In investment news, Zeekr Intelligent Technology Holding, a Chinese EV brand, raised $441 million by selling 21 million shares at $21 per share. Despite the ongoing trade war with China and softening EV demand, Zeekr's shares increased by 38% on its first day of trading on the New York Stock Exchange. Other notable deals include Uber's acquisition of Foodpanda for $950 million and the $150 million raised by the Bot Company, a robotics startup focused on household chores. In other news, Cruise has reportedly settled a lawsuit with a pedestrian hit by one of its robotaxis for between $8 million and $12 million, and Tesla continues to cut jobs, with the latest round affecting 601 workers in California.
Key takeaways:
- Roborace, the autonomous vehicle racing series that never was, appears to have officially ended as the domain roborace.com is up for sale.
- Autonomous vehicle company Motional has reportedly laid off more than 550 employees, or about 40% of its workforce, affecting various departments including product, safety, cybersecurity, and legal teams.
- Zeekr Intelligent Technology Holding, the Chinese EV brand under China’s Geely Holdings, raised $441 million by selling 21 million shares at $21 per share, despite potential tariffs on Chinese EVs.
- Uber has agreed to buy Foodpanda, the Taiwan unit of Delivery Hero, for $950 million in cash and will take a stake in Delivery Hero through the purchase of $300 million newly issued ordinary shares.