Tesla boosts Luminar lidar sales while Motional puts robotaxi plans on hold

In the world of autonomous vehicles, big changes are happening at Motional, the startup created by a joint venture between Hyundai and Aptiv. Following Hyundai’s nearly $1 billion investment in Motional, the company has announced a pause in all commercial operations and a delay in the launch of its driverless taxi service to 2026. This move is aimed at focusing on core technology development while preserving capital, but it comes at a cost – with reports of hundreds of layoffs within the organization.

But the autonomous vehicle industry isn’t slowing down in terms of investments. Just a week after Hyundai’s deal with Motional, a U.K. startup called Wayve raised an impressive $1.05 billion in a Series C funding round led by SoftBank Group. Wayve, founded in 2017, is taking a self-learning approach to autonomous driving and plans to be a supplier to OEMs rather than operating its own robotaxi fleets.

In other notable deals, EnviroSpark, an EV charging company, raised $50 million, while Momenta, a Chinese autonomous vehicle tech startup backed by GM, filed confidentially for a U.S. IPO that could raise $200 to $300 million. Additionally, Zeekr Intelligent Technology Holding, a Chinese EV brand under Geely Holding, is gearing up for its IPO with shares priced between $18 and $21.

Overall, the autonomous vehicle industry is seeing both challenges and opportunities, with companies like Motional making strategic shifts while others like Wayve and Zeekr attract significant investments and prepare for public offerings. Stay tuned for more updates on the future of transportation.