Table of contents

• Key takeaways
• Funding
• Partnerships
• Product updates
• M&As
• Regulations
• Value chain
• Appendices

Key takeaways

• Funding
  • Mega rounds cooled down after four heavy quarters: The Passenger Mobility Tech space raised USD 2.7 billion over 15 rounds, significantly lower than ~USD 7 billion raised in Q1 2024 and Q2 2023. This was due to the absence of mega rounds mainly in the EV Economy sector. The funding decline in EVs seems to have been compounded by challenges in the market, with EV maker Fisker filing for bankruptcy during the quarter.
  • Smart Mobility Information and Passenger eVTOL Aircraft sectors also experienced notable declines in investment in Q2. Conversely, Auto Tech and Shared Mobility saw YoY increases, driven by major investments in Wayve and BlaBlaCar, respectively. 

• Partnerships
  • Renault entered into autonomous passenger vehicles, while other players focused on AI integrations: Renault introduced a Level 4 autonomous minibus tailored for public transport in partnership with tech providers (including EasyMile, Milla, and WeRide). Most other partnerships focused on developing safety and driving assist tools, with an emphasis on intelligent driving solutions using AI and other advanced technologies. The most notable deals included Mercedes-Benz, Toyota, Cherry, and BMW.
  • The expansion and enhancement of charging infrastructure continued:  Notable collaborations in the EV Economy included automakers teaming up with third parties to expand EV charging networks (e.g., Toyota and Tata Motors) or access existing networks (e.g., Vinfast and NIO). Passenger eVTOL Aircraft startups also concentrated on infrastructure building, while many continued receiving eVTOL aircraft orders.
  • Northvolt faced a big setback: BMW canceled its EV battery cell purchasing agreement with Northvolt due to the latter’s inability to deliver the batteries on schedule. BMW intended to use Northvolt's cells for its fifth-generation batteries, which were originally scheduled for production in 2024. Now the order will be fulfilled by Samsung SDI, with BMW and Northvolt continuing their relationship, with the latter planning to supply the next-generation battery cells that BMW needs for its Vision New Class EVs.

• Product updates
  • Autonomous vehicle makers updated technologies and continued testing in new geographies: Autonomous vehicle tech companies like Amazon’s Zoox, Waymo, and General Motors’ (GM’s) Cruise continued to expand their testing efforts to different geographies while further upgrading the technology. Waymo remains at the forefront, advancing its commercial driverless taxi service with recent expansions into San Francisco and Los Angeles. Some companies including Helm.ai and Wayve introduced testing and validation features for advanced driver assistance systems (ADAS) and autonomous driving tech development. Nevertheless, persistent business closures and launch delays highlighted the enduring challenges within the sector.
  • EV updates centered on investments in unit production and developing new battery technologies: Major automakers like Toyota and Honda are investing in EV manufacturing facilities, while Ford commenced mass production of an EV. Meanwhile, Automotive Cells Company (ACC) and CATL were actively looking to introduce more efficient and cost-effective battery technologies.
  • The Passenger eVTOL Aircraft industry saw new products, continued product testings, and initiatives directed at enhancing production capacities: These developments were marked by aircraft unveilings by Sirius Aviation and Supernal LLC, Archer Aviation’s successful flight test in California, and Lilium’s potential investment in large-scale production in France.

• M&As
  • Hyundai backed Motional to prevent its collapse; Wisk Aero nabbed a startup to enhance software security: Only two notable M&A deals took place and were both related to the Auto Tech and Passenger eVTOL Aircraft industries: 1) Hyundai acquired self-driving tech company Motional, resulting in Hyundai controlling 85% of Motional (May 2024), and 2) Wisk Aero acquired Verocel, a software verification and validation company (June 2024).

• Regulations
  • Regulations and approvals to facilitate safer autonomous vehicle and eVTOL aircraft deployments: Recent developments include new legislative actions in the UK and California, vetoes in Kentucky, investigations into industry leaders (Waymo and Zoox), and strategic moves by Chinese firms (Pony.ai and Momenta) amidst geopolitical tensions. Meanwhile, companies worldwide secured approvals for eVTOL deployments (Archer Air, Archer Aviation, and EHang), with notable progress in the US and China. 
  • The US Government injected funds to strengthen the EV ecosystem: In May 2024, the US opened applications for a USD 1.3 billion funding opportunity for EV charging and alternative fueling infrastructure in urban and rural communities and along designated highways, interstates, and major roadways.

• Outlook
  • Autonomous vehicles steadily moving toward commercialization: The growing involvement of active incumbents including Alphabet, GM, and Amazon in autonomous vehicle technologies signals a promising outlook for future large-scale commercial deployments. This is evidenced by product updates, such as testing vehicles in diverse geographies, weather conditions, and driving scenarios (e.g., Zoox, Waymo, and Cruise) and partnerships focused on developing and deploying autonomous vehicles. These efforts are crucial for building public trust in the technology, which remains a significant challenge, as fear of self-driving vehicles has increased in recent years (66% of the US population feared autonomous vehicles in 2024, up from 55% in 2022). We believe that strengthening regulations in the US (e.g., California) should help gain public trust in the long run. The trend of developing intelligent driving solutions using AI and other advanced technologies is expected to continue, resulting in more advanced driver assistance systems. 
  • The Passenger eVTOL Aircraft industry also marching toward commercialization: The industry benefits from regulators setting the environment, companies securing permits and aircraft orders, and several other partnerships with infrastructure providers, all indicating positive signs for commercialization in the future. Consumer sentiment also remains positive, with ~75% of consumers willing to try out the technology within a year of its arrival.
  • Development of EV charging infrastructure and affordable EVs to continue: Public EV charging remains a pain point due to various incompatible charger types, variable charging speeds, and complex payment systems. Additionally, the limited availability of fast chargers and the prevalence of technical issues further complicate the user experience. Therefore, for the electric vehicle industry to accelerate, charging infrastructure must become standardized and broadly accessible. Consequently, it is likely that infrastructure providers and EV manufacturers continue to form partnerships and invest in charging solutions, as evidenced by trends in recent quarters (e.g., Toyota, Tata Motors, Vinfast, and NIO). High prices of EVs are also a significant barrier for consumers. This could be addressed by companies continuing to innovate, particularly through developing low-cost batteries, thereby enhancing EV adoption rates.
  • Smart Mobility Information to see growing demand to improve public transit: The Smart Mobility Information industry is poised for significant advancements, emphasizing improving public transit data analytics (e.g., Optibus and Panasonic). These developments highlight a future where enhanced advanced mobility solutions contribute to safer and more efficient transportation networks.

Funding: Investment dips to lowest in two years; EV players secure less funding

Analyst Take: Funds raised in Q2 2024 declined 67.9% YoY to USD 2.7 billion, the lowest in two years, reversing a trend of three straight quarters of YoY growth. This was largely due to a major decline in funds raised by EV players this quarter and the outliers in Q2 2023—Lucid Motors and Vinfast, both from the EV Economy industry, secured financing in mega rounds last year. The funding decline in EVs may have been compounded by challenges in the market, with EV maker Fisker filing for bankruptcy during the quarter. However, excluding the impact of the EV Economy, funding rose 15.7% YoY, driven by the Auto Tech and Shared Mobility Information industries.

Passenger mobility tech sector Q1 2024 funding summary

• In Q2 2024, funding in the Passenger Mobility Tech space declined by 67.9% YoY to USD 2.7 billion, with the number of funding rounds falling to 15 (USD 8.3 billion across 43 funding rounds in Q2 2023). The decline was due to a major fall in funding raised by EV Economy industry players (down 82.5% YoY to USD 1.2 billion), owing to the absence of mega rounds during Q2 2024 (vs. Lucid Motors and Vinfast’s USD 3 billion and USD 1.5 billion fundraisings in Q2 2023, respectively). The industry also witnessed a decline in rounds, which could be due to challenges such as competition, market saturation, and economic pressures.

• Excluding the impact of the EV Economy, however, funding expanded (up 15.7% YoY), with Auto Tech and Shared Mobility Information industry players raising higher amounts (up 83.1% YoY to USD 1.1 billion and up 3.9x YoY to USD 0.11 billion, respectively). This was largely driven by two rounds—Wayve raising USD 1 billion (Auto Tech) and BlaBlaCar raising USD 108 million (Shared Mobility Information).

• The overall average deal size for Q2 2024 dropped by 7.9% YoY to USD 176.9 million, amidst declining average deal values of Smart Mobility Information (down 90.5% YoY), Passenger eVTOL Aircraft (down 33.9% YoY), and EV Economy (down 12.7% YoY), partially offset by the increases coming from Auto Tech (up 5x YoY) and Shared Mobility (up 7.7x YoY) industries.

• During the quarter, we saw a notable decline in the average size of seed, early (Series A and B), and other funding rounds (e.g., post-IPO equity, debt financing, etc.). However, the average deal size of growth-stage funding increased by 2.1x to USD 376 million. Meanwhile, growth-stage (Series C and beyond) funding was also more popular, accounting for 56.8% of total funds raised in Q2 2024 (up from just 11% in Q2 2023).

• Besides Wayve’s funding, Rivian’s USD 827 million grant received from the State of Illinois to expand operations at its manufacturing facility in Normal, Illinois, was the next largest fund injection in Passenger Mobility Tech during Q2 2024. Notably, the top 10 funding rounds for Q2 2024 had a combined value of USD 2.6 billion (98.7% of the funds raised during the quarter).

• Most of the top 10 rounds were in the Auto Tech, EV Economy, and Passenger eVTOL Aircraft industries. Meanwhile, Flash receiving a USD 5.8 million grant was the only funding round in the Smart Mobility Information industry.

Partnerships: Enhancing automated driving features and boosting infrastructure for EVs and eVTOLs take center stage

Analyst Take: Incumbents continued to play a key role in partnerships (45%), with Renault being the most active player, inking partnerships to launch autonomous shuttles and bring new EVs to the market. Most of the partnerships were in the Passenger eVTOL Aircraft industry, driven by companies building operational infrastructure and securing orders and deployment deals. This could be a sign of the industry moving toward commercialization, reinforced by consumer readiness, with studies indicating ~75% of consumers are willing to fly within a year of the technology's arrival.

Auto Tech partnerships were led by the safety and driving assist tools segment, with AI integrations remaining a key trend in Q2 2024 as well, as automakers increasingly partnered with tech companies to update their ADAS features with AI integrations (such deals in Q1 2024 included Bosch partnering with Microsft and Tesla with OpenAI). Most of the partnerships in the EV Economy were related to EV charging infrastructure development and improving EV charging networks to deliver better access to customers, again a continuing trend (Q1 saw Tesla, GM, TotalEngergies, BMW, and Lotus entering such partnerships).

• We observed 98 partnerships, of which 54 were driven by disruptors. In Q2 2024, automotive industry players and tech and electronic companies partnered to enhance the mobility experience for users. Most of the partnerships were in the Passenger eVTOL Aircraft (36) and Auto Tech (28) industries, with product collaborations (77) dominating the Passenger Mobility Tech sector.

• Partnerships in the Passenger eVTOL Aircraft industry centered on building operational infrastructure; many players secured orders and deployment deals
  • We observed 36 partnerships in the Passenger eVTOL Aircraft industry, 29 by disruptors. eVTOL aircraft makers partnered with third-party aviation services, airport operators, and charging infrastructure providers to develop vertiports and charging infrastructure to facilitate eventual operations. Notable deals included
    1. Deals to access/develop vertiports: i) Archer Aviation and Signature Aviation (US and beyond), ii) Skyports and Unified Aviation (global), and iii) UrbanLink Air Mobility and Ferrovial Vertiports (US)
    2. eVTOL maintenance facility deals: Eve Air Mobility partnered with Groupe ADP and Embraer (at an airport in Paris
    3. Electrified ground infrastructure building deals: Lilium and Luxaviation (Europe)
  • There were several customer partnerships to announce or reaffirm potential eVTOL aircraft orders in Q2 2024, with notable ones being
    1. Archer Aviation reaffirming the order of 200 aircraft from InterGlobe and securing an order of 50 aircraft from KakaoMobility
    2. EHang receiving orders for 50 aircraft from Xishan Tourism and 30 aircraft from Wencheng County, with the potential to purchase 270 more units
    3. Eve Air Mobility securing an order of up to 50 aircraft from AirX
    4. Lilium securing orders from UrbanLink and eVolare for up to 20 and four aircraft, respectively
    5. Crisalion Mobility partnering with iJet Aviation to supply 10 aircraft
  • Other eVTOL partnerships included 1) deploying air taxi services (e.g., Wisk Aero and Houston Airports in Greater Houston and Joby Aviation and government agencies in Abu Dhabi) and 2) concept eVTOL operations development and deployments (e.g., Airbus partnering with Avincis in Europe.)
  • eVTOL aircraft makers like Lilium and Ehang continued to expand geographic coverage via product partnerships by establishing regional headquarters in China and Abu Dhabi, respectively, to facilitate manufacturing, flight operations, and R&D efforts in the respective regions in partnership with city authorities and other parties.

• Auto Tech partnerships were led by safety and driving assist tools and autonomous passenger vehicle development
  • We observed 28 partnerships in the Auto Tech industry, 19 of which were driven by incumbents. The majority of established partnerships focused on developing safety and driving assist tools via product collaborations. Most of these partnerships were primarily related to 1) accessing intelligent driving tech solutions (e.g., Mercedes-Benz and Toyota partnering with Momenta) and 2) bringing advanced AI capabilities to ADAS (e.g., Cherry partnered with NVIDIA and BMW with Cerence).
  • Autonomous passenger vehicle developers predominantly engaged in partnerships to expand/strengthen their geographical presence. These largely included collaborating with city authorities, universities, and mobility service providers to deploy solutions. Key initiatives included 1) Beep launching an autonomous shuttle pilot in Honolulu Airport, Hawaii, and Mississippi State University; 2) May Mobility deploying an autonomous shuttle pilot in Detroit, Michigan; 3) Oxa to advance autonomous vehicle technologies in the UAE and beyond; and 4) Mobileye to conduct Level 4 autonomous shuttle tests in Germany.
  • Auto tech companies are also forming strategic customer partnerships to enhance the testing, simulation, and validation processes for autonomous vehicles and ADAS. These alliances aim to develop more refined technologies, ensuring greater reliability and efficiency in autonomous and automated driving solutions. For instance, Geely partnered with Fortellix, LeddarTech with Immervision, and Luminar Technologies collaborated with Applied Intuition for such purposes. 
  • One other major development in the Auto Tech industry was Renault entering the autonomous vehicle segment by introducing a Level 4 autonomous minibus tailored for public transport (i.e., fully autonomous vehicles limited to specific locations and/or conditions), with trials starting in Paris. This was developed in collaboration with automation technology partners like EasyMile, Milla, and WeRide. 

• EV Economy partnerships were driven by charging infrastructure, with some interest in battery and vehicle development
  • We observed 22 partnerships in the EV Economy industry, 15 of which were driven by incumbent partnerships. With EV adoption, there was a greater emphasis on EV charging infrastructure, with product collaborations of three main types.
    1. Developing new charging infrastructure to expand charging networks: i) Toyota collaborating with EVgo to deploy DC fast chargers in underserved communities in California, ii) Tata Motors’ partnership with Shell to increase EV charging infrastructure across India, iii) Evri partnering with Blink Charging to install EV charging hubs at Evri's sorting centers in the UK, and iv) ChargePoint partnering with Airbnb to offer the latter’s hosts to provide packages to purchase and install EV charging infrastructure.
    2. Increasing user access to EV charging by connecting users to existing charging networks: i) Vinfast partnering with Bosch to provide Vinfast customers access to a network of 700,000 charging points across 30 European countries and ii) NIO partnering with SAIC-GM to integrate over 10,000 NIO charging terminals into the latter’s charging network in China.
    3. Enhancing battery swapping technology as an alternative to charging: NIO via partnerships with Guangzhou Automobile Group and Lotus Cars.
  • This quarter also noticed EV launches via collaborations. Mercedes-Benz and BYD are set to introduce a sleek sedan that merges German and Chinese innovation, featuring advanced electrification and cutting-edge design. Meanwhile, Renault and Nissan are focusing on the Indian market, exploring the launch of a mid-sized EV potentially based on Renault’s "Duster," aiming to drive their EV venture in the region.
  • This quarter also saw collaborations for Li-Ion EV batteries, with most being battery supply deals. Notably, BMW partnered with Rimac Technology to secure high-voltage battery units for its product range. Hyundai and Kia teamed up with Exide Industries to locally produce EV batteries in India for the Indian EV market. However, BMW canceled its EUR 2 billion (~USD 2.2 million) deal with Northvolt for EV battery cells, reportedly due to Northvolt's inability to deliver on time. BMW intended to use Northvolt's cells for its fifth-generation batteries, which were originally scheduled for production in 2024. Now the order will be fulfilled by Samsung SDI, with BMW and Northvolt continuing their relationship, with the latter planning to supply the next-generation battery cells that BMW needs for its Vision New Class EVs. In addition, the order cancellation follows Northvolt's announcement in March 2024 of the construction of its newest battery gigafactory (with an annual production capacity of 60 GWh) in Germany, which will be operational by 2026.

• Collaborations in Smart Mobility Information revolved around road safety alerts and multimodal mobility management segments
  • The Netherlands seemed to be more active in this respect, as seen with the partnerships between HAAS Alert and Monotch as well as Hyundai and the Dutch Government, which aim to enhance safety alert systems and traffic data systems for drivers in the country.
  • Deals in the multimodal mobility management segment were also notable, with a focus on collecting and improving public transit data analytics (e.g., Optibus partnering with Swiftly and Snapper, as well as Panasonic with Utah’s Transportation Agency for similar purposes.)

Product updates: Autonomous vehicle and safety tech development at the forefront; growing momentum in EV production and battery technologies

Analyst Take: Product updates in Q2 2024 were driven by the Auto Tech and EV Economy industries, with a combined share of 90% of updates. In Auto Tech, several trends continued from the last quarter, such as 1) expanding test operations (Amazon’s Zoox), 2) product upgrades (Pony.ai, and Alphabet’s Waymo), and 3) Waymo’s continued driverless vehicle deployments. Meanwhile, we observed companies expanding autonomous vehicle testing to additional geographies more circumspectly (first testing the technology in different markets and then refining it). However, continued autonomous vehicle company closures (similar to Apple’s autonomous vehicle project shutdown in Q1) and launch delays underscore the persistent challenges facing autonomous vehicle development. EV Economy updates were driven by automakers investing in EV manufacturing and advancements in battery technologies, both of which were trends observed in the past quarter as well. This suggests a shift toward a more sustainable and efficient EV economy, with EV sales rising in the US. Meanwhile, the Passenger eVTOL Aircraft industry witnessed significant progress, with key players unveiling aircraft, consistently achieving product testing milestones, and expanding production capacities.

• We observed 26 product updates during Q2 2024 in the Passenger Mobility Tech sector. These were mostly centered on the Auto Tech (16), EV Economy (5), and Passenger eVTOL Aircraft (5) industries.

• Auto Tech updates driven by ADAS feature enhancements, expanding testing efforts, and driverless deployments
  • Observed several developments in testing, validation, and simulation efforts directed toward better-refined ADAS and autonomous vehicle technologies.
    1. Helm.ai launched “VidGen-1,” a GenAI model designed to produce realistic video sequences for autonomous driving development and validation. It also introduced a new high-fidelity virtual scenario generation model based on neural networks
    2. Wayve launched “PRISM-1,” a 4D reconstruction model that enhances the testing and training of ADAS and autonomous driving technology

• Autonomous passenger vehicle developers also deployed test vehicles in new geographies, including 1) GM’s Cruise relaunching test deployments in several cities—Phoenix (Arizona), Houston, and Dallas (Texas); 2) Amazon’s Zoox expanding testing to Austin (Texas) and Miami (Florida); and 3) Waymo commencing testing in Atlanta (Georgia).

• Waymo reported new driverless deployments in San Francisco and Los Angeles (California), where the company was commencing public commercial driverless operations, and Peninsula San Francisco (California), where the company offered driverless test rides to its employees.

• Despite several positive updates, closures and launch delays continued to reflect the challenges tech companies face in the autonomous vehicle segment. Ghost Autonomy shut down its operations and Motional delayed plans for its commercial driverless robotaxi service until 2026 and suspended current deployments.

• Passenger EV manufacturing and battery development efforts drove EV Economy product updates
  • Passenger EV manufacturing expanded during the quarter, with several companies making investments in EV manufacturing plants, including Toyota (in the US) and Honda (in Canada). Meanwhile, Ford commenced mass production of its “Explorer” EV in Germany, also underscoring the global momentum toward EV production and adoption.
  • In terms of EV batteries, key developments include 1) CATL unveiling the world's first lithium iron phosphate battery, boasting a 1,000 km (~620 miles) range and featuring 4C superfast charging, and 2) ACC noting plans to focus on more cost-effective battery technologies, which also resulted in pausing construction of its battery cell plants in Italy.

• Passenger eVTOL Aircraft saw new aircraft launches, capacity expansions, and product testing
  • There were several eVTOL aircraft launched in the market, including 1) Sirius Aviation unveiling liquid-hydrogen-powered eVTOL aircraft and 2) Supernal LLC, the Hyundai eVTOL subsidiary, announcing the upcoming debut of its S-A2 concept.
  • Lilium noted that it was in advanced discussions with the French Government to invest and expand its large-scale production capacity in Nouvelle Aquitaine, France.
  • Archer Aviation completed a transition flight test of its unmanned eVTOL at its test facility in California. It was also Archer's second full-scale transition within two years, which could lead to possible future funding.

M&As: Auto Tech and Passenger eVTOL Aircraft industries drive M&A deals; limited activity compared with last year

Analyst Take: Q2 2024 continued to see limited M&A activity, with only two notable M&A deals taking place within the Passenger Mobility Tech sector (compared with two M&A deals in Q1 2024 and seven in Q2 2023). In the Auto Tech industry, Hyundai stepped in to prevent an autonomous vehicle company from collapsing, as its co-backer cut stake and stopped funding. An eVTOL aircraft player also nabbed a startup to further enhance its eVTOLs through better software security.

• In May 2024, Hyundai invested nearly USD 1 billion in a Hyundai-Aptiv autonomous vehicle JV, Motional, gaining a majority stake. The deal involves a direct investment of USD 475 million and the purchase of additional equity for USD 448 million from its partner, Aptiv (11% stake), resulting in Hyundai controlling 85% of Motional (deal expected to be completed by Q3 2024).

• In June 2024, Wisk Aero acquired Verocel, a software verification and validation company, to improve the software security of its autonomous unmanned eVTOL aircraft.

Regulations: Lawmakers set the stage for autonomous vehicle and eVTOL deployments; government investments in EV infra to promote adoption

Analyst Take: Recent legislative moves in regions like the UK and California looked to foster a secure environment for autonomous vehicle deployment. Local challenges in California observed in Q1 2024, highlighting the tension between state-level and municipal authorities, also paved the way for local oversight of autonomous vehicle deployments. Globally, the approval of Chinese autonomous vehicle firms for US market debuts amid geopolitical tensions indicates a positive environment for autonomous and automated driving tech companies. Passenger eVTOL Aircraft players too obtained licenses and regulatory support during the quarter, indicating the drive toward commercialization. Meanwhile, continued investments in EV infrastructure by the US authorities indicate a broader commitment to transforming passenger mobility, balancing innovation with public safety and environmental sustainability.

• Regulations remained tight in the US; Chinese and US companies gained approvals despite tensions
  • The US tightened autonomous vehicle regulations as evidenced by 1) stricter regulations in California (to tighten oversight and require local policies before deployment), 2) Kentucky's Governor vetoing a bill intending to legalize autonomous vehicles, and 3) federal regulators launching investigations into Waymo and Zoox following incidents in Q2.
  • However, international developments have been relatively positive, with
    1. Chinese regulators allowing autonomous vehicle tech firms like Pony.ai and Momenta to list in the US market and Tesla getting approval to test its ADAS "Full Self-Driving (FSD)" software in Shanghai's Nanhui New City District, despite US-China tensions
    2. The UK passing the Automated Vehicles Act that set a timeline for self-driving vehicles to operate on public roads by 2026.

Notes: 1) The list contains companies offering fully autonomous/automated passenger mobility solutions covered within the Auto Tech industry; 2) Apple discontinued vehicle development in February 2024; 3) Refer Appendix 2 for more information

• Regulations and guidelines paved the way for commercialization globally; several companies obtained product certifications
  • The Federal Aviation Administration (FAA) released an advisory circular on type certification for powered-lift aircraft and a draft safety continuum identifying graduated certification levels for this particular aircraft type. The European Union Aviation Safety Agency (EASA) also released a second edition of its Special Condition for small-category VTOL aircraft (SC-VTOL). The revisions reflect current reconciliations occurring between EASA and the FAA.
  • The companies to obtain product certifications in Q2 include
    1. Archer Air, a subsidiary of Archer Aviation, received the FAA’s Part 135 Air Carrier Operator certificate, which allows the company to commence operating aircraft commercially
    2. Archer Aviation received airworthiness approval from the FAA for its forthcoming four-passenger Midnight eVTOL aircraft (signifies that an aircraft meets the approved type design and is safe for operation). This approval paves the way for Archer to pursue type certification for its new product (approval of the aircraft design and components)
    3. China-based EHang received a production certificate from the Civil Aviation Administration of China (CAAC) for its EH216-S eVTOL aircraft (signifies that the company has established a mass-production quality management system that meets the requirements of the authority).

Acronyms: Federal Aviation Administration (FAA), European Union Aviation Safety Agency (EASA), Civil Aviation Administration of China (CAAC)

• The US to fund EV charging and alternative fueling infrastructure initiatives to enhance sustainable transportation infrastructure across the country
  • In May 2024, the US opened applications for a USD 1.3 billion funding opportunity for EV charging and alternative-fueling infrastructure in urban and rural communities and along designated highways, interstates, and major roadways.

Value chain: Manufacturing and operations led by eVTOL aircraft players securing supply deals; outbound logistics driven by partnerships to strengthen Park & Go apps

Analyst Take: Manufacturing/operations efforts were central in Q2, largely driven by partnerships. The majority of the manufacturing/operations-related partnerships focused on passenger eVTOL aircraft deployments, with most of them being aircraft supply deals secured by players including Archer Aviation, EHang, Eve Air Mobility, Lilium, and Joby Aviation. Outbound logistics also saw many activities driven by partnerships in the Smart Mobility Information industry. Most of these were led by Park & Go apps like Parkopedia and ParkMobile looking to improve the driver experience with enhanced EV charging information and payment solutions. R&D efforts were also largely driven by partnerships formulated by advanced air mobility (AAM) operators and eVTOL aircraft developers, such as UrbanLink Air Mobility, Wisk Aero, Skyports, and Crisalion Mobility, looking to access and develop vertiport facilities.

Notes: 1) Comprises data from all five hubs in scope (only funding activity considered in Shared Mobility); 2) darker colors indicate greater intensity; 3) includes incumbent and disruptor activities; 4) value chain definitions are provided in Appendix 3

Source: Source: Speeda EDGE research

Appendices