Tesla has extended its 5-year, 0% interest loan incentive in China until November 30th. This program has yet again been extended, after initially being launched in April, allowing customers to purchase certain variants of the Model 3 sedan and Model Y with a 0% interest loan for up to 5 years. The incentive applies to the rear-wheel-drive and long-range all-wheel-drive versions of both models. This extension aims to boost sales in China’s competitive EV market, where Tesla faces increasing competition from local brands such as BYD, Nio and Zeekr. The program has been popular, with Tesla seeing strong sales figures in China, including a record (for 2024) of 63,456 vehicles sold in August. Tesla hopes to maintain its market position and attract more customers amid growing competition by continuing this incentive.
New Flyer of America, a subsidiary of NFI Group, has secured its largest order for hydrogen fuel cell electric buses, with a contract to supply 108 Xcelsior CHARGE FC 40-foot transit buses to San Mateo County Transit (SamTrans). This will help SamTrans transition to a zero-emission fleet, replacing diesel buses to meet California’s Innovative Clean Transit regulation. The funding for these buses comes from the Federal Transit Administration, California’s Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project, and local funds. This partnership, spanning nearly 35 years, has seen New Flyer deliver over 175 buses to SamTrans, including 27 zero-emission vehicles. The new hydrogen buses will support SamTrans’ goal of reducing greenhouse gas emissions and improving air quality.
The US Department of Energy has announced it has awarded $10.9m to support the Scaling Vehicle-to-Grid (V2G) Integration Nationally (SVIN) project. This initiative, in partnership with Highland Electric Fleets and 12 utility providers, aims to deploy 14 V2G pilot projects nationwide using electric school buses. V2G technology allows EVs to discharge energy back to the grid, enhancing grid flexibility, resilience, and renewable energy integration. The SVIN project will provide utilities with the data and experience needed to develop (more) commercial V2G programs. It will also create a V2G Policy and Program Toolkit to guide scalable utility program designs. The project is part of the Grid Resilience and Innovation Partnerships Program, funded by the Bipartisan Infrastructure Law. This initiative is expected to support around 778 jobs and includes sites in disadvantaged communities
Addison Lee, a London-based private taxi company, has been acquired by Singapore’s ComfortDelGro for £269.1m. The acquisition increases the Singaporean group’s presence in the UK, where it already operates services including the Megabus inter-city coach service and nearly a fifth of the London bus network through its Metroline business. The acquisition, through ComfortDelGro’s subsidiary CityFleet Networks, includes Addison Lee’s c.7,500 drivers and c.5,000 vehicles. Addison Lee has been a significant player in London’s private hire market, known for its premium service targeting business-related journeys. ComfortDelGro, which already operates Metroline buses and Westbus coaches in London, aims to leverage Addison Lee’s expertise to enhance and expand its global premium mobility segment. The acquisition will also support ComfortDelGro’s plans to electrify its fleet, aligning with Addison Lee’s ongoing efforts to transition to EVs.
Ioneer, an Australian lithium–boron producer, has received a federal permit for its Rhyolite Ridge lithium-boron mine, which could produce enough lithium to power 370,000 EVs annually. This project, the first lithium mine approved by the Biden administration, has also secured a $700m loan to help quadruple US lithium production by 2028. The US has approved the construction of a new lithium mine in Nevada, aiming to reduce reliance on Chinese supply chains for critical minerals. The Biden administration has also introduced tax breaks for miners to encourage domestic production. Despite significant lithium reserves in the US, most lithium is currently mined in Australia or South America and processed in China. The new mine and tax incentives are part of Washington’s strategy to build a domestic lithium supply chain, crucial for the EV industry. Analysts view these steps as vital for enhancing US supply chain security and reducing dependence on China.
GreenPower Motor Company has secured an order for 50 all-electric, purpose-built school buses. This order, valued at $18.5m, was awarded by the state of West Virginia under the EPA’s Clean School Bus Program. The buses, which include the Type D BEAST and Type A Nano BEAST models, will be deployed across 7 school districts in the state. This order follows a successful 9-month pilot program in West Virginia, where GreenPower’s electric buses demonstrated reliability and efficiency under diverse weather and terrain conditions. The pilot program covered 18 counties, representing one-third of the school districts in the state with more than 100 professionals driving the buses more than 32,000 miles. The new buses are expected to provide significant operational savings and reduce emissions, supporting West Virginia’s transition to cleaner transportation.
Deals
Waymo, Alphabet’s autonomous driving unit, has secured $5.6bn in a Series C funding round, led by Alphabet. Investors such as Andreessen Horowitz and Silver Lake also participated. The company will use the capital raised to expand its operations in San Francisco, Phoenix and LA, as well as establish itself in Austin and Atlanta via its recently announced partnership with Uber. Waymo also plans to increase its fleet of autonomous vehicles, improve its AI capabilities, and expand its service areas. This raise will significantly strengthen its balance sheet, and it comes at a time when Waymo faces increasing competition from other autonomous vehicle companies like Cruise and Aurora. Waymo’s goal is to create a fully autonomous, scalable, and profitable ride-hailing service that can operate without human intervention. This funding round underscores investor confidence in Waymo’s technology and its potential to revolutionise the transportation industry.
Outrider, a company specializing in autonomous yard operations, has raised $62m in a Series D funding round, led by Koch Disruptive Technologies and New Enterprise Associates. The company aims to scale its autonomous logistics yard technology. The funds will be used to enhance the company’s robotic systems, expand its customer base, and accelerate the deployment of its autonomous yard trucks. The company has already deployed its systems in several major logistics hubs and plans to use the new funding to further improve its AI capabilities and operational efficiency. This funding round highlights the growing interest and investment in autonomous logistics solutions, which are deemed to be key to improving supply chain efficiency and reducing operational costs.
BasiGo, a provider of electric buses in sub-Saharan Africa, has raised c.$42m which includes $24m in Series A equity funding and $17.5 million in debt facilities from British International Investment and the United States Development Finance Corporation. The equity round was led by Africa50, with investors such as Novastar Ventures, CFAO Kenya and Mobility54 also participating. This funding will help BasiGo hit its goal of delivering 1,000 electric buses in East Africa over the next 3 years. The funds will be used to increase manufacturing capacity at BasiGo’s electric bus assembly line in Kenya and to expand its Pay-As-You-Drive offering to new vehicle types. BasiGo plans to improve its technology platforms and scale its operations in Rwanda. This investment underscores the growing interest in sustainable transportation solutions in Africa.
Unigrid Battery, a San Diego-based startup specializing in advanced sodium-ion batteries, has received an (undisclosed) investment from LG Technology Ventures. Unigrid, a spin-out from the University of California develops sodium-ion batteries that do not contain lithium, nickel, cobalt, or copper, aiming to mitigate supply chain risks associated with lithium-based batteries. These batteries are designed for a wide range of energy storage and electric mobility applications, offering advantages such as lower cost, enhanced safety, and the ability to operate over a wider temperature range. This new funding will accelerate its product commercialisation and strengthen its industry partnerships. This investment underscores the growing interest in alternative battery technologies that can support the evolving needs of energy storage and e-mobility sectors.