Toyota has announced it will be investing an additional $500m into Joby Aviation, a California-based company developing electric air taxis. This brings Toyota’s total investment in Joby to c$894m. The funds will help Joby complete the Federal Aviation Administration’s Type 2 certification process and support the commercial production of its electric vertical take-off and landing (eVTOL) aircraft. Joby is currently in the fourth of 5 stages of this certification and aims to launch its commercial air taxi service in 2025. The investment will be made in 2 equal tranches, with the first expected to close later this year and the second in 2025. Joby has also rolled out its third aircraft from its pilot production line and is expanding its manufacturing facility in California. Toyota and Joby have been collaborating for nearly 7 years, with Toyota providing not just financial support but also sharing its production expertise.
Tata Motors is considering a Battery-as-a-Service (BaaS) model to enhance its EV sales. This model allows customers to purchase EVs without the battery, significantly reducing the upfront cost by 25-30%. Instead, customers would pay a rental fee based on their battery usage per kilometre. The BaaS option is expected to be available for models such as the Tiago, Punch, Tigor, and Nexon. The initiative aims to make EVs more affordable and address consumer concerns about battery longevity and performance. Tata Motors plans to pilot this model and will make a final decision based on the initial response. This strategy aligns with the company’s goal to maintain its domestic market leadership in the EV segment.
Arriva has announced it has placed an order of 157 new generation Citea electric buses from VDL Bus & Coach for its West Brabant concession in the Netherlands. 58 of the 157 buses will be new generation Citeas of type LE-122 and the remaining 99 buses will be type LE-135. The Citea LE-122 will be equipped with 429 kWh traction batteries, while the 99 LE-135 units will feature 368 kWh traction batteries. VDL Bus & Coach will start delivering the buses in H1 25, as the buses are pencilled in to enter service by the 6th of July in West Brabant. Interestingly Arriva provides 90% of public transport in West Brabant and this order helps them achieve their carbon dioxide neutrality goal by 2027 in that region.
The European Union has voted to impose tariffs of up to 45% on EVs imported from China, which will take effect from next month. This decision follows an investigation into Chinese subsidies for EVs, which the EU claims are unfair and harm European manufacturers. The tariffs will be in place for 5 years and are intended to level the playing field for EU carmakers. The vote saw significant division among EU member states. Countries such as France, Italy, and Poland supported the tariffs, while Germany and Hungary opposed them, fearing potential retaliation from China. Despite the opposition, the measure passed as it did not meet the threshold for blocking. China has criticised the tariffs as protectionist and warned of a possible trade war. The EU’s decision is part of a broader strategy to protect its industries from what it sees as unfair competition.
It has been a busy week for Arriva as it has announced it has secured two 12-year contracts to operate Budapest’s first electric bus fleet. Starting in late H2 25, Arriva will introduce 82 fully electric buses, with an option for 21 more. The fleet will include 58 standard and 24 articulated low-floor buses. This initiative follows the electrification of Arriva’s Andor depot, which can now service up to 150 electric buses. The new buses aim to reduce air pollution and enhance public transport in Budapest. Arriva’s success in this bid highlights its expertise in fleet decarbonisation, reinforcing its position as a leading private bus operator in Hungary.
The US Department of Energy (DOE) has offered EVgo a conditional loan guarantee of up to $1.05bn to expand its public EV charging network. This potential funding will support the deployment of approximately 7,500 high-power charging stalls at nearly 1,100 stations across the country. The initiative aims to enhance EV infrastructure, particularly in marginalised urban communities. The loan guarantee is part of the Biden-Harris Administration’s broader efforts to make EV charging more accessible and to support the goal of building a network of 500,000 publicly available EV chargers by 2030. EVgo’s new chargers will be capable of fast charging 2 EVs simultaneously and will be compatible with all new EVs. This project is expected to create over 1,000 jobs, including construction, maintenance, and support roles. It also aims to reduce carbon emissions by enabling the use of more efficient EVs. The DOE’s Loan Programs Office, which oversees this initiative, has about $70bn in loan authority for innovative clean energy projects.
Nissan has joined ChargeScape, a joint venture with BMW, Ford, and Honda, to enhance EV charging infrastructure. ChargeScape aims to integrate EVs with the power grid, offering managed charging and vehicle-to-grid (V2G) services. This collaboration will allow EV owners to pause charging during peak demand and eventually sell stored energy back to the grid. Nissan’s involvement underscores its commitment to sustainable energy solutions and will help reduce CO2 emissions by optimising the use of renewable energy. The initiative also aims to make EV charging more cost-effective for consumers.
California Governor Gavin Newsom has signed a new climate disclosure bill into law, which will come into play in 2026 for the ESG disclosure reporting. The new law requires large companies operating in California to disclose their value chain emissions and report on climate-related financial risks. This applies to companies with revenues over $1bn for Scope 1, 2, and 3 emissions, whilst those with revenues over $500 million need to disclose climate-related financial risks. Scope 3 emissions reporting will now follow a schedule set by the California Air Resources Board (CARB), and companies can consolidate reports at the parent company level. Additionally, the deadline for CARB to develop regulations has been extended by six months to July 1st, 2025. This legislation aims to enhance transparency and accountability among large businesses, potentially influencing climate reporting standards across America.
Deals
Numa, an American-based AI software provider for car dealerships, has announced it has raised $32m in a Series B funding round, led by Touring Capital and Mitsui Group. Numa leverages AI and its cloud platform to automate certain back-office functions, thus resulting in more efficient daily operations. One of the main ways this startup utilises AI is by offering a voice assistant that can field sales calls and texts from customers, which it then routes to the dealership employee best suited to provide an answer. Numa will use the capital raised to hire more AI engineers, continue its R&D efforts and accelerate its development push.
Qovoltis, a French-based intelligent recharging for EVs startup, has announced it has raised €45m in a Series B funding round, led by Épopée Gestion. This startup specialises in designing, producing, installing and managing recharging stations in France. It is aiming to optimise recharging and minimize the impact on the electricity network. The raised capital will be used to support the launch of its new smart charging station (Qobox mini) and accelerate its commercial expansion, particularly in the hospitality sector.