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UK start-up Wayve secures over $1bn to further progress its AI tech for self-driving vehicles.

Substantial investment in artificial intelligence (AI) start-up Wayve marks Europe’s largest AI funding deal to date and “anchors the UK’s position as an AI superpower”.

The $1.05bn funding round, which includes investment from SoftBank Group as well as Nvidia and Microsoft, will enable the British company Wayve to develop and launch the first “embodied AI” technology for self-driving vehicles in the UK.

The start-up, which has previously received funding from big name investors including Microsoft, Virgin and Baillie Gifford, was founded in 2017 with the aim of reimagining mobility through embodied intelligence.

Rather than launching its own fleet of vehicles, Wayve’s approach is to partner with carmakers to integrate its embodied AI system into their existing vehicles. According to the company, deploying such a scalable and financially viable AI-driven solution will accelerate the transition from driver assistance systems to full autonomy.

This latest investment will give this approach a boost. As Kendall said: “With the support of visionary investors and strategic partners, we are poised to accelerate our embodied AI product.

“Our collaboration with Microsoft and Nvidia, leveraging Microsoft Azure to scale our AI models and advanced embedded computing platforms like Nvidia Drive Orin and Thor, underscores our commitment to leading the AI-driven transformation in automotive technology.”

This investment deal is significant for the UK, which has ambitions of being a world leader in the AI sector. Prime Minister Rishi Sunak said: “The fact that a homegrown British company has secured the biggest investment yet in a UK AI start-up is a testament to our leadership in this industry.

https://eandt.theiet.org/2024/05/07/british-start-wayve-secures-over-1bn-further-progress-its-ai-tech-self-driving-vehicles

Do consumers want driverless cars?

The experience is magical when you sit in it and try it. It’s pretty clear the errors humans make while driving, and the stress it causes. This technology can really evolve. The key thing is that we need to deploy it responsibly, so making sure we have the appropriate driver-monitoring systems that mean it’s not misused.

A Self-Driving Splash

Self-driving vehicle development has had no shortage of setbacks in recent years.

Uber sold off its driverless car division after a fatal crash it never recovered from. Argo AI, the startup Ford and Volkswagen had each seeded with billions of dollars, folded after its backers lost patience with how long it was going to take to commercialize the technology. General Motors’ Cruise is crawling back from a crisis precipitated by one of its cars running over and dragging a pedestrian.

So the news that Wayve, a UK self-driving startup founded in 2017, has raised $1.05 billion from high-profile investors including SoftBank, Microsoft and Nvidia is a welcome boost for the sector. It also underscores the extent to which investors can’t get enough of all things artificial intelligence.

https://www.bloomberg.com/news/newsletters/2024-05-07/softbank-backed-self-driving-ceo-says-tesla-is-taking-after-him

Tesla has until July 1 to comply with the data request about its Autopilot recall.

The federal government has given Tesla quite the homework assignment. The electric automaker has until July 1 to reply to a massive data request from the National Highway Traffic Safety Administration, which is investigating the efficacy of Tesla's massive Autopilot recall, following at least 20 crashes post-recall.

Tesla decided to recall more than 2 million cars in the US—almost every vehicle it has ever sold here—in December 2023, following an engineering analysis by NHTSA that found the automaker's Autopilot driver assistance feature had inadequate driver monitoring and that Autopilot was too easily misused.

Last month, we discovered that NHTSA is not happy with the Autopilot recall. Now, the agency has made public the letter it sent Tesla this week, demanding a whole lot of answers by July 1.

Tesla also increased driver monitoring for a short while after Autopilot is engaged. It introduced one-week suspensions from enabling the system "for drivers who receive three or five forced Autopilot disengagements (depending on cabin camera availability)." Finally, it enlarged the warning alerts shown to the driver on the infotainment system.

But NHTSA says it knows of at least 20 crashes involving Tesla Autopilot that fall into three different categories. It says there have been nine cases of a Tesla having a frontal collision with another vehicle, object, or person, for which there was time for an alert driver to have avoided the crash. Another six crashes occurred when Teslas operating under Autopilot lost control and spun out or understeered into something in a low-grip environment. And five more crashes occurred when the driver inadvertently canceled the steering component of Autopilot without disengaging the adaptive cruise control.

https://arstechnica.com/cars/2024/05/nhtsa-wants-autopilot-answers-from-tesla-after-20-post-recall-crashes/

Good interview that. Very relaxed.

100% growth auto

Fleet should start growing this current year

We now in 3000 cars per day in production. Considering BMW ramp up & they make about 7000 cars per day on their own, add current other models then add VW and new models coming this year we should soon be saying remember the days when we was only in 3000 a day :)

We only just starting to scratch the surface of the potential atm....

Based on current numbers in Auto we should be hitting 2 million cars this month.

Lets hope SEE make a song and dance about it :) Once they know 2 million has been hit :)

Do we get a Paul interview after TPI Qtrs normally?

Peel Hunt reaffirmed its buy rating on Seeing Machines Ltd (AIM:SEE, OTC:SEEMF) after the advanced computer vision technology said it is on course for a cash break even in the year ahead.

Analysts cited Seeing Machines’ sequential production growth in the third quarter and “the rollout of its largest contract with the Volkswagen Group (XETRA:VOW)” as key drivers of Seeing Machines’ investment thesis

Peel Hunt anticipates further production increases in the fourth quarter “as it expands the market reach of its leading cabin monitoring technology, utilising a single camera in the rear-view mirror across more models”.

“The number of monitoring connections has increased to 59,706, in line with our expectations,” added the broker.

Peel Hunt gave the stock a 12p price target. Shares flew 14% higher on Tuesday following publication of Seeing Machines’ third-quarter results.

https://www.proactiveinvestors.co.uk/companies/news/1046968/seeing-machines-production-ramp-up-bolsters-broker-s-outlook-1046968.html

Strange that no one really mentions Fleet today and in reality its where the steady income in the background comes from.

Each Fleet contract over 6 years could be worth 50 auto in year 1 and 250 cars over 6 yrs.

So nearly 3000 new Fleet sales could be equivalent 150,000 cars in Yr 1 and 750,000 car equivalent over 6 yrs av contract. Based on $30 month monitoring and $1000-1200 hardware.

The next 2 TPIs should give a good indication on where its going in the future!

BMW’s strategic footprint in China’s automotive landscape broadens significantly with a new investment of 20 billion yuan ($2.8 billion) into its Shenyang production facility. Announced at the 2024 Beijing Motor Show, this commitment represents a profound escalation in BMW’s ambitions within the region, bringing its total investment in the site to approximately 105 billion yuan.

This substantial capital infusion targets the initiation of BMW’s Neue Klasse, an exclusively electric vehicle lineup scheduled to begin production in 2026. BMW CEO Oliver Zipse highlighted the company’s three-decade triumph in China and expressed optimism about its continued prospects in this vibrant market.

The investment will enhance the capabilities of Plant Dadong, BMW’s first manufacturing site in China, preparing it for the Neue Klasse production. Zipse noted the reciprocal advantages shared between the BMW Group and Liaoning province, home to the Shenyang facility. This strategic expenditure aims to transform the local manufacturing landscape into a more intelligent, sustainable, and efficient domain. Additionally, BMW leads a 10 billion yuan initiative for developing sixth-generation batteries at the same location.

BMW’s 2023 operations in China yielded impressive results with the delivery of 825,000 BMW and MINI vehicles, a 4.2 percent year-over-year growth and representing 32 percent of the BMW Group’s worldwide sales. Notably, the demand for pure electric models escalated, registering a 138 percent increase compared to the previous year.

https://www.autoworldjournal.com/bmw-invests-2-8-billion-in-china/

Overall, the pure electric vehicle (EV, or BEV) share of US auto sales was 6.9% in the first quarter of 2024. EV sales increased slightly compared to the first quarter of 2023, but overall auto sales increased more, so EV market share dropped from 7% to 6.9% year over year. It was also down from the 4th quarter, which had a record high 7.9% EV market share. Still, it was up from 4.5% in Q1 2022, 2.4% in Q1 2021, 1.4% in Q1 2020, and 1% in Q1 2019. Was this just a slight dip in EV market share growth? Or was it the beginning of a downward trend, or at least a leveling off? Given all of the benefits of electric cars, their ongoing cost reductions, and growing model variety, I assume this was a temporary and uncharacteristic drop in EV market share.

Looking first at auto groups, we can see that BMW Group became the #1 auto group in the nation for the share of its sales that were electric, at 13.6% share. In second was Geely, which was at 10.6% share, and then another big German luxury automaker, Mercedes, came in third with 10.1% share. And then you’ve got the third of the big German auto groups, Volkswagen Group, scoring 9.4% share. So, three of the top four auto companies were the German Big 3.

Getting to mass-market brands, the Hyundai–Kia collab had 5.1% share, a bit more than Ford Motor Company’s 4.2% share. GM was down at 3%, Nissan at 2.2%, and Toyota at a shameful 0.6%. Honda’s not even on the board.

https://cleantechnica.com/2024/05/06/cadillac-audi-bmw-now-leading-in-share-of-us-sales-being-100-electric/

Along with strong Maverick and Ranger numbers, April truck sales figures show that the Ford F-Series remains America’s number-one-selling truck.

Ford followed up a strong Q1 with positive truck sales numbers for April. It was the hybrid trucks that made the biggest gains. Ford has been selling hybrids for over twenty years, and April marked the best hybrid sales month Ford ever had. That is probably not all that surprising as Ford and other manufacturers continue to push more hybrids and EVs. And what is likely the least surprising news you will read all day, the Ford F-Series continues to be America’s number one selling truck.

Driven by the F-150 PowerBoost hybrid and Maverick hybrid models Ford sold 17,997 hybrid vehicles in April. That not only set a new monthly sales record, but it is also a staggering 59.5 percent increase over last year. The F-150 hybrid alone saw sales of 8,292 units, which is a 93.6 percent increase. That was enough to make the F-150 hybrid the number one selling full-size hybrid pickup truck. The second place Toyota Tundra hybrid trailed by 3,205 trucks. Year-to-date the F-150 hybrid is outselling the Tundra hybrid by 2,263 trucks.

The April truck sales story would not be complete without calling out how well the Maverick continues to sell. Again, it is the hybrid model that is grabbing the headlines. So far this year Ford has sold 26,061 Maverick hybrid trucks. That is an increase of 73.2 percent over the same time period last year. In April alone 6,401 Maverik hybrid trucks were sold. That is an increase of 63.5 percent over April 2023. And the Maverick is winning over buyers that previously owned other brands. 59 percent of Maverick buyers switched from another brand. The Maverick is America’s best-selling midsize pickup and 51,138 of them were sold through April. That is up 82.2 percent over the same time period last year.

https://www.ford-trucks.com/articles/f-series-trucks-are-number-1-in-april-as-ford-breaks-hybrid-sales-record/

FORD

While Ford's total sales were 3% lower compared to April 2023, sales its hybrid vehicle lineup increased 60% from the same month last year, setting a new monthly sales record, led by the F-150 PowerBoost Hybrid, which boasted a 93.6% increase in sales.

Ford said the impressive performance reflects a broader trend in consumer preference for more sustainable and versatile vehicle options. The new 2024 model of the F-150 Hybrid has particularly resonated with customers, many of whom opted for the 7.2kW Pro Power Onboard feature, which allows the truck to supply power not only to job sites and tailgate parties but also in emergency situations, such as power outages.

The best-selling hybrid pickup overall for the year, the Maverick Hybrid, sold 26,061 units in the first four months of 2024 alone. Ford said 59% of Maverick Hybrid customers are new to the brand, switching mainly from small SUVs to the smaller, more efficient pickup model.

https://www.autobodynews.com/news/automakers-report-strong-hybrid-ev-sales-in-april#:~:text=place%20Ford%27s%20170%2C302.-,Ford,a%2093.6%25%20increase%20in%20sales.

Stellantis has confirmed it is bringing nine brands to this year’s Company Car in Action (CCIA).

The fleet test driving event, which takes place at Millbrook Proving Ground on June 12-13, will enables fleet decision-makers and leasing company stakeholders to put around 200 of the latest cars and vans through their paces on four unique circuits: Alpine hill, high speed bowl, last mile delivery circuit and off-road route.

Stellantis will be bringing models from Abarth, Alfa Romeo, Citroen, DS, Fiat, Jeep, Maserati, Peugeot and Vauxhall, showcasing its expanding range of electric vehicles.

Tom Ray, B2B operations director for Stellantis said: “We are delighted to confirm Stellantis’s attendance at CCIA. It’s an important part of our fleet calendar and an opportunity for our teams to meet with our customers and partners and dynamically demonstrate our latest models and technologies.”

On some of the models Stellantis will be bringing to the show, Ray added: “We are especially excited to be introducing the all-new Peugeot E 3008 and 208, the Fiat 600, the Alfa Romeo Junior and our totally refreshed commercial vehicle range from across the Stellantis brand portfolio.”

Maserati national corporate sales and approved used manager, Howard Dalziel, commented: “Maserati is delighted to be showcasing the best in luxury performance at CCIA this year, alongside its fellow Stellantis Brands.

“With the new fully electric Folgore models of Grecale and GranTurismo now available, a Grecale Folgore will be in attendance alongside its mild hybrid Grecale counterpart, and with the sensational Maserati MC20 also on display.”

The group joins a growing list of manufacturers confirmed for this year’s show who are bringing their newest cars and vans for fleet decision-makers to test.

Away from the steering pad, CCIA also offers fleets the chance to network with major brands’ fleet teams as well as hear from expert speakers who will present on key topics in our daily seminar sessions, that this year will look at workplace electric vehicle charging and feature a panel of manufacturer fleet representatives discussing future products, BEV transition and technology developments.

Baxter

This is the warm up TPIs only. Aug release will have 3 months of vw and bmw & should start seeing gen3 start producing. On top of anything else starting.

No not on here still atm? Someone at lse had a lay in lol

https://www.voxmarkets.co.uk/rns/announcement/b5dcbfd5-060f-4b10-ab9c-5b0c1cf22054/

"It was a good collaboration of completely disparate groups coming together," John Hwang, who led the ZDX development team for Acura, told Automotive News. Hwang also worked on the Prologue, Honda's first new-era EV that is also a result of the partnership with GM.

Both the ZDX and Prologue use GM's Ultium battery-electric platform and are built at the Detroit automakers' factories – the ZDX in Spring Hill, Tenn., and the Prologue in Ramos Arizpe, Mexico.

Hands Free Cruise

The ZDX Type S offers what Acura calls Hands Free Cruise, which enables hands-free driving on 400,000 miles of roads recognizable to the GPS, with drivers remaining in control and keeping their eyes on the road.

It operates just like GM's Super Cruise, with a green light strip on the steering wheel to signal that the technology is activated. The car steers itself but nudges the driver every so often to stay alert.

Hwang said the technology seems similar to GM's because it is. It's GM's Super Cruise technology, re-badged as Acura's Hands Free Cruise, he said.

Honda is working on its own technology that will be "similar and more advanced" for its next generation of electric vehicles that use the e:Architecture platform.

It will be based on the Traffic Jam Pilot system in the Honda Legend premium sedan, which moves control of the vehicle from the driver to the vehicle under certain circumstances.

https://www.autonews.com/cars-concepts/2024-acura-zdx-ev-result-strong-general-motors-partnership?utm_campaign=aware:upr:pgv:all:always&utm_content=fed:read&utm_medium=soc-own&utm_source=LinkedIn#Echobox=1714825565-2

Steady on Baxter, posting positive news?

Be called a ramper next week ;)

Have a good Bank hol everyone, lets hope next week the results come and are looking good :)

Lets hope someones listening....

Adding the shares are undervalued at present, Stifel says the shares are worth 15p and investors should take advantage ahead of approaching European regulatory deadlines.

Seeing Machines Ltd (AIM:SEE, OTC:SEEMF) has received some good feedback for the latest contract extension for its driver-monitoring technology.

Stifel notes that the extension, until 2023, is worth US$26 million and brings the cumulative initial lifetime value of its automotive programmes to US$392 million.

Adding the shares are undervalued at present, Stifel says the shares are worth 15p and investors should take advantage ahead of approaching European regulatory deadlines.

Peel Hunt also sees the extension as underlining how the ‘initial lifetime value’ of its current order book is the minimum it can make its current partnerships.

The company is bullish that it will see a deepening of the current relationships across new models for many of its contracts.

“Overall, we view this as a positive step forward for the firm.”

Separately, Seeing Machines announced that Martin Ive, chief financial officer, has bought 107,313 shares at 4.41p and 79,478 at 4.43p.

https://www.proactiveinvestors.co.uk/companies/news/1046692/seeing-machines-contract-extension-underlines-order-book-strength-brokers-suggest-1046692.html

Baxter

Remember ive said it on here a few times. New tech/business models takes time to be understood.

Apple

Netflix

Amazon

Microsoft

Tesla

Airbnb

Apple was under $1 from 1984-2004

Only 2005 did it start taking off and 25x bagger after 7 ytrs, 33x bagger after 10yrs and now 171x bagger