Table of contents

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

Key Takeaways

• Funding
  • Mega rounds in the Auto Tech industry drove funding growth: The Passenger Mobility Tech sector raised USD 8.2 billion in Q3, up 47.5% YoY. This growth was largely led by autonomous vehicle makers (such as Waymo, which raised USD 5 billion) in Auto Tech, which used the funding to develop self-driving technology further and enhance their operations. Waymo expanded its driverless ride-hailing service to Los Angeles and Austin while opening up rides in San Francisco to all users without a waitlist. The only other industry to witness growth in funding was Smart Mobility Information (up 12.8% YoY), as opposed to EV Economy (down 51.7% YoY despite Lucid’s USD 1.5 billion deal), Passenger eVTOL Aircraft (down 44.7% YoY), and Shared Mobility (no funding).

• Partnerships
  • Auto Tech companies focused on expanding autonomous shuttle and taxi services while enhancing connected car features and safety: Providers like Beep, Oxa, and May Mobility formed partnerships to expand their reach and Uber looked to add robotaxi to its platform with Cruise, Cruise, Wayve, Waymo, and WeRide. Like Q2, GenAI integration was a key focus, with Volkswagen partnering with Google Cloud and Cerence to improve in-car infotainment. These advancements are expanding the autonomous shuttle market and enhancing user experience by improving how passengers utilize travel time, potentially impacting shuttle operations and user engagement.
  • The expansion and enhancement of charging infrastructure for EVs and eVTOLs continued: Notable collaborations in the EV Economy included automakers teaming up with third parties to expand EV charging networks (e.g., Mercedes-Benz, Toyota, GM). Passenger eVTOL Aircraft players, such as Lilium, Supernal, Wisk Aero, and EHang, also concentrated on vetiport infrastructure building. This continued trend of building EV and eVTOL infrastructure may support future adoption. Archer Aviation, Lilium, Dufour Aerospace, EHang, and Crisalion Mobility also continued receiving eVTOL aircraft orders.

• Product updates
  • Passenger eVTOL geared up for commercialization with new product launches and meeting testing milestones: As eVTOL players inched closer to commercialization, several aircraft unveilings by BETA Technologies, ERC-System, Vertical Aerospace, Supernal LLC, and Joby Aviation (similar to Sirius Aviation in Q2) were announced this quarter. Similarly, this was reinforced by achieving testing milestones by Archer Aviation, Xpeng AeroHT, Dufour Aerospace, Lilium, Volocopter, and EHang (similar to Archer Aviation in Q2). 
  • Autonomous and automated driving tech and EV battery tech development continued: Alphabet’s Waymo and GM’s Cruise continued their autonomous vehicle testing in new geographies, especially in Californian cities. Similarly, Helm.ai launched a GenAI-based advanced driver assistance system (ADAS) and Level 4 driving simulation, which would help improve safety and reduce gaps in testing. On the EV side, CATL and LG Energy Solution introduced new battery technologies, another persistent trend from previous quarters, also led by CATL and ACC. Notably, EV companies introduced new charging solutions where multiple connector types can be combined into one charging port or vice versa, and enhanced the compatibility of existing systems (Beam Global, ChargePoint, and GM).

• M&As
  • Smart Mobility Information and Auto Tech industries drove M&A deals: Six notable M&A deals took place related to Smart Mobility Information (3), Auto Tech (2), and EV Economy (1). Several companies engaged in acquisitions to enhance technology and expand services within these industries (e.g., Optibus, Swiftly, Volvo Cars, and Beam Global).

• Regulations
  • Regulators set the stage for safer autonomous vehicle and eVTOL aircraft development and deployment: We noted new legislative actions in California and Kentucky for tightened and enforced regulations on autonomous vehicle deployments by requiring operators to report detailed operational data while granting more approvals for autonomous vehicle testing in California (WeRide). Similarly, China approved autonomous driving tests in Shenzen and Beijing (Pony.ai and Mercedes-Benz). Meanwhile, companies worldwide secured approvals for eVTOL development (Beta Technologies, Archer Aviation, Vertical Aerospace, and EHang) with notable progress in the US. 

• Outlook
  • The autonomous vehicle and eVTOL aircraft industries progressed toward commercialization, backed by regulatory support and consistent product launches: With increasing regulatory support, more states are approving autonomous vehicle technology and issuing testing and commercialization approvals for autonomous vehicles and eVTOL aircraft, signaling a promising future for these industries. Regular product testing by companies like Waymo and Cruise and new launches from May Mobility and Beep are expected to continue. Infrastructure development for eVTOLs (e.g., Lilium, EHang, and Eve Air Mobility) and EVs will further drive growth in both the eVTOL and autonomous vehicle sectors.
  • The development of EV charging infrastructure and batteries is expected to continue as key challenges persist: Incompatible chargers, varying speeds, and complex payment systems make public EV charging difficult, while limited fast chargers and technical issues further hinder the user experience. To accelerate EV adoption, charging infrastructure needs to become more standardized and widely accessible. Recent partnerships between infrastructure providers and manufacturers (e.g., GM, Toyota, Mercedes-Benz, E.ON, Vinfast, and NIO) reflect this trend. Additionally, high EV prices remain a barrier, which could be alleviated through innovations in low-cost battery development.
  • Smart Mobility Information to see growing demand for improved urban mobility: The Smart Mobility Information industry is poised for significant advancements, emphasizing improved public transit (e.g., Via and Volvo Buses) and parking efficiency (Flash, Mobile Smart City, and ParkMobile). These developments highlight a future where better-advanced mobility solutions contribute to safer and more efficient transportation networks.

Funding: Investment recovers after two-year low; Waymo’s landmark deal in Auto Tech drives funding rebound

Analyst Take: In Q3 2024, funding recovered sharply, increasing 47.5% YoY to USD 8.2 billion after a two-year low in Q2. This resurgence was driven by Auto Tech, which accounted for 73.6% of the sector’s funding; Waymo alone secured USD 5 billion or 61.1% of the total raised by Passenger Mobility Tech players. Smart Mobility Information was the only other industry to see an uptick in investment, while sectors like Shared Mobility, EV Economy, and Passenger eVTOL Aircraft saw declines. Notably, Lucid Motors’ USD 1.5 billion raise in post-IPO debt and equity was the only other deal that raised over USD 1 billion, despite the downturn in EV funding overall.

Passenger mobility tech sector Q2 2024 funding summary

• In Q3 2024, funding in the Passenger Mobility Tech sector rose 47.5% YoY to USD 8.2 billion, despite the number of funding rounds halving to 16 (USD 5.5 billion across 33 funding rounds in Q3 2023). The surge in funds raised was predominantly due to higher funding for Auto Tech (up 5.5x YoY to USD 6.0 billion) and was supported by higher funding in the Smart Mobility Information industry (up 12.8% YoY to USD 90 million). 

• Funding growth was largely due to a substantial corporate round in Auto Tech, with Waymo securing USD 5 billion (83.1% of funds raised in Auto Tech in Q3) to further develop its self-driving technology and enhance operations.

• The EV Economy and Passenger eVTOL Aircraft industries attracted less investment in Q3, witnessing drops of 51.7% YoY and 44.7% YoY, respectively, while funding was absent in Shared Mobility. Despite the downturn in EV Economy funding, Lucid Motors raised USD 1.5 billion in post-IPO equity and debt funding for corporate purposes—the second-largest funding round in the Passenger Mobility Tech sector in Q3.

• The overall average deal size for Q3 2024 rose 87.3% YoY. An increase in other funding rounds drove the average funding round growth—mostly post-IPO equity and debt financing—accounting for 97.1% of total funds raised in Q3 2024. Despite the drop in the number of other funding rounds to 20 from 23 YoY, the average amount raised in other funding rounds grew substantially 2.2x YoY to USD 397 million in Q3.

• Conventional seed, early (Series A and B), and growth-stage funding were less popular and collectively accounted for only 2.9% of total funds raised in Q3 2024 (down from ~25% in Q3 2023). The number of such deals also dropped 40% YoY to six rounds in Q3, raising USD 323 million (down 63.1% YoY).

• Notably, the top 10 funding rounds for Q3 2024 had a combined value of USD 7.9 billion (96.2% of the funds raised during the quarter). Most of the top 10 rounds were in the Auto Tech and EV Economy industries.

• The only rounds from the top 10 in Passenger eVTOL Aircraft and Smart Mobility Information industries featured Archer Aviation's USD 230 million post-IPO equity raise and Hayden AI’s USD 90 million Series C raise.

Partnerships: Deploying autonomous vehicles and boosting infrastructure for EVs and eVTOLs take center stage

Analyst Take: Incumbents continued to play a key role in partnerships (41%), leading with GM, Volvo Cars, and Uber signing several. Most partnerships in Q3 2024 focused on Auto Tech, with autonomous shuttle deployments continuing as a key trend. Similar to Q2, companies like Beep, May Mobility, and Oxa remained active in launching autonomous shuttles and urban mobility solutions. Autonomous shuttles are gradually transitioning from pilot projects to commercial deployments, thanks to strategic partnerships to improve urban mobility. These shuttles connect key areas such as city centers and airports. Uber’s multiple partnerships to integrate autonomous vehicles into its platform also stood out this quarter. 

Most of the partnerships in EV Economy were related to EV charging infrastructure development to deliver better access to customers, which is a continuing trend, with GM engaging in similar deals in Q2. Most of the partnerships in Passenger eVTOL Aircraft were driven by companies building operational infrastructure, securing orders, and looking into the feasibility of deploying eVTOLs globally. This may indicate future commercialization among companies, supported by elevated consumer readiness (studies indicate that ~75% of consumers are willing to fly within a year of the technology's arrival). In the Smart Mobility Information industry, Optibus continued forming partnerships this quarter to enhance multimodal mobility management, continuing the trend seen in Q1 and Q2 2024.

• We observed 105 partnerships, of which disruptors drove 63. In Q3 2024, automotive industry players and tech and electronic companies partnered to enhance users' mobility experiences. Most of the partnerships were in Auto Tech (33) and EV Economy (29), with product collaborations dominating Passenger Mobility Tech (72).

• Auto Tech partnerships were primarily led by autonomous passenger vehicle deployments; enhanced connectivity and GenAI features continued
  • Incumbents accounted for 61% of Auto Tech partnerships. Autonomous vehicle deployments were the most common theme for these (12 partnerships; 36%). Shuttle and taxi service expansions were the driving factors, led by 1) customer partnerships with city authorities (Beep and Oxa in various locations, such as senior living communities and airports in the US); 2) partnerships with public transport providers (May Mobility in Eden Prairie, Minnesota); and 3) Uber entering multiple partnerships with autonomous vehicle makers such as Cruise, Wayve, Waymo, and WeRide to integrate autonomous vehicles into its platforms in the US and the UAE. 
  • Several partnerships were entered to enhance the in-car experience with infotainment, as collaborations focused on advancing GenAI in connected cars, especially voice assistance features (Volkswagen, its subsidiary Škoda, and Mercedes-Benz-owned Smart) and mobile applications for vehicles (Volkswagen). Other infotainment-related partnerships included 1) improving in-car audio systems (Apple partnering with Rivian and Alphabet with Dirac); 2) in-car gaming (Volkswagen with AirConsole); and 3) improving infotainment systems’ performance and durability (LG Electronics with Altair and Samsung with Qualcomm). 
  • When considering safety and driving assist tools-related partnerships, SmartEye collaborated with several incumbents (GM, Volkswagen’s Porsche, Audi, and Volvo Cars) to offer driver monitoring system (DMS) software for customers.

• Charging infrastructure and battery development and supply drove EV Economy partnerships 
  • Incumbents accounted for 66% of EV Economy partnerships. With EV adoption, there was a greater emphasis on EV charging infrastructure, especially to develop new stations to expand charging networks. 1) GM partnered with Tesla to install 1,000 charging stations in Mexico and EVgo to install 400 fast-charging stations in metropolitan US; 2) Mercedes-Benz and Starbucks collaborated to establish fast-charging stations at 100+ locations between Canada and Mexico; 3) Toyota and Jet Charge partnered to roll out dealer charging stations across Australia; and 4) BP partnered with Simon Property Group to install 900+ charging bays at the latter’s US sites and LAZ Parking to expand charging infrastructure across 20 US cities.
  • This quarter also saw collaborations for Li-Ion EV batteries, with most being battery development and supply deals. Such battery development partnerships included 1) QuantumScape andPowerCo to develop solid-state lithium-metal battery technology; 2) Stellantis and CEA to research and develop advanced battery cell technologies; 3) Panasonic and the University of Kansas to develop next-gen battery technologies; and 4) GM and Samsung Electronics partnering to build an EV battery plant in Indiana. Recent battery supply deals included Panasonic and LG Electronics partnering to supply batteries to Mazda and Ampere, respectively.

• Partnerships in Passenger eVTOL Aircraft centered on building operational infrastructure; drive to commercialization continued
  • Disruptors accounted for almost all partnerships in Passenger eVOL Aircraft. Manufacturers sought to develop vertiports and related infrastructure with third-party aviation services, airport operators, and charging infrastructure providers to facilitate eventual operations. Partnerships commonly included
    1. Accessing/developing vertiports: Global partnerships such as Lilium and Groupe ADP (Europe, the Middle East, and Asia); Lilium, SEA Milan Airports, and Skyports Infrastructure (Italy); Supernal and Sigma Air Mobility (Southeast Asia and Southern Europe); Wisk Aero and Skyports (Australia); and EHang and China Southern Airlines General Aviation Company (China)
    2. Managing electrical infrastructure and energy management: Eve Air Mobility and Siemens Smart Infrastructure (US)
    3. Other ground infrastructure and operational plans: Urban-Air Port and BAI Energy (Italy).
  • There were several new customer partnerships to announce eVTOL aircraft orders in Q3 2024, notably Archer Aviation (securing an order of 116 aircraft), Lilium (100), Dufour Aerospace (40), EHang (30), and Crisalion Mobility (10). Archer Aviation and EHang also delivered the first batches of promised aircraft orders in Q3. 
  • Feasibility studies to assess the launch of operations and deployments were also underway globally in geographical areas like Japan (by SkyDrive), Australia (Skyports), Thailand (SkyDrive), and the US (Lilium) in partnership with railway companies, property infrastructure, aircraft brokerage and management companies, etc.

• Smart Mobility Information collaborations focused on multimodal mobility management and enhanced parking efficiency
  • Most deals were related to multimodal mobility management. 1) Via launched its on-demand public transit services and navigation apps in Lorain County, City of Gastonia, and Jersey City in partnership with city authorities; 2) Optibus partnered with Volvo Buses to provide Volvo customers access to Optibus' connected services; and 3) Iteris partnered with the San Francisco Bay Area Metropolitan Transportation Commission (MTC) to provide managed services to support traveler information operations in the San Francisco Bay Area.
  • Enhancing parking flow efficiency was key, with 1) Flash and Waze integrating reservable parking transactions across the US; 2) Mobile Smart City and the Town of New Castle, New York, partnering to offer mobile payment applications and digital parking permits for daily parkers; and 3) ParkMobile partnering with Flash to enhance parking infrastructure across North America.
  • Using AI to improve urban infrastructure within partnerships was also prominent, focusing on smarter urban mobility solutions. 1) NEC Corporation partnered with Hayden AI to enhance road safety, sustainability, and public transport through advanced AI vision technology and 2) Alphabet collaborated with the City of Boston to optimize traffic lights and reduce congestion using AI, improving signal timing and reducing emissions.

Product updates: eVTOL companies launch products and achieve testing milestones; autonomous vehicle testing and enhancing ADAS continues

• We observed 51 product updates during Q3 2024 in the Passenger Mobility Tech sector. These were mostly centered on the Passenger eVTOL Aircraft (27) and Auto Tech (16) industries.

• Passenger eVTOL Aircraft comprised product unveilings and key testing milestones
  • We observed several eVTOL aircraft unveilings in the market with capabilities and improvements, such as all-weather flying, increased speed, and reduced noise. These included 1) BETA Technologies revealing an early look at the passenger variant of its aircraft (five passengers, spacious cabin, capable of); 2) ERC-System unveiling its new emergency medical aircraft falling under ambulance care; 3) Vertical Aerospace unveiling a prototype of its next-gen VX4 aircraft; 4) Supernal LLC announcing the public display of its S-A2 eVTOL concept; and 5) Joby Aviation displaying its electric air taxi in Europe.
  • eVTOL companies also achieved multiple testing milestones, including 1) Archer Aviation surpassing 400 Midnight eVTOL test flights; 2) Xpeng AeroHT starting public manned test flights for its eVTOL (slated to launch in 2026); 3) Dufour Aerospace completing a hover test for its Aero2 unmanned aircraft; 4) Lilium beginning integration testing for “Lilium Jet;” 5) Volocopter starting crewed validation test flights in Paris; and 6) EHang conducting demonstration flights with passengers.

• Auto Tech updates were driven by autonomous vehicle testing and development efforts and ADAS feature enhancements
  • Autonomous vehicle-related product updates were largely driven by robotaxi testing and development efforts of the two leading robotaxi operators, Waymo and Cruise. Waymo expanded testing with winter condition tests in several states (California, New York, and Michigan) and multiple launches in San Francisco (without safety drivers on freeways and public road testing of Zeekr-built robotaxis with sixth-gen self-driving tech). Meanwhile, Cruise shifted from its original plan of purpose-built robotaxis without steering wheels and pedals, opting to retrofit next-gen Chevrolet Bolts for autonomous driving instead. It also announced plans to resume limited robotaxi testing in California later this year, along with recalling and updating software to address braking issues, leading to the closure of a National Highway Traffic Safety Administration (NHTSA) investigation.
  • We observed several developments in validation and simulation efforts and updated features directed toward better-refined ADAS and autonomous vehicle technologies.
    1. Helm.ai launched “WorldGen–1,” a multi-sensor GenAI foundation model to simulate the entire autonomous vehicle stack, aiming to streamline the development and validation of high-end ADAS and Level 4 driving systems (i.e., fully autonomous vehicles limited to specific locations and/or conditions).
    2. Mercedes-Benz upgraded to its “Drive Pilot” automated driving system, which enables cars to drive autonomously at speeds of up to 95 kmph (~59 mph) on German motorways under certain conditions, up from the current 60 kmph (~37 mph) limit.
  • However, the industry continues to be plagued by product discontinuations and scale downs. May Mobility scaled down its autonomous shuttle expansion plans in Ann Arbor, Michigan, to revise business plans and realign its workforce, and Mobilieye discontinued its internal development of next-gen LiDARs for autonomous driving and ADAS, citing high costs and the availability of alternatives.

• EV charging infrastructure and battery-related developments drove EV Economy product updates
  • Companies aimed to introduce new charging solutions and enhance the compatibility of existing systems. 1) Beam Global launched “BeamSpot,” a curbside EV-charging product line; 2) ChargePoint introduced “Omni Port,” an adaptable charging solution that combines multiple connector types into one charging port; and 3) GM offered adapters that allow its EV drivers to access Tesla's Supercharger network.
  • Key developments in EV batteries included 1) CATL launching the Tianxing Bus version battery specifically designed for electric buses and 2) LG Energy Solution unveiling a new AI solution that reduces the time required to design battery cells.

M&As: Smart Mobility Information and Auto Tech drive M&A deals; increased activity compared with last year

Analyst Take: The Passenger Mobility Tech sector saw six acquisitions during Q3 2024 compared with two M&A deals in Q2 2024 and four in Q3 2023. Players across Smart Mobility Information, Auto Tech, and EV Economy engaged in acquisitions to inorganically enhance their solutions, including Optibus, Swiftly, Volvo Cars, and Beam Global. Meanwhile, Almaviva acquired Iteris in Smart Mobility Information to boost innovation and the global expansion of the latter, while Koito Manufacturing acquired Cepton in Auto Tech to complement its existing sensor technologies.

• Two of the Smart Mobility Information industry disruptors sought to enhance their offerings via inorganic growth. 1) Optibus acquired Datik to improve multimodal mobility management for public transportation providers via Datik’s real-time visibility and operational efficiency solutions, while 2) Swiftly acquired Hopthru to add Hopthru's ridership data and analytics capabilities to Swiftly's platform. Italian digital innovation group Almaviva planned to enter the market by acquiring Iteris, a public smart mobility company, to boost innovation and global expansion in digital mobility services (expected to close in late 2024).

• In Auto Tech, Volvo Cars acquired the remaining 40% stake in HaleyTek, a developer of Android-powered infotainment systems, to strengthen its software development capabilities. Meanwhile, Japan-based automotive tier 1 supplier Koito Manufacturing is also acquiring LiDAR maker Cepton to complement its existing sensor technology (expected to close in Q1 2025).

• The only acquisition in the EV Economy industry was off-grid EV charging solutions and battery storage provider Beam Global acquiring Telcom, a Europe-based power electronics company, to enhance its product offering and explore cross-selling opportunities.

Regulations: Lawmakers set the stage for autonomous vehicle and eVTOL deployments

Analyst Take: Recent legislative moves (including approvals for autonomous vehicle testing) in regions like the US and China looked to foster a secure environment for autonomous vehicle deployment. However, US national security apprehensions are creating regulatory challenges for Chinese connected vehicle developers, which may result in the downsizing or ceasing of their operations in the US—a similar concern observed earlier this year. Passenger eVTOL Aircraft players also obtained licenses and regulatory support across the globe during the quarter, indicating the drive toward commercialization. 

The upcoming presidential election could have a major impact on the EV economy. The Democratic Party's policies largely support the industry, focusing on electrifying school buses, transit systems, federal vehicles, and freight to achieve zero emissions. They also plan to strengthen clean energy supply chains by building facilities for batteries, EVs, and renewable energy infrastructure. A Republican presidency, however, may reverse emissions mandates, potentially shifting the auto industry’s focus back to more affordable, fossil-fueled vehicles.

• Regulations and approvals supported safe autonomous vehicle deployments; trade tensions may hinder Chinese tech expansion to the US
  • The US enforced and tightened regulations for safer deployments as evidenced by 1) Kentucky regulators authorizing autonomous vehicles, signaling growing legislative support across states for self-driving technology (which they first vetoed in April 2024) and 2) California requiring autonomous vehicle operators to report detailed operational data to ensure safety and transparency. Meanwhile, US regulators also approved autonomous vehicle testing for China-based WeRide (driverless vehicles with passengers in California) despite their geopolitical tensions. 
  • Chinese regulators also approved autonomous vehicle testing in several cities, including Shenzhen (Pony.ai; autonomous driving tests on expressways) and Beijing (Mercedes-Benz; for Level 4 autonomous testing).
  • Overall, US-China tensions persist, as the US Commerce Department proposed prohibiting Chinese software and hardware in connected vehicles on US roads, citing national security concerns.

Notes: 1) The list contains companies offering fully autonomous/automated passenger mobility solutions covered within the Auto Tech industry; 2) Refer Appendix 2 for more information

• Regulations and guidelines paved the way for eVTOL commercialization globally; several companies obtained approvals and certifications
  • Saudi Arabian General Authority of Civil Aviation (GACA) planned to develop and implement regulations for eVTOL operations in Saudi Arabia from 2026 in partnership with Lilium.
  • Companies that obtained product certifications in Q3 included
    1. Beta Technologies (US): Received the Federal Aviation Administration (FAA)’s approval for dual-seat pilot training on its Alia 250, with type certification expected by 2026
    2. Archer Aviation (US): Gained California approval for facility expansion and partnered with Southwest Airlines to explore eVTOL routes
    3. Vertical Aerospace (UK): Received extended UK Civil Aviation Authority (CAA) Design Organization Approval (DOA), expediting certification for its VX4 eVTOL aircraft
    4. EHang (Brazil): Received an Experimental Flight Authorization Certificate (CAVE) from Brazil's National Civil Aviation Agency (ANAC) for its pilotless EH216-S eVTOL aircraft.

Federal Aviation Administration (FAA), European Union Aviation Safety Agency (EASA), Civil Aviation Administration China (CAAC), California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA), National Civil Aviation Agency (ANAC)

Value chain: Outbound logistics driven by partnerships to strengthen the EV ecosystem; manufacturing and operations led by autonomous vehicle deployment deals

Analyst Take: Outbound logistics were central in Q2, largely driven by partnerships. Most outbound logistics-related partnerships were related to the EV Economy industry, predominantly focusing on EV charging infrastructure development and enhancement. Major partnerships included deals inked by automakers such as GM, Toyota, Mercedes-Benz, and Volvo Cars, as well as EV infrastructure providers such as ChargeLab, BP,  E.ON, and Noodoe. Manufacturing/operations efforts also saw many activities driven by partnerships, most of which were related to Auto Tech, specifically for autonomous vehicle deployment. Uber entered four partnerships to deploy robotaxis on its platform, while startups such as May Mobility, Beep, and Oxa partnered with city authorities and public transportation service providers to launch their autonomous shuttle services.

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

Appendices