Drive Shift:
Uncover the Forces Driving Change in Smart Mobility and Beyond 

The top 3 smart mobility trailblazers of the month:

The ride hailing industry joins the electric wave, robotaxis take another step towards the masses, and AI-based vehicle inspection sets a bold new standard. 

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Ride-Hailing Industry Leaps into the Electric Vehicle Revolution and Explores Uncharted Horizons

We're seeing the automotive industry start to transform as the need to switch to electric vehicles becomes a consensus among regulators and drivers alike. One of the last sectors to jump onto the EV transformation train is the ride hailing industry, with recent developments indicating a shift in this landscape. 

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Last month BluSmart, an Indian all-electric ride-hailing platform, which has a strategic partnership with Tata Motors, raised $42M, in part from the energy giant, BP. This funding, which puts the company at a market valuation of $250M, will be used for doubling its fleet to 10,000 vehicles over the next year. 

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This deal is one example of a more committed market shift. Another, occurred earlier this year when the New York City mayor ordered the two biggest ride-sharing companies, Uber and Lyft, to completely electrify their city-based fleets by 2030. 

According to the announcement, the cost of this transformation, which is projected to  impact around 100,000 vehicles, cannot be passed onto the consumer.

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With such market forces underway, Lyft and Uber (and others) are accelerating their electrification process. For example, Lyft relaunched its EV services in April (currently for businesses only) in multiple cities in the US and Uber expanded its EV premium services to more markets across the US and Canada.

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So it seems the “(electric) train speeds in one direction” and the ride hailing industry is setting things in motion. While the transformation to electrification may pose a number of challenges to the industry, it presents just as many opportunities, particularly brand loyalty among consumers. In light of consumer trends, we believe companies able to brand themselves electric will gain a competitive advantage, maintaining current riders who stress the importance of driving sustainably while encouraging those curious to try electric vehicles for the first time to take the leap! 

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Waymo and Uber Join Forces to Propel the Future of Robo-Taxis

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Alphabet's autonomous vehicle division, Waymo, and Uber, have entered into a collaborative agreement where Uber will incorporate Waymo's self-driving cars into its ride-hailing services, allowing customers to experience autonomous rides. Initially launching in Phoenix, the partnership will extend beyond transportation to include Uber Eats' delivery services as well. Waymo aims to leverage Uber's extensive expertise and broad customer base in the ride-hailing and delivery sectors, while Uber seeks to expand its range of self-driving services.This collaboration follows Uber's previous partnership with the autonomous vehicle company, Motional, in December of last year.

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The latest development comes amid consistent and unrelenting growth in the deployment of robo-taxis across the US and China. Recently Waymo’s autonomous vehicles have expanded their US-based area of services dramatically and have accumulated over 2 million no-driver miles. In addition, Cruise, the AV company owned by General Motors, has also expanded to more US cities and has lengthened operating hours. Meanwhile in China, robo-taxi providers such as Apollo Go of Baidu and Pony.ai achieved their own significant milestones.

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This progress aside, robotaxis still have a long way to go before they become mainstream. Today, robotaxis navigate in limited areas, at certain hours, and face pretty strict monitoring. In addition, most providers still cannot charge for transportation services. However, the gears are shifting and with recent technological developments, regulatory adaptation and increased public acceptance, we see a glimpse into what we believe to be the future of transportation services.

UVeye’s Impressive Fundraising Illustrates the Growth of the  AI-Powered Vehicle Inspection Field

AI and computer vision are some of the leading forces driving innovation in the automotive world. One area that has embraced these innovations is the field of vehicle inspection systems. These systems are used in the automotive industry to streamline and enhance vehicle inspection processes, leveraging digital tools and software to perform comprehensive inspections with unprecedented efficiency

In recent years, as relevant capabilities improved significantly and the potential for automakers, fleet operators, and private drivers became more clear, this digital vehicle inspection market has grown rapidly. Last month, the Israeli automated vehicle-inspection UVeye raised a $100 million Series D which joins almost $100 million raised in the years before. The company, which has partnerships spanning General Motors, Volvo Cars USA and CarMax, plans to  leverage this funding to accelerate its operations in North America.

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UVeye is not alone in this market. In recent years startups such as the Israeli Ravin AI and Click-Ins and the European ProovStation, have managed to raise significant funds and gain the trust of notable OEMs, rental and leasing companies, fleet operators, insurance companies and more.

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It feels like a safe bet to say that in the coming years we will continue to see an influx of investments and significant agreements in this field.  

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