Hyundai has agreed to spend nearly $ 1 billion on Motional, an investment that will give the automaker a majority stake while providing the self-driving startup with the necessary capital to keep operating. The Korean automaker invested $ 475 million directly into Motional as part of a broader deal that includes buying out joint venture […]
Hyundai-backed Motional buys time with a bridge loan
Autonomous vehicle technology startup Motional has secured a bridge loan that provides a temporary financial reprieve as the company searches for a longer-term source of funding, TechCrunch has learned. Motional CEO Karl Iagnemma told staff in a companywide email viewed by TechCrunch that the company’s board of directors approved the bridge financing. “As I’ve previously […]
Motional loses a backer, another micromobility bankruptcy and a mobility startup unicorn is born
TechCrunch Mobility is a weekly newsletter dedicated to all things transportation. Sign up here — just click TechCrunch Mobility — to receive the newsletter every weekend in your inbox. Subscribe for free. Welcome back to TechCrunch Mobility – your central hub for news and insights on the future of transportation. This week, read about autonomous vehicle company […]
Autonomous vehicle company Motional is about to lose a key backer
Autonomous vehicle company Motional is losing capital support from one of its primary backers as it aims to commercialize a robotaxi service in 2024. Automotive supplier Aptiv — the other half of a $ 4 billion joint venture with Hyundai that created Motional — said Wednesday it will no longer allocate capital toward the endeavor. […]