60 Seconds: Chapter 11, Re-Election, and Robo-Trucks

Fisker Files for Bankruptcy

Electric vehicle maker Fisker has filed for Chapter 11 bankruptcy protection, citing market and economic challenges. Despite efforts to compete with industry leaders like Tesla, Fisker struggled due to slow EV sales and rising inflation. The company will pursue asset sales under Chapter 11. Fisker Inc. and some subsidiaries are not included in the filing, and the company is in talks for financing and asset sales.

Toyota Shareholders Re-elect Toyoda

Toyota Chairman Akio Toyoda and nine other board members were re-elected at the annual general meeting, securing support despite governance concerns and certification test scandals, thanks to record business results and firm investor backing.

GM, Wuling, and BYD: Future Plans for Electric Vehicles

• GM's Wuling: SAIC-GM-Wuling unveiled teaser images of the new Starlight S electric SUV, set to compete with BYD and Tesla. Priced around $9,700, this compact SUV follows the successful Starlight sedan.
• BYD: Chinese EV giant BYD accounted for over 40% of German EV imports through April 2024, demonstrating resilience in the European market despite new EU tariffs.
• Tesla: Tesla's RWD Model Y, priced at $35,500, remains a crucial competitor in the Chinese market. However, the Starlight S and BYD models offer more affordable alternatives, challenging Tesla's dominance.

Waabi Secures $200M in Series B Funding

Autonomous trucking startup Waabi raised $200 million in a Series B funding round led by Uber and Khosla Ventures. The Toronto-based company plans to launch fully driverless trucks by 2025 and extend its generative AI technology to humanoid and warehouse robots.

Maybe we can get Elon to dig some more tunnels?

These self-driving semi trucks need their own space. And to be sure they work properly we could put rails in the tunnel. Maybe give them a cute little horn sounds like "choo choo." We're just brain storming here.

Sign up for the Daily Push Back email at ASOTU.com for more news and our great ideas. 🚂