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Saturday, February 24, 2024

Automotive-tech breakup fever is heating up

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Photograph by Beata Zawrzel/NurPhoto through Getty Photographs

It’s not you, it’s the rates of interest.

The explanations are most likely extra nuanced than that, however quite a lot of distinguished automobile tech corporations are discovering themselves within the unenviable place of being dumped by the larger corporations that they’ve relied on for funding. It’s particularly harsh when you think about we’re a couple of weeks away from Valentine’s Day.

It began earlier this week, when auto elements big Aptiv stated it was pulling funding from Motional, the robotaxi three way partnership it began with Hyundai in 2020. The explanation? Cash, after all. And the way lengthy it was taking to commercialize the expertise.

Aptiv stated it was incurring thousands and thousands of {dollars} in losses whereas ready for Motional to launch its absolutely driverless ridehail autos. The corporate…

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