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Showing posts from December, 2019

NIO Reports Q3 Results

Chinese electric car maker NIO just reported its financial results for the third quarter of this year, indicating $257 million in revenue but with a $357 million loss in the period. The company delivered 4,799 vehicles in the third quarter, compared to 3,553 deliveries in the preceding quarter. In reaction to the earnings reports, NIO's shares are up more than 50%, trading for $4.17 apiece as of writing.

According to Yahoo Finance, NIO's quarterly results surpassed analyst expectations, with revenue projections for the third quarter having hovered at around $231 million. NIO's $257 million in revenue happens to have beat that by a significant margin, but still amid steep losses. NIO has been losing lots of money as it spends to gain ground as a newer entrant to the electric car market.

The company was founded just five years ago and has delivered approximately 30,000 vehicles since inception, a significant number but a much smaller amount compared to that of other EV maker…

ClassPass Reportedly Raising $285 Million In Funding

According to a Reuters report, fitness subscription startup ClassPass is seeking to raise $285 million in new funding that could push its valuation above $1 billion. Citing a securities filing obtained from analytics firm Lagniappe Labs, Reuters reports ClassPass will issue 22.7 million 'Series E' shares as part of the funding.

A valuation above $1 billion would be a significant boost for ClassPass, which last raised funding at a valuation hovering around $536 million, according to Prime Unicorn Index. The company's last funding was an $85 million Series D led by Temasek last year, an investment that brought its total funding to north of $200 million.

New York-based ClassPass offers monthly subscription plans that provide access to more than 30,000 fitness studios and gyms globally. It's also partnered with large employers like Google, Southwest Airlines, Facebook, and Under Armour to offer corporate wellness plans.

ClassPass is available in 2500 cities across 27 coun…

Uber Co-Founder Kalanick Departs Board

Uber has announced the departure of co-founder Travis Kalanick from its board, effective on the 31st of December. The company's announcement says Kalanick is leaving to "focus on his new business and philanthropic endeavors", the business part likely being CloudKitchens, a shared kitchen space provider he took over after his previous resignation as Uber's CEO.

Kalanick's departure happens to come after he unloaded more than 90% of his shares in Uber, which went public just this year. His sell-off began early November up until the past few days. Currently, Kalanick holds about 5.8 million shares, substantially down from the 22.6 million shares he held before the sell-off.

Kalanick, who co-founded Uber alongside Garrett Camp, held the position of CEO for a long-time, a position that saw him become the poster-child for the company. However, mounting controversies from everything ranging from workplace culture to questionable business practices at Uber led to his ou…

Rivian Raises $1.3 Billion In Additional Funding

Not long after raising $500 million from Ford and an additional $350 million from Cox Automotive, electric car startup Rivian has announced $1.3 billion in new funding led by T. Rowe Price, with participation from BlackRock and existing investors Ford and Amazon. The additional investment is the fourth Rivian has raised this year, and comes a few months after Amazon announced it'll purchase 100,000 vehicles from the company as part of plans to make its delivery fleet run on renewable energy.

The additional investment brings the total raised by Rivian this year to a whooping $2.85 billion. In a statement, Rivian founder and CEO RJ Scaringe praised the investment as demonstrating "confidence in our team, products, technology and strategy". With the investment, Rivian now stands as one of the top-most financed electric car upstarts in what seems like a crowded market.

Rivian plans to begin selling vehicles next year, which may explain the additional funding at the tail-end…

Uber Ordered To Cease Colombian Ride-Hailing Operations

Uber has been ordered to cease its ride-hailing operations in Colombia by the country's Superintendency of Industry and Commerce, a regulatory agency in charge of regulating business practices. The Superintendency of Industry and Commerce (SIC) cites violated competition rules as the reason for the order.

Notably, this is Uber's third regulatory ban in the span of a month, the other two being in London and Germany. The city of London suspended Uber's operating license for the second time just few weeks ago, while a Germany court ban came just this week. In a statement, Colombia's SIC said Uber amassed “a significant advantage in the market” by offering transport services for individuals via its app, and ordered the company's ride-hailing services “through the use of the Uber application to cease immediately.”

Uber on the other hand said in a statement that it doesn't accept the ruling and immediately filed an appeal. “This decision reflects an act of censorshi…

F5 To Acquire Shape Security For $1 Billion In Cash

F5 Networks has announced it's acquiring Shape Security, a Santa Clara-based fraud detection startup, for around $1 billion in cash. The announcement happens to come just three months after Shape Security raised funding at a $1 billion pre-money valuation. F5's acquisition is expected to be close in the first quarter of next year.

Shape Security as a company has raised $183 million in total funding. Its backers include top tier VCs such as Kleiner Perkins, Norwest Ventures Partners, HPE Growth, and Focus Ventures. Shape Security develops fraud detection software adopted by large enterprises to protect their online applications. Banks make up a substantial portion of its customer base, as fraud detection and prevention stands crucial to the online banking process. Altogether, Shape Security claims its fraud detection software detects and blocks up to 2 billion fraudulent or unwanted transactions daily.

Shape Security's fraud detection software offers cross-channel protecti…

Glovo Nabs $167 Million Series E

Glovo, a popular on-demand delivery service that currently operates in 26 countries, has raised 150 million euros ($167 million) in Series E funding led by Mubadala, the sovereign wealth fund of Abu Dhabi, with participation from existing investors Delivery Hero, Lakestar and Drake Enterprises. The funding values Glovo at more than $1 billion, marking it as the second Spanish startup, the other being Cabify, known to have crossed the valuation milestone.

As per Glovo CEO Oscar Pierre, the new funding will be put towards growing the company's headcount, with plans to hire 300 new engineers and developers by mid-next year. Barcelona-based Glovo also wants to make use of the new capital to expand into new markets, as it has consistently done since its founding in 2015.

The new funding happens to come less than a year after Glovo's last known funding, which was a $169 million Series D raised in April. Such situation speaks of Glovo's rapid expansion, with the company having e…

Lime Launches Weekly Subscription Service

Lime has announced the launch of a weekly subscription service for frequent riders of its e-scooters and bikes, first in cities across the U.S., Australia and New Zealand, followed by a roll-out in additional global markets by early January. The new service, dubbed LimePass, offers weekly unlimited scooter unlocks for a flat fee of $5. The idea behind such is to let frequent riders cut down on costs by out-rightly purchasing seven-day unlocks to Lime's shared scooters and bikes for a flat fee, as opposed to paying separately for several rides that would be taken over a week. For context, unlocks for Lime scooters and bikes costs $1 to its customers, who still have to pay per-minute rates to keep riding.

One might wonder, and reasonably so, that paying Lime separately for unlocks taken over a week would amount to more revenue for the company than paying a flat free of $5 for unlimited unlocks for a weekly period. However there's quite a catch, being that several persons who pa…

Intel Scoops Up Habana Labs For $2 Billion

Intel has announced it has acquired Habana Labs, an Israel-based startup that makes AI chips. The semiconductor giant is paying roughly $2 billion for Habana, one year after leading a $75 million Series B investment in the company. The acquisition represents another score for Habana co-founder and chairman Avigdor Willenz, a serial entrepreneur who previously founded and led Galileo Technology (acquired for $2.7 billion by Marvell Technologies) and Annapurna Labs (acquired for $350 million by Amazon). Unsurprisingly, both companies were chip makers, crowning Willenz as a whizz in the chip-making sector with sequential successful exits.

Prior to this acquisition, Habana had raised $120 million in funding from investors including Intel Capital, Battery Ventures, Bessemer Venture Partners and WRV Capital. As of November last year (when it last raised funding), Tel Aviv-based Habana had just over 120 employees. The company was founded in 2016, and maintains only two offices globally, one…

Zomato Reportedly In Advanced Talks To Acquire Uber Eats India

According to a report from TechCrunch, Uber has entered advanced stages of negotiations to sell its Indian food delivery arm, UberEats India, to competitor Zomato as it looks to reduce global spending. TechCrunch reports the negotiations currently values UberEats India at around $400 million, and could involve Uber investing between $150 million to $200 million in Zomato to be finalized. Rumors of Uber looking to offload its Indian food delivery arm are not new, with the company having been reported to have discussed selling UberEats India to another Indian food delivery competitor, Swiggy, early this year.

Indian news outlet Times of India first reported about Uber and Zomato's negotiations last month. The negotiations happen to come at a time Zomato is looking to raise up to $600 million in new funding, as made known by its CEO Deepinder Goyal.

Uber looking to sell its Indian food delivery arm doesn't sound startling, as the company faces significant competition from Swiggy…

A New Fast & Furious Game Is Launching Next Year

Japanese game studio Bandai Namco has announced a new title to be released next year that'll be based on the popular Fast & Furious movie franchise. The new game, dubbed Fast & Furious Crossroads, is described as a "team-based, vehicular-heist action game", and'll feature Fast & Furious stars Vin Diesel, Michelle Rodriguez and Tyrese Gibson, reprising their movie roles as Dom, Letty, and Roman. Also featured in the game are The Walking Dead's Sonequa Martin-Green and John Wick:Chapter 3's Asia Kate Dillon.

Fast & Furious Crossroads, scheduled to launch May next year, will be available on the PS4, Xbox One and PC. Unsurprisingly, the ninth installment of the Fast & Furious movie franchise is scheduled to launch on the same month as the newly announced game. Launching Fast & Furious Crossroads the same month as the movie, which conventionally draws huge viewers, would likely generate more buzz and in turn players for the game.

From curre…

Palantir Secures $111 Million U.S. Army Deal

Palantir has secured a new contract from the U.S. Army that involves the latter committing to spend $111 million next year on services from the former. The new deal deepens ties between Palantir, a data analytics company co-founded by tech veteran Peter Thiel, and the U.S. Army, coming several months after Palantir secured an earlier contract to deploy a complex battlefield intelligence system for the U.S. Army. As reported by the Washington Post, the value of that contract in its entirety could amount to more than $800 million.

Palantir's new contract was first reported by Bloomberg, which said it will represent about 10% of Palantir's revenue next year. According to Bloomberg, the deal is a first step in what could be a four-year running $440 million contract for Palantir. The contract involves Palantir providing software to connect human resources, supply chains, and other operations systems ran by the U.S. Army into a single dashboard, presumably for easier analytics.

Pal…

Apple Scoops Up U.K. Camera Startup

Public filings in the U.K. indicates Apple has acquired Spectral Edge, a U.K.-based camera startup that applies machine learning to improve the quality of images. The filings indicate Apple now controls Spectral Edge, evidenced by the appointment of one of its corporate lawyers, Peter Denwood, as a director at the company while its other advisers and board members were terminated.

Apple conventionally doesn't announce acquisitions but is known to purchase startups regularly, evidenced by a recent statement from CEO Tim Cook that Apple acquires a company every two to three weeks on average. Most of its known acquisitions, usually of small startups, were dug up from regulatory filings similar to that of Spectral Edge, a recent example being Apple's purchase of digital marketing startup DataTiger.

How much Apple paid for Spectral Edge could not be determined but for a hint, the U.K.-based startup raised $8.1 million in total funding according to Crunchbase data. Spectral Edge…

CuriosityStream Hits 10.5 Million Paying Subscribers

CuriosityStream, a streaming service founded by former Discovery chairman John Hendricks, has announced it has eclipsed 10.5 million subscribers, the count not including registrants who are under free trial. The announcement happens to come at a time media houses are debuting individual streaming services to better control their content and compete with streaming incumbent Netflix.

CuriosityStream happens to have drawn a high number of subscribers while being quite low-key in comparison to other newer streaming services. The streaming service, which focuses on subjects like science and nature, attributes its subscriber growth to bundled partnerships with already established cable distributors, a playbook newer streaming services can draw from. CuriosityStream has established partnerships with cable distributors across several countries, for example Altice USA and Suddenlink in the U.S., Airtel in India, and Multichoice’s DStv across Africa. The partnerships involve the distributors i…

Uber Said To Be In Talks To Acquire Foresight

According to a report from The Information, Uber is in advanced talks to acquire the team behind Foresight, a San Jose-based startup that develops simulation software for self-driving car prototypes. The report made no mention of the deal terms.

Foresight is quite the low-key startup, with its website containing substantial information on its core product but minuscule information about its team. Even Crunchbase spots little information about the company, with no mention of any investment or its team. However, Foresight's website mentions its CEO by name of Chang Yuan. A simple search led to a LinkedIn profile that indicates Yuan formerly worked at the likes of Microsoft, Lenovo, Amazon and Apple. His LinkedIn profile indicates he spent more than two years at Apple before leaving to start Foresight two years ago.

An acquisition, or moreover an acqui-hire, after two years doesn't sound far-fetched. Uber pulled a similar move earlier this year when it acquired Mighty AI, a Seat…

TikTok Chief To Meet With U.S. Lawmakers

As first reported by the Washington Post, TikTok chief Alex Zhu is set to make a trip to Washington to meet with U.S. lawmakers in an effort to tackle concerns of privacy, security and censorship risks emanating from the app's Chinese origins. Such trip would indicate efforts by TikTok to maintain its spike in popularity at a time when U.S.-China relationships are strained and U.S. officials are cautious about Chinese companies gaining foothold in U.S. markets where domestic companies have long dominated.

Such a trip could also see TikTok's head Zhu, who is based out of Shanghai, face some of the app's biggest critics, in the form of U.S. lawmakers. The Washington Post reports Zhu has sought a meeting with senators Marco Rubio, Tom Cotton, and Josh Hawley, each of whom have questioned TikTok's independence from Chinese influence. Zhu is also said to be planning to meet with senator Marsha Blackburn, who has pushed for TikTok to better protect children online in regard…

Chime Raises $500 Million At A $5.8 Billion Valuation

As first reported by CNBC, Chime, a San Francisco-based digital bank, has raised $500 million in Series E funding that values it at $5.8 billion, a significant increase from a $1.5 billion valuation when it raised funding just nine months ago. DST Global, which led the previous round that valued Chime at $1.5 billion, is said to have led the $500 million Series E. According to CNBC, Chime CEO Chris Britt plans on putting the new capital towards developments of new products and doubling the company's workforce by the end of next year.


$500 million in a single round marks the biggest single equity investment known so far for a digital bank, surpassing a previous record set by Nubank when it raised $400 million in July. This round included, Chime's total funding since inception now stands at $809 million, according to Crunchbase data.

A near quadruple in valuation in the space of nine months may be explained by Chime's remarkable growth, with CNBC stating that the company ha…

JFrog Said To Haved Hired Banks For An IPO

According to a Bloomberg report, JFrog, a San Francisco-based company that makes software for software developers, has hired JPMorgan Chase and Morgan Stanley to lead an initial public offering that's aimed for next year. Bloomberg reports JFrog could seek a valuation of $2 billion or more for its listing, compared to a $1 billion+ valuation when it raised funding last year.

Founded in 2008, JFrog makes software used by software developers to deploy and manage software. The company's flagship product is known as "Artifactory", being a repository manager that supports several software package formats. JFrog also offers security, distribution, and pipelining software for developers. The company has attracted more than 4,500 customers so far, including top tech companies like Google, Facebook, Amazon, and Netflix.

According to Crunchbase data, JFrog has raised $227 million in total funding, its most recent being a $165 million Series D raised last year October. Having …

Sequoia Leads $65 Million Series C For Gong

Gong, a San Francisco-based "revenue intelligence" startup, has announced $65 million in Series C funding led by Sequoia Capital, with participation from Battery Ventures, Cisco Investments, Norwest Venture Partners, NextWorld Capital, Wing Venture Capital, and cyber-security veteran Shlomo Kramer. All aforementioned investors excluding Sequoia were already previous investors in Gong.

The funding brings the total raised by Gong to $134 million. The San Francisco-based company says it'll use the capital to invest in its product, engineering, and go-to-market teams. Under the terms of the funding, Sequoia partner Carl Eschenbach, who previously served as President and COO of VMWare for more than a decade, will join Gong's board. This marks an addition to other board seats he holds at top tech companies like Workday, Zoom, Snowflake Computing and Palo Alto Networks.

According to Israeli financial newspaper Globes, Gong's new funding values it at $750 million, a qui…

Lucid Motors Flags Off Construction Of Arizona Factory

Lucid Motors, an electric car startup that secured a $1 billion investment from Saudi Arabia's Public Investment Fund last year, has officially flagged off construction of a $700 million factory in the state of Arizona. The factory, chosen after a search spanning 13 U.S. states and more than 60 sites, is where Lucid intends to produce its first car, the Lucid Air. The first phase of the construction will cost Lucid more than $300 million, an investment that's expected to get it ready to begin producing the Lucid Air. The aforementioned $700 million figure is what Lucid expects to put towards full completion of the factory.


Lucid held an official event to celebrate the start of construction of its electric vehicle facility. Attendees at the event included executives of the company and Arizona Governor Doug Ducey, alongside officials of the state. Lucid says the factory is expected to create 4,800 direct and indirect jobs by 2029, and bring along an estimated $32 billion revenu…

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Tesla Seals New Lithium Supply Deal

Electric carmaker Tesla has announced that it's entered into a binding agreement to purchase lithium ore mineral from Piedmont Lithium Limited, a publicly-traded lithium company that's based out of Australia. The agreement between both companies is initially for a five-year period, in which Tesla has committed to purchasing roughly one-third of Piedmont's annual output 160,000 tonnes of lithium ore mineral for each year as well as additional amounts that the electric carmaker has the option to request. The agreement is conditional on deliveries of the lithium ore beginning sometime between July 2022 and July 2023.Piedmont says it expects the Tesla deal to generate between 10-20% of total revenues from its proposed lithium project for the initial five-year period. That project, in particular, is the 'Piedmont Lithium Project', a lithium ore mining project being spearheaded by the company in the US state of North Carolina. A deal between Piedmont and Tesla represents…

Robinhood Bags Extra $460 Million

Stock trading app Robinhood has bagged yet another round of funding, with the company just having raised $460 million in new funding as an extension to a recently closed $200 million funding round. With the new funding, it's such that Robinhood has raised nearly $1.3 billion in funding this year alone. Overall, the company has now raised some $2.2 billion in total funding since its inception. Among investors who provided Robinhood's new funding include Andreessen Horowitz, Sequoia Capital, Ribbit Capital, DST Global, and D1 Capital Partners. The fundraise signals a very strong investor appetite for Robinhood, as the company benefits from surging retail trading activity during the coronavirus lockdown.This year has seen Robinhood top 13 million users and score $180 million in second-quarter revenue due to increased trading activity. The company added 3 million new funded accounts in the first four months of this year. As Robinhood has raised more funding, so has its valuation b…

Hims On Cusp Of Reverse Listing

Hims, a telemedicine upstart, is on the cusp of a deal to go public by merging with blank-check firm Oaktree Acquisition Corp, according to a report [paywall] from Bloomberg, which states that a deal could be announced as early as next week. According to Bloomberg, Oaktree Capital Group, the asset management firm which controls the blank-check firm, is in discussions with investors to raise about $75 million in new funds to fund a merger with Hims, which could be valued at up to $1.6 billion from the deal.Hims is a telemedicine upstart that's best known for offering online prescriptions to treat conditions that are usually stigmatized, such as sexual dysfunction. The company facilitates online consultations with doctors and deliveries of prescription drugs to patients. Also, Hims sells its own line-up of skincare products and vitamins. As a private company, Hims, which was founded in 2017, has raised nearly $200 million in funding and was valued at $1.1 billion from its most recen…

Peeking Into Postmates' Finances

Food delivery service Postmates in on the cusp of a deal to merge with counterpart Uber, which is coughing up $2.65 billion in stock to take over the company. As the merger nears, appropriate filings have been made with the U.S. Securities and Exchanges Commission (SEC), giving a peek into Postmates' finances, information not publicly revealed up until now. Filings with the SEC show that Postmates recorded roughly $321 million in revenue in 2019, but with a net loss of $420 million in the same year. In 2018, the San Francisco-based company reported roughly $156 million in revenue and a net loss of $129 million in that same year. As at the end of 2019, Postmates had $186 million in cash on its balance sheet, after having raised about $900 million in funding up until that point as a private company. In 2019, a year that Postmates sought to go public, the company burned through $335 million in sales and marketing expenses, its highest ever, and compared to $85 million for the same ac…

Brief: Apple Buys Scout FM

Technology giant Apple has bought Scout FM, a popular app that creates radio stations for podcast listeners. The acquisition was first reported [paywall] by Bloomberg, which notes that Apple acquired the company earlier this year. The financial terms of the acquisition aren't disclosed. As a private company, Scout FM had raised $1.4 million in known funding from investors including Bloomberg Beta, Betaworks, Precursor Ventures, and Advancit Capital. Apple's acquisition of Scout FM is one of several known purchases the company has made this year. The Cupertino, California-based tech giant has acquired more than half-a-dozen companies in 2020, including Fleetsmith, a mobile device management startup; Mobeewave, a payments company; virtual reality company NextVR; weather app Dark Sky; and artificial intelligence company Xnor.ai. Apple usually keeps its purchases tight-lipped, with most of them revealed by external media.

Big-Name Investors Pile On Cloud Paper

Cloud Paper, a Seattle-based startup whose core product is toilet paper made from bamboo, has raised $3 million in seed funding from a host of investors led by venture capital firm Greycroft. Along with Greycroft, investors who participated in the seed round include; Salesforce founder Marc Benioff, entrepreneur Mark Cuban, Uber CEO Dara Khosrowshahi, music star Ciara, Code.org CEO Hadi Partovi, movie stars Robert Downey Jr and Gwyneth Paltrow, Riot Games founder Marc Merill, and NFL Quarterback Russell Wilson. Cloud Paper says it'll use the new funding to further its business and expand into other tree-free product areas. Toilet paper is conventionally made from materials cut down from trees. In fact, it's estimated that humans use the equivalent of 270,000 trees worth of toilet paper each day. Cloud Paper, with a goal of tackling deforestation, is now providing an alternative in the form of toilet paper made from soft bamboo. Although bamboo itself is a plant, it typically g…

Peter Thiel Eyes Blank-Check Firm

Palantir co-founder and famed entrepreneur Peter Thiel is looking to strike gold once again, this time with a blank-check firm that'll seek to merge with another company. Thiel, along with Hong Kong-based businessman Richard Li, have created a new blank-check firm named Bridgetown Holdings that's seeking to raise $575 million on the public markets. The blank-check firm's sponsor is a joint venture between Thiel Capital, Peter Thiel's personal investment vehicle, and Pacific Century Group, a Hong Kong-based investment firm founded by Richard Li. The Bridgetown blank-check firm is led by Chief Executive Daniel Wong and Chairman Matt Danzeisen, who is himself notably married to Peter Thiel, while Wong, the chief executive, is a senior vice president at Li's Pacific Century Group. Bridgetown will have other board members including OpenAI CEO Sam Altman and RRE Ventures partner John Hass.Peter Thiel is apparently seeking to add yet another blank-check firm to what has b…

EU Fights Apple Tax Fine Reversal

The European Commission has said that it'll appeal an Irish tax penalty reversal that was recently granted to Apple after the technology giant won an appeal to a $15 billion tax penalty that was levied against it by the European Union's second-highest court. The tax penalty in concern was levied against Apple in 2016 over allegations that the European nation of Ireland granted selective tax breaks to the company, which maintains its European headquarters in Ireland. That penalty was later appealed by Apple as well as the Irish government, which both came out victorious in July of this year. Now, the European Commission's Executive Vice President, Margrethe Vestager, has said that it'll appeal the penalty reversal in the EU's highest court. Vestager is taking forward the matter to the European Court of Justice, officially the supreme court of the European Union. "If Member States give certain multinational companies tax advantages not available to their rivals,…

Gemini Expands Into UK

Gemini, the popular US-based cryptocurrency exchange founded by the Winklevoss brothers, has officially fully expanded into the UK, now supporting cryptocurrency trading and custody transactions in pounds sterling (GBP), the UK's official currency. Gemini's launch, as expected, comes on the heels of the UK's Financial Conduct Authority (FCA) granting the company an Electronic Money Institution (EMI) license, a license that normally grants a firm the permission to store clients' money for longer periods and to also issue cards, e-wallets and other instruments that facilitate the usage of their clients' money. Gemini overall is one of the first crypto businesses to be given such a license in the UK.With Gemini's launch, users can now make crypto purchases with British pounds and also make pound deposits to fund their accounts on the go without any major need to transact in foreign currencies or incur exchange rate fees. Institutional investors in the UK are not s…

VW's Traton Partners With TuSimple

The Traton Group, a heavy-duty truck subsidiary of German automaker Volkswagen, has entered into a partership with self-driving trucks upstart TuSimple. Under the terms of the partnership, both parties have launched a development program to operate autonomous trucks in a specified route in the European nation of Sweden. Traton has also purchased a minority stake in TuSimple under the terms of the partnership.The partnership between Traton and TuSimple represents the latter's first in Europe and actually spans several countries. Traton is aiming to test driverless truck fleets powered by TuSimple's technology across countries including Sweden and Germany, with both companies focused on Level 4 automation for their truck fleet. Traton is particularly aiming to develop self-driving truck fleets to help tackle a shortage of drivers in Europe. It's estimated that there lies a shortage of 60,000 truck drivers in Germany alone. Along with tackling driver shortage, adopting self-d…