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New Mobility World @IAA Commercial Vehicles 2018Hanover, September 20-27, 2018
Best of The Week

Best of the Week – CW34

By Editorial Team on August 24, 2018

Here’s a short summary of what happened in the world of mobility, logistics & transportation this week:

1. EV maker Lucid Motors in talks with Saudi Arabia for reported $1 billion funding
Saudi Arabia’s sovereign wealth fund is negotiating a more than $1 billion investment into Lucid Motors, an electric car startup that is set to challenge Tesla at the same time that the latter is headed into some very stormy investor seas.

2. Elon Musk and Tesla’s turmoil
One tweet started a cascade of reactions, which ranges from a federal investigation to the possibility of Apple or Google buying the embattled company.

3.  SoftBank Leads $300M Funding Round for Rental Car Company Getaround
Car rental company Getaround announced on Tuesday that it has closed a $300 million investment round led by SoftBank. According to Quartz, which earlier reported on the venture round, Getaround didn’t announce its valuation. In total, however, the company has raised nearly $400 million since its founding.

4. Unicorn time: Auto-insurance startup Root Insurance raises $100 million
Root Insurance, an Ohio-based car insurance startup with a tech twist, said Wednesday it has raised $100 million in a Series D funding round led by Tiger Global Management, pushing the company’s valuation to $1 billion.

5. Uber finally has a new CFO
After three years  Uber has finally filled the CFO position: Nelson Chai, previously of Merrill Lynch  and the Warranty Group, joined Uber in a key executive role necessary to move forward with the company’s plans to hold an initial public offering in 2019.

 

Image courtesy of Lucid Motors.

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