October 23, 2020
car

Car-sharing startup Getaround raises $140 million as business recovers from pandemic low

By Tina Bellon



a view of a car going down the highway: FILE PHOTO: Cars drive underneath the Mulholland Bridge on the 405 freeway in Los Angeles, California


© Reuters/JASON REDMOND
FILE PHOTO: Cars drive underneath the Mulholland Bridge on the 405 freeway in Los Angeles, California

(Reuters) – Car-sharing company Getaround Inc on Wednesday said it has raised $140 million in additional venture capital funding at a time when its business is seeing growing demand and recovering from a collapse during the early days of the coronavirus pandemic.

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The San Francisco-based company, backed by Japan’s SoftBank Group Corp , has raised a total of nearly $600 million since it was founded more than ten years ago and in previous rounds was valued at more than $1.5 billion.

The company allows private vehicle owners to rent out their cars through Getaround’s platform on an hourly or daily basis and operates in over 100 U.S. cities and more than 170 European locations after the company acquired a local competitor in 2019.

Getaround’s business suffered

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Arrival’s Electric Vehicle Vision Gets $118 Million Boost From BlackRock

Arrival, an electric vehicle maker backed by Hyundai and Kia that’s preparing to build electric delivery vans for UPS, just raised $118 million from investment giant BlackRock
BLK
to fund small-scale factories that the U.K.-based startup says give its battery-powered models a cost advantage over competitors.

BlackRock’s investment is the biggest infusion of funds Arrival has won to date and comes days after the company said its first U.S. “microfactory” will be built in South Carolina. The $46 million facility will be able to make as many as 1,000 electric buses a year and employ 240 people when it opens late next year. Arrival’s first microfactory, in Bicester, England, also opens in 2021.

“This additional capital will be invested into Arrival’s growth, as we deepen and

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BlackRock Bets on Electric-Vehicle Startup Arrival With $118 Million Investment

The investment values the U.K.-based manufacturer at around €3 billion, equivalent to $3.5 billion, according to a person familiar with the matter. Arrival is expected to announce the investment later Wednesday.

BlackRock, the world’s biggest money manager overseeing $7.8 trillion in assets, is joining the startup’s existing backers—auto manufacturers

Hyundai Motor Co.

and

Kia Motors Corp.

Those companies together invested a total of €100 million in January.

BlackRock is investing at the same valuation as Hyundai and Kia because it had started its negotiation around the same time as the other two investors. However, the coronavirus pandemic slowed its talks, according to the person familiar with the matter. U.S. delivery company

United Parcel Service Inc.

is also an investor but the amount it has contributed couldn’t be learned. Together, the four investors will own an undisclosed minority stake, according to the person.

The fundraising is the latest in a wave

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ZUUM Transportation Inc. – How $12.58 Million in Seed Funding Accelerates Digital Transformation in a $1.6 Trillion Industry During a Global Pandemic

IRVINE, Calif. – October 13, 2020 – ( Newswire.com )

​​​​​The challenge COVID-19 is posing to global supply chains is unprecedented, drastically impacting demand, supply, manufacturing and transportation simultaneously. These sudden changes and resulting daily freight cost fluctuations force companies to evolve. Can new logistics technology, like ZUUM’s Logistics Super Platform, funded through venture investments, help businesses survive? Will the pandemic usher in the next efficiency revolution in logistics? ​

“COVID-19 has interrupted global supply chains, leaving businesses scrambling for new ways to keep operations running. During this unprecedented crisis, finding innovative ways to help communities and businesses is more important than ever. Our recent funding is enabling ZUUM to focus on bringing new, more efficient real-time solutions to the logistics and transportation industry,” says ZUUM Transportation COO and co-founder Matt Tabatabai.

Transportation and logistics perform some of the most vital services in the industrial world. Logistics account for approximately

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LMP Automotive Holdings agrees to purchase majority stake in N.Y. dealership group for $608 million

The deal includes 20 franchises at 17 rooftops, all in New York. The Atlantic dealerships and storage facility are expected to generate an estimated $1.6 billion in revenue and $38 million in net income on an annualized basis in 2021, LMP said. The deal will be partially financed, which includes seller financing, and funded through company cash. The group will retain ownership of the real estate, which LMP will lease for five years, Staluppi Sr. said.

“It’s a good opportunity for them; it’s a good opportunity for my people,” Staluppi Sr. said. “None of my business will change. All of the employees stay in place. I’m still the boss.”

If all of the acquisitions LMP announced this year close, including Atlantic Auto Group, LMP’s 26 rooftops will represent 33 franchises: five Toyota, two Lexus, three Honda, one Subaru, six Hyundai, three Genesis, three Kia, four Chevrolet, two GMC, two Cadillac

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Virgin Hyperloop picks West Virginia for $500 million testing facility

  • Virgin Hyperloop will build a certification center and testing facility in West Virginia, the company announced Thursday.
  • The company said construction will begin in 2022, with commercial operations beginning in 2030. 
  • Virgin Hyperloop aims build a network of vacuum tubes and levitating pods that can ferry passengers at speeds north of 600 mph. 
  • Visit Business Insider’s homepage for more stories.

Virgin Hyperloop has picked the US state of West Virginia to host a $500 million certification center and test track for billionaire Richard Branson’s super high-speed travel system, the company told Reuters.

The center will be the first US regulatory proving ground for a hyperloop system designed to whisk floating pods packed with passengers and cargo through vacuum tubes at 600 miles (966 kmph) an hour or faster.

An announcement, expected on Thursday, will include a press conference with US Transportation Department Secretary Elaine Chao, Branson and US Senators from

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San Francisco Bay Area Metropolitan Transportation Commission Awards Iteris $6.9 Million Operational Services Contract


Iteris, Inc. (NASDAQ: ITI), the global leader in smart mobility infrastructure management, today announced that the Metropolitan Transportation Commission (MTC) has awarded Iteris a $6.9 million contract to provide operational services for two operations centers in the San Francisco Bay Area.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201008005036/en/

San Francisco Bay Area Metropolitan Transportation Commission Awards Iteris $6.9 Million Operational Services Contract (Photo: Business Wire)


Under the terms of the three-year agreement, which includes an option to extend for an additional four years, Iteris will provide staffing and management services to the 511 Operations Center in Oakland, California that is responsible for collecting, curating and disseminating traffic and transit information for the nine-county Bay Area region. The 511 Operations Center staff disseminate transportation information through the 511 SF Bay traveler information system, of which the 511 Phone System and Transit Data System have been

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U.S. Automotive Battery Aftermarket to be Valued at $4.2 Billion By 2025, Based on Increasing Demand For Electric Vehicle | Million Insights

“Million Insights – World’s Fastest Growing Market Research Database”

According to new report available with Million Insights, the United States automotive battery aftermarket industry research report offers complete analysis of growth driver, distribution channel, competitive landscape and scope. This enables numerous opportunities for the market players to invest in research and development.

The U.S. automotive battery aftermarket size is estimated to reach USD 4.2 billion, by 2025, and is projected to grow at a CAGR of 1.4% from 2018 to 2025, according to a new report by Million Insights. The increasing demand for electric vehicle is expected to be a key factor fostering growth of the market.

Growing trend of hybrid electric vehicle (HEV) along with increasing number of charging points is projected to bode well in the market growth during the forecast period in the report. Low running cost associated with electric vehicle when compared with conventional vehicles is

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5G in Automotive and Smart Transportation Market to Exceed a Market Valuation of US$ 9,500 Million by 2030, Says Future Market Insights in New Study

DUBAI, UAE / ACCESSWIRE / October 5, 2020 / In a recent market study by Future Market Insights (FMI) on the 5G in automotive and smart transportation market is expected to grow at a dexterous 26% CAGR throughout the estimated period, 2020-2030. Growing dependence on smart technology comprising IoT and 5G, into the transportation and automotive sectors is poised to confer lucrative revenue prospects to market players. As automotive producers leverage both the demand-side and supply-side advantages provided by the incorporation of 5G technology in automobiles, the market is slated for remarkable growth over the projected period.

However, production in the automotive sector plummeted, accordingly bringing down the automobiles sales, due to the COVID-19 pandemic. This posed a challenge for market growth, healthy growth is predicted with the relaxation of lockdown measures.

“Market players operating in the global market are focusing their efforts towards research & development exercises to discover

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North Texas Bicycle and Pedestrian Project Awarded $23.5 Million

The Regional Transportation Council recently approved $23.5 million in federal funding for construction of 12 active transportation projects in Collin, Dallas and Tarrant counties.



a close up of a sign


© Provided by NBC Dallas


The entities awarded funding will contribute $3.5 million in local match, bringing the total investment in the region’s bicycle and pedestrian facilities to $27 million as part of the 2020 Transportation Alternatives Call for Projects.

The projects will provide connections to schools and major hubs of employment in certain parts of the North Texas area for residents bicycling and walking, while increasing safety.

Data shows that during the coronavirus pandemic, as people have shifted from the office to working from home, trails across the Dallas-Fort Worth area have seen a significant increase in usage. With school underway across the region and in-person instruction an option many families have chosen, the increased emphasis on bicycling and walking could also extend to students.

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