games (see https://lnkd.in/dM79Q9xT). #Olympics #Paralympics #Paris #TomTom #Apple #RATP #Toyota #IOC Paris 2024 - Comité d'organisation des Jeux Olympiques et Paralympiques de 2024

#MobilityMonday: New Congressional bill aims to revitalize American (e-)bike manufacturing and assembly Lately, the topics of reshoring, nearshoring, and friendshoring have been dominated by the semiconductor and EV markets, but a new bill introduced by Oregon Congressman Earl Blumenauer seeks to do the same for the bike industry. The bill seeks to do so through a 10-year tariff suspension on bicycle components, a transferrable e-bike tax credit, and low-interest loans to increase production capacity (see https://lnkd.in/dJWngE_4). Fueled by COVID-19, cycling as a mode of transportation in the United States has risen in the past few years. Nationally, the annual average daily bicycle trips grew 37% during the same period and every metro area with a population of at least 500k saw at least 25% growth, with NYC reaching nearly 100% (see https://lnkd.in/dmYcqgKQ). In fact, the third best-selling electric vehicle in the US in 2023 came on two wheels. Following the Tesla Model Y and Model 3, Lectric eBikes’s XP 3.0 e-bike was the most popular electric vehicle, having sold more than 400k units between 2019-2023 (see https://bit.ly/3zI1GsA). For reference, the third best-selling electric automobile, the Chevrolet Bolt EV, sold only 62k units in 2023. But most of these bikes and e-bikes being used in America aren’t made in America. In addition to controlling the EV value chain, China has also dominated bike manufacturing, accounting for more than 90% of bike imports and sales in the US since 2000 (see https://lnkd.in/dcH9R9sM). Lectric bicycles are also assembled in China, manufactured as a white-label product fitted for the Lectric brand. In March 2023, Rep. Blumenauer also reintroduced a bill that would offer a refundable tax credit of up to $1,500 on e-bike purchases, though that bill has stalled in Congress (see https://lnkd.in/ddhWUzf2). Instead of top-down legislation, we continue to see more and more incentives for bike purchases popping up at the local level. According to Micromobility Industries' Global Incentives and Subsidy Tracker, there are 123 active rebate and tax credit programs for e-bikes at the state, county, and municipal level in the United States (see https://lnkd.in/dpjtrP7z). Although the EV tax credit is a good example of federal incentives for clean transport, it seems more likely that incentives for sustainable biking consumption and usage will continue to come from the local level as opposed to the federal. In terms of priorities for national security and the labor market, bikes just doesn't seem like the low-hanging fruit. #bicycle #bike #ebike #EV #China #imports #Lectric #Tesla

#MobilityMonday: Amid growing signal interference, the US — inventor and custodian of GPS — is lagging behind other countries The Global Positioning System (GPS) is a space-based radio-navigation system developed for the US Army in the 1970s that was freed from all civilian restrictions by the early 2000s. Today, GPS is still owned by the US Government and operated by the United States Air Force. Most notably, GPS signals are critical to modern navigation and can pinpoint any 3D position to meter-level accuracy and time to the 10-nanosecond level (https://lnkd.in/dkMvMrfe). But GPS isn’t just used for mapping and navigation; it’s also used to synchronize computer systems, which has major ramifications on financial trading, data centers, and more. For these reasons and more, the increasing disruptions to the GPS network should be of major concern. Especially in the past two years, GPS jamming and spoofing (the once-rare practice of sending false location signals making someone think they are somewhere else) have been used for both offensive and defensive purposes (see https://bit.ly/3zv1bSp). Amid the war in Ukraine, Russia has interrupted GPS services in Eastern Europe and the Baltics (see https://lnkd.in/dsHmKaNh). In Israel, the Israel Defense Forces has jammed and spoofed GPS signals to disrupt guided munitions launched by Hezbollah and Hamas (see https://lnkd.in/dSM3J-Qj). And GPS interference has major effects on the modern economy outside of military uses. In the first half of 2024, more than 60k commercial flights have been hit by spoofed GPS signals. A UK study reported that a 5-day disruption of satellite signals could cost that country alone losses of more than $6B (see https://bit.ly/3XSHPAQ). Despite these threats, GPS satellites are getting old, with many far past their intended lifespan of 8-15 years. The United States Space Force's recent request for a $77M allocation to reinforce GPS against spoofing attacks was blocked by Congress (see https://lnkd.in/d7WzMuTj) In their stead, other countries are developing their own, more sophisticated alternatives: the European Galileo system requires signal authentication and China’s Beidou system has the most satellites in orbit for a GNSS system. For better or for worse, Russia’s GLONASS system is becoming just as outdated as the US’s GPS (see https://yhoo.it/3XPun0L). Given the US Government’s dawdling when it comes to GPS upgrades, corporates and startups are increasingly developing backup capabilities that protect the integrity of global navigation and location services. Without a concerted effort by US governmental authorities to revitalize GPS and protect its usage, others will fill the void, so we should all hope they will be benevolent players. #GPS #GNSS #satellite #navigation #jamming #spoofing #NASA

Check out this interview by Oana Duma, Head of Arval Mobility Observatory, together with Zingha Lucien, Director of Strategic Advisory Services at Element Fleet Management, for the edition of the podcast from Maniv, a global company that invests in early stage technology startups that are transforming the economy of movement. 🚲   Within this interview, Oana gives us some key insights about the relationship between employees and mobility. She explains how to offer new mobility solutions to employees by many different ways which can be bikes, cars, private leases and others. With today innovations in terms of mobility, providing to employees and customers new solutions is in everyone's hands. 🙌   You can discover the complete version of podcast on the following link: https://lnkd.in/d3jcjtPu   #SustainableMobility #Arval #ArvalMobilityObservatory

🚨🎙Have you ever wondered about the secret lives of commercial vehicles? Yes, they carry our things and our friends, but what might a combined fleet of 3.2m of them have to add to the story? Oana Duma and Zingha Lucien join Anything That Moves for a journey through Arval BNP Paribas Group and Element Fleet Management’s annual Barometer Report. Why has the electrification of commercial vehicles lagged passenger vehicle electrification? For the answers to this question, what to make of telematics data, and more, have a listen: https://lnkd.in/d3jcjtPu #electricvehicles #fleet #things #friends

#MobilityMonday: Northvolt’s trials and tribulations expose the growing pains of complex, capital-intensive electrification projects Northvolt has long been the poster child of the European energy transition. Founded in 2015 by two former Tesla executives, the company currently has three battery gigafactories in operation, with another four in construction and development. In January, Northvolt secured $5B in the form of the “largest green loan raised in Europe”, bringing its total equity and debt financing to more than $15B (see https://lnkd.in/dchir9tN). On top of that, the company has received purchase orders valued at more than $55B, including BMW Group, Scania Group, Volvo Cars, and Volkswagen Group. But despite a robust financing history and order book, recent developments at Northvolt illustrate just how difficult it is to scale a battery manufacturing facility to commercial viability. On June 20, it was reported that BMW canceled a €2B order for battery cells and that Samsung SDI would step in to fill in the order (see https://lnkd.in/dnyTySwd). Just a week earlier, it was also reported that delayed EV battery cell orders caused production timelines for Scania trucks to be pushed back (see https://lnkd.in/dGxvYPZb). Northvolt isn’t alone when it comes to the growing pains of Western gigafactories. Earlier this month, ACC - Automotive Cells Company — a Mercedes-Benz Vans USA and Stellantis supplier — halted construction of two of its three planned gigafactories (see https://lnkd.in/dd_siezm). Last fall, VW’s PowerCo delayed plans for a fourth gigafactory due to sluggish EV demand (see https://lnkd.in/dvghA8S2). Although Germany approved nearly a billion dollars in state funding for a domestic Northvolt gigafactory, that pales in comparison to other state-backed gigafactory support (see https://lnkd.in/dav3b67M). CATL was founded in 2011 and is now the largest EV battery maker in the world, having benefitted from billions of dollars in Chinese state subsidies since its inception (see https://lnkd.in/d5J_cHTc). As demand for battery cells continues to grow exponentially, newer Western battery makers like Northvolt will continue to face ramp-up issues as they try to catch up with legacy incumbents like LG Energy Solution and Samsung. Billions of dollars can’t replace years of manufacturing and human capital experience, though they can certainly try and expedite the learning curve amid the Great Onshoring. #battery #gigafactory #Northvolt #EV #BMW #Scania #Volvo #Volkswagen #LG #Samsung

What an incredible evening! 🌟 Last week we partnered with Maniv, Shell Ventures, and WEX Venture Capital for our annual post MOVE: Mobility Re-imagined cocktail evening. With the terrace bathed in sun, we welcomed over 150 investors and founders, all passionate about driving innovation in mobility, climate, industrial, and enterprise tech. June is always an incredibly busy month, so it was nice to take a minute to reflect on the year to date and reconnect with old friends from across the world. This gathering was our best yet, filled with meaningful conversations, new connections, and shared visions. Importantly, the confidence and energy from all parts of the ecosystem has left us feeling excited for the future. We’re already looking forward to the next post-Move event. If you’re interested in joining, let us know! #VentureCapital #Networking #Innovation

It gives me great pleasure to let you know that at last week’s annual partnership meeting, Maniv announced the elevation of Meir Dardashti to Partner in the fund. For nearly five years, Meir has been integral to Maniv’s success and growth. He came to us with a background in corporate innovation, but rapidly mastered the peculiar universe of venture capital, along with our own special flavor of that universe, innovation around the movement of people and goods. Meir is a consummate professional, playing a key role in executing investments, closely supporting portfolio companies, and mentoring younger colleagues, but has also occasionally been known to rearchitect our office network when frustrated by latency. Meir’s initiative and entrepreneurial spirit have become a driving force within Maniv – he is the innovator behind and insightful host of Maniv’s “Anything That Moves” in-house podcast, That spirit persists in times of crisis as well; in the months after October 7, it was Meir who took the initiative to set up a breathtaking operation that ultimately procured emergency supplies for 330 communities in Israel. Meir’s most important contribution to the Maniv family, though, has been himself. He is unceasingly kind, uncommonly humble, characterized by a distinct, quite often self-deprecatory sense of humor that disarms even the most jaded executive.  In no small measure, the Maniv culture which is central to our success, is attributable to Meir’s character. Please join us in congratulating Meir on this milestone. We look forward to many more years of working with Meir in his new capacity.