TechCrunch Mobility: Bankruptcy takes out two

The transportation sector has faced significant upheaval as the year concludes with notable bankruptcies in the electric bike and lidar industries. Rad Power Bikes, known for its electric bicycles, has filed for Chapter 11 bankruptcy protection. This development comes shortly after the company signaled to its employees the possibility of shutting down operations without securing new funding. Despite this setback, a spokesperson confirmed that Rad Power will continue its operations during the bankruptcy proceedings and aims to find a buyer within the next 45 to 60 days. In a parallel situation, lidar manufacturer Luminar has also entered bankruptcy proceedings. The company’s downfall followed a series of layoffs, executive exits, and a protracted legal dispute with its primary client, Volvo. Luminar's filing indicates a plan to sell the business, including a recently negotiated deal to offload its semiconductor subsidiary. Although Luminar will maintain operations through the bankruptcy process to limit disruptions for suppliers and customers, the outlook remains bleak, with an eventual shutdown expected once the proceedings are finalized. Despite these setbacks, the year has not been devoid of innovation. The emerging robotaxi sector has seen growth, largely spurred by Waymo's rapid advancements, with companies like Zoox and Tesla also entering the fray. The upcoming year is anticipated to bring heightened competition among these firms as they vie for market share, while also facing increased scrutiny regarding safety and integration into daily life. On the electric vehicle front, automakers continue to navigate challenges. Ford recently announced it will cease production of the fully-electric F-150 Lightning, shifting focus towards hybrid and gas-powered vehicles. This change is part of a broader strategy that includes the introduction of an extended range electric vehicle version of the truck, which features a gas generator capable of recharging the battery to provide over 700 miles of range. Nevertheless, the electric vehicle market shows promise with upcoming models like Rivian’s R2 and Slate Auto’s electric truck, hinting at a future with more accessible electric options. As the year wraps up, the focus turns to the upcoming CES trade show in Las Vegas, where industry advancements will likely take center stage. The transportation landscape may be shifting, but the drive for innovation remains strong in the face of adversity.