First Auto Works

An inconvenient truth about electric trucks

A few days in Germany revealed an inconvenient truth about real-world applications of battery-electric and hydrogen-powered trucks. Inadequate infrastructure, a lack of drivers and traffic congestion will frustrate meaningful expansion for sometime to come.

Jolt of electric truck reality 

A visit to the aging DB Schenker freight distribution center outside Frankfurt, Germany, injected a jolt of reality about electric trucks. The near giddiness surrounding the reveal of battery-electric and...

https://www.freightwaves.com/news/truck-tech-deutschland-dispatches-edition

SPAC merger collapses for autonomous trucking software developer Plus

Hennessy Capital Acquisition Corp. and autonomous trucking software developer Plus canceled their planned SPAC merger on Monday, a breakup telegraphed in recent weeks by Hennessy’s claim that regulations from outside the United States — likely China — were too big a hurdle to clear.

The termination is effective immediately given that Monday was the “outside date” for the business combination to go into effect. It was unclear whether HCIC shareholders who invested in Hennessy’s initial public...

https://www.freightwaves.com/news/spac-merger-collapses-for-autonomous-trucking-software-developer-plus

Endangered SPAC? Public trading path for Plus could be in jeopardy

Signs are flashing red for the business combination of autonomous trucking software developer Plus getting to the finish line of its $3.3 billion SPAC merger with Hennessy Capital Acquisition Corp. V.

A Sept. 27 Securities and Exchange Commission filing by HCIC (NASDAQ: HCIC)

declares it unlikely the merger will conclude by the “outside date” of Nov. 8. Plus will not comment on the timing of the closing of the business combination.

Competitor Aurora Innovation expects to conclude its SPAC business...

https://www.freightwaves.com/news/endangered-spac-public-trading-path-for-plus-could-be-in-jeopardy

Plus delivering autonomous systems in China after equipping Amazon trucks in US

After equipping some Amazon long-haul trucks with its autonomous software in the U.S. earlier this year, autonomous trucking startup Plus is making initial deliveries to First Auto Works (FAW), China’s largest truck manufacturer and its joint venture partner.

China’s first production units are technically high-autonomy Level 4, but they have been repackaged to operate under human supervision with fewer features.

Unlike the upfitting of the software and hardware on the Amazon (NASDAQ: AMZN)...

https://www.freightwaves.com/news/plus-delivering-autonomous-systems-in-china-after-equipping-amazon-trucks-in-us

Truck Talk: Throwing shade edition

This week, Plus CEO David Liu talks about autonomous trucking in China; debating the limitations of real-world autonomous miles versus simulations; and hybrid powertrain maker Hyliion’s addition of a second secretary of transportation to its board.

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Middle Kingdom mastery

Two of the leading autonomous truck software developers compete in China — TuSimple and Plus. Only Plus generates press releases, such as its...

https://www.freightwaves.com/news/truck-talk-throwing-shade-edition

Plus completes 20-mile driverless demo on public road in China

Driverless software developer Plus is still convinced it will take billions of safety driver-monitored autonomous driving before it can remove the driver from the equation.

But, under the right circumstances, it is possible to go driverless now.

Plus recently completed a 20-mile driverless demonstration drive on the newly built Wufengshan highway in China’s Jiangsu Province near Shanghai. The startup videotaped the steering wheel moving and the unoccupied cab along with aerial shots of lane...

https://www.freightwaves.com/news/plus-completes-20-mile-driverless-demo-on-public-road-in-china

SPAC rumor mill churns over autonomous truck software developer Plus

Self-driving truck software startup Plus is reportedly in talks to merge with the same investor group that brought public electric vehicle startup Canoo Inc. (NASDAQ: GOEV), school bus maker Blue Bird Corp. (NASDAQ: BLBD) and flatbed logistics specialist Daseke Inc. (NASDAQ: DSKE).

Rumors of the Cupertino, California-based startup aligning with a special purpose acquisition company (SPAC) have circulated for months. Bloomberg reported Friday that Plus is in talks with Hennessy Capital Investment...

https://s29755.pcdn.co/news/spac-rumor-mill-churns-over-autonomous-truck-software-developer-plus

Plus money: Autonomous technology startup adds $220M to recent capital raise

Self-driving trucking technology startup Plus added $220 million to a recent capital raise, putting it on track for commercialization of its Level 4 system in China this summer.

The previously announced $200 million raised in February was led by CPE and Guotai Junan International. 

The new money is mostly from Chinese and Asian investors. Chinese funds FountainVest Partners and ClearVue Partners co-led the raise. 

Participants included Taiwan’s Quanta Computer Inc., along with existing investors...

https://s29755.pcdn.co/news/plus-money-autonomous-technology-startup-adds-220m-to-recent-capital-raise