In other news, Chinese firm Pony AI aims to raise around $260 million through its public listing on the U.S. stock market, while several other tech and mobility companies, including Ample, Class8, Ecolectro, and ePlane, have raised significant funding. Meanwhile, Cruise has admitted to submitting a false report to influence a federal investigation into a safety incident last year, and Hyundai has revealed a new three-row SUV, the Ioniq 9, expected to launch in the U.S. in spring 2025.
Key takeaways:
- President-elect Trump has named former Wisconsin Rep. Sean Duffy as the next secretary of transportation. Duffy will oversee an annual budget of about $107 billion and a range of issues that will touch the tech world, including fuel efficiency standards, advanced driver assistance technologies, and autonomous vehicles.
- Chinese firm Pony AI is aiming to raise around $260 million in its public offering on the U.S. stock market, selling as many as 20 million American depository shares. This is a reduction from its previous target of $425 million.
- Autonomous vehicle company Cruise admitted to submitting a false report with the goal of influencing a federal investigation into a safety incident last year, agreeing to pay a $500,000 criminal fine as part of a deferred prosecution agreement.
- Electric vehicle company Hyundai revealed the new Ioniq 9, a three-row SUV expected to come to the U.S. in the spring of 2025. Meanwhile, Ford agreed to pay a $165 million penalty to federal regulators after moving too slowly to recall vehicles with faulty rearview cameras.