TechCrunch Mobility: SpaceX rockets past Tesla
Welcome back to TechCrunch Mobility, your hub for the future of transportation and now, more than ever, how AI is playing a part. To get
Welcome back to TechCrunch Mobility, your hub for the future of transportation and now, more than ever, how AI is playing a part. To get this in your inbox, sign up here for free — just click TechCrunch Mobility! I won’t spend too much time rehashing the SpaceX IPO — every media outlet, including TechCrunch, has spilled enormous amounts of digital ink on the company’s first day of trading. But there are two important data points to note for anyone who closely watches the “future of transportation” industry. As of market close Friday, SpaceX has a market cap of $2.1 trillion, rocketing past Musk’s other publicly traded company, Tesla. SpaceX is currently the sixth most valuable U.S.-listed company, behind Nvidia, Apple, Alphabet, Microsoft, and Amazon. Tesla’s market cap was $1.52 trillion as of market close. These two companies could soon become one. There have been plenty of hints and speculation. Last week, senior reporter Sean O’Kane spotted new language in SpaceX’s S-1 document that warns investors of future dilution. The additional sentence reads, “We may issue a significant amount of equity in connection with future transactions.” This isn’t a forecast of some small-scale deal; it likely means Tesla. On opening day, SpaceX president and COO Gwynne Shotwell added fuel to the speculative fire. During an interview with CNBC, Shotwell seemed open to the idea and said a merger “might make Elon’s life a little easier.” And if you do want to read more, we have conveniently packed everything together in a single spot, including stories on who wins (Elon Musk) and who might not (lower-tier SPV investors). A little bird Image Credits:Bryce Durbin Senior reporter Tim De Chant heard from a little bird who is familiar with GM and its inner workings that a “foreign supplier” is providing lithium-iron-phosphate (LFP) cells for the 2027 Chevrolet Bolt — and that the automaker currently has no plans to make LFPs for its EVs.
Previously, a Wall Street Journal report said the arrangement with the foreign supplier — identified as Chinese battery manufacturer CATL — was a temporary stopgap. De Chant heard that GM is starting production of LFP at an Ultium plant in the coming weeks, but those cells are destined for energy-storage systems made by LG Energy Solution. The automaker hasn’t yet decided whether LFP has a future in an EV beyond the Bolt. Meanwhile, EV maker Lucid Motors is going through a bit of executive-level disruption. Emad Dlala, a top executive at Lucid, has left the company just months after being to a leading role, TechCrunch has learned. Dlala’s exit is the first major executive departure since Lucid Motors named Silvio Napoli as its new CEO in April. And we hear there may be more coming. Got a tip for us? Email Kirsten Korosec at kirsten.korosec@techcrunch.com or my Signal at kkorosec.07, or email Sean O’Kane at sean.okane@techcrunch.com. Deals! Image Credits:Bryce Durbin We can officially say goodbye to the Apple car. Yeah, I know that special project was shut down in 2024. But now there is further proof that Apple has moved well beyond autonomous cars. After a tip and some document scouring, we found that Waymo acquired a massive 5,500-acre proving ground in Arizona owned by Route 14 Investment Partners LLC, a Delaware shell company associated with Apple. Waymo acquired the property for $220 million, according to the filing. The acquisition is the latest evidence that Waymo is trying to scale up its operations. Other deals that got more attention … CameraMatics, an Irish company that uses AI-powered video telematics to help make fleets safer, raised €49 million from a consortium led by U.K. investment firm Blume Equity, the Ireland Strategic Investment Fund, and Goodbody Capital Partners.
The BriefWire