TechCrunch Mobility: Elon’s admission

In recent developments from Tesla, CEO Elon Musk has revealed that millions of Tesla owners will require hardware upgrades to access the upcoming version of the Full Self-Driving (FSD) software, which aims to operate without human intervention. This announcement came during the latest earnings call, where the company's financial performance largely aligned with expectations, including a notable $1.4 billion in free cash flow. The implication of Musk's statement has sent ripples through the Tesla community, particularly among owners of Hardware 3 vehicles sold between 2019 and 2023. Many have been seeking clarity on whether their cars would support this advanced FSD version, which remains unproven and unlaunched. Musk indicated that retrofitting these vehicles would necessitate establishing microfactories in major cities to accommodate the potential influx of upgrades. This ambitious undertaking is expected to significantly impact Tesla's capital expenditures, which have ballooned to an impressive $25 billion this year. In related news, internal communications revealed that JB Straubel, a former Tesla CTO and now CEO of Redwood Materials, announced a restructuring plan that involves laying off approximately 10% of the workforce as the company pivots to enhance its energy storage sector. On the startup front, Humble Robotics, a new player in autonomous hauling, has successfully raised $24 million in seed funding. Founded by Eyal Cohen, who has a rich history with companies like Apple and Uber, Humble Robotics aims to innovate in the autonomous vehicle space, drawing attention from the Silicon Valley elite. In other notable moves, Lyft is expanding its footprint in the U.K. by acquiring Gett's ride-hailing business, enhancing its presence among London's black cab drivers. This deal, reportedly valued at $55 million, is part of Lyft's strategy to diversify its transportation offerings in Europe. Meanwhile, various startups are making headlines with significant funding rounds, including A&K Robotics, which recently secured $8 million for its autonomous airport vehicles. Additionally, Ford and Geely are reportedly discussing a potential partnership to introduce Chinese vehicles into the U.S. market, although talks appear to be stalled. As the automotive landscape evolves, the implications of these developments will be closely watched by investors and consumers alike. From Tesla's ambitious hardware upgrades to the rise of new startups, the future of transportation is undoubtedly set for exciting transformations.