Tesla’s profits decline, Fisker stalls, and California cities compete for autonomous vehicle control

Tesla’s recent earnings report has left investors and analysts with mixed feelings as the company faces challenges in maintaining profitability and updating its vehicle lineup. Despite enjoying profitability since 2020, Tesla saw a 55% year-over-year drop in profits and is in need of new revenue sources. CEO Elon Musk has hinted at launching multiple cheaper EV models by 2025, with a focus on automated driving capabilities and a robotaxi network.

In a surprising move, high-profile Tesla executive Drew Baglino sold over $181 million worth of shares, sparking speculation about his departure from the company. Meanwhile, Valeo CTO Geoffrey Bouquot announced his departure from the French car parts supplier, signaling a shift in the EV and automated driving space.

On the funding front, several companies in the mobility sector secured significant investments. Chemix, a company specializing in AI-driven EV battery development, raised $20 million in a Series A round, while LanzaJet received an undisclosed investment from Microsoft’s Climate Innovation Fund. Outpost, Radical, Solera, and Stark Future also secured funding for their respective projects in the mobility industry.

In other news, the National Highway Traffic Safety Administration closed an investigation into Tesla’s Autopilot system, citing concerns about driver engagement. Faraday Future faces potential delisting from the Nasdaq Capital Market, while Fisker plans layoffs and potential bankruptcy protection. Mercedes unveiled its all-electric G-Class, and Rivian offers discounts on EVs for customers trading in gas-powered vehicles.

Overall, the future of mobility is evolving rapidly, with companies like Tesla, Valeo, and others making strategic moves to stay ahead in the competitive market. Stay tuned for more updates on the latest developments in the mobility industry.