The article discusses the demise of various startups in the transportation and autonomous vehicle (AV) industry. Some of the companies mentioned include:
- Lilium: A German electric vertical takeoff and landing startup that shut down in October after running out of money.
- Phantom Auto: A California startup that developed a teleoperation platform for remote drivers, which shut down in March.
- Northvolt: A Swedish battery manufacturer that filed for bankruptcy in the US and saw its CEO resign.
- Fisker: An electric vehicle (EV) company that is facing significant financial challenges.
- Cruise: A self-driving car startup owned by GM, which has faced setbacks and layoffs.
The article also mentions other companies that have had issues, such as:
- Lilium’s potential sale: Despite shutting down, a consortium of investors may buy Lilium’s two subsidiaries, allowing the company to restructure.
- Vaeridion: A German startup developing electric aircraft closed a €14 million Series A round, indicating interest in the sector remains.
Reasons for these startups’ demise include:
- Financial struggles: Many companies struggled with funding and cash flow issues.
- Lack of traction: Some startups failed to gain significant market share or demonstrate their technology’s viability.
- Pivots and shifts: Companies attempted to adapt to changing markets, but ultimately were unable to recover.
The article concludes that the transportation and AV industry is facing turbulence, with many startups struggling to survive amidst intense competition and rapidly evolving technological landscapes.
