Another AV company hits the skids, Scout Motors picks a home and Teslas tepid investor day

News Summary

  • The company acquired lidar-related IP from Seagate (the data storage technology company) and launched a semiconductor company called LSI that takes the chip design companies it has acquired and puts them all under one entity and with one focus.
  • And Kumpan Electric, a German moped manufacturer, filed for bankruptcy.China-based automated driving developer iMotion Automotive Technology Suzhou Co. is considering a Hong Kong initial public offering that could raise $200 million to $300 million, Bloomberg reported, citing sources familiar.
  • The company, which says its program with Volkswagen is still on track, did see its net losses shrink year over year.
  • The company is unprofitable and doesn’t expect to reach that milestone in the next three years.Innoviz reported $6 million in revenue for 2022, about an 11% increase from 2021.
  • Meanwhile, the company said it will begin testing its autonomous Jaguar I-Paces without a human safety operator in Los Angeles in the next couple of weeks.Embark Trucks is in trouble.
  • Revenue beat analysts’ expectations by 5.2% with $61.1 million for Q4, but the company missed EPS estimates by 4.3%.
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