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Here’s what we’ve got for you today:

• Cruise Unveils Car with No Steering Wheel 🚗

• Lucid Motors Losing $500K Per EV 📉

• Autonomous Driving Could Create BILLIONS by 2035 📈

CRUISE UNVEILS CAR WITH NO STEERING WHEEL 🚗

Cruise (that company everyone's kinda heard about, but not sure where from) has just dropped this boxy, Minecraft-looking thing.

And they're super hyped about it.

Cruise's CEO, Kyle Vogt, hopped on social media to show off “The WAV”, talked about it casually, then boom. No steering wheel.

It doesn't have a front. Or a back. It's just... square.

It's like they took the concept of "thinking outside the box" and said, "nah, we're gonna stay right inside it."

The car's whole shtick? Wheelchair accessibility. It's the world's first self-driving vehicle that's wheelchair-friendly.

They're hoping to put this box-on-wheels into testing next month. If all goes well, they might let some real folks ride in it in 2024.

Now, for some context:

Cruise has these Chevy Bolt cars already cruising around SF. But unlike the WAV, those still have all that human stuff. Y'know, steering wheels? Pedals? Lame.

Now, Cruise has been boasting about their million-mile journey in SF, but not everyone's buying it. There’s been some... feedback.

Kyle Vogt says it's just people exaggerating... but when locals are stopping cars with traffic cones and someone’s going all Thor with a hammer on your ride... you might wanna pay attention.

So that’s the scoop. Square cars. Big dreams.

Looking forward to the block party!

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LUCID MOTORS LOSING $500K PER EV 📉

Ever heard of Lucid Motors? If not, you will. They're aiming to be the go-to for luxury EVs.

But for Lucid, there’s a catch…

For every car they're selling, they're losing over $500,000.

Money Matters… or Lack Thereof

So what's going on with Lucid? Let's take a dive into the financials (careful, it's a bit shallow).

In Q2 2023, Lucid somehow managed to lose around $764 million.

To put that in perspective, if each dollar was a second, that's like... a lot of years.

They sold 1,404 cars that quarter, which, quick math, means a huge loss per car.

And yet, some people still think they might pull a rabbit out of the hat, given the whole electric vehicle hype.

CEO's Pocket Change

Peter Rawlinson. This dude is raking in the big bucks. Even when the company isn’t.

His salary? Close to $380 million.

For context, he earned 11 times more than the CEO of General Motors.

But hey, CEO earnings can be tricky. Maybe he's got a master plan. Maybe this is just an investment in his genius. Or maybe it’s just a lot of money.

Spoiler alert: it's a lot of money.

Cars Everywhere, But Where's the Road?

Lucid's got some stiff competition. Old-timers like Ford are turning electric. Tesla is doing its thing. And fresh faces like Rivian are joining the party.

Add to that, Lucid’s having a hard time even getting their cars out of the factory and onto the roads.

Crystal Ball Time: Future of Lucid

Is Lucid Motors the future star or a passing comet?

On one hand they've got the tech and vision of electric luxury… On the other, they're throwing all their cash onto a bonfire.

Maybe they need a friend for some autonomous driving collabs, or a cheaper car in their lineup. Whatever the play, they better make it fast… their financial situation is one to give accountants nightmares.

AUTONOMOUS DRIVING COULD CREATE BILLIONS BY 2035 📈

Have you ever imagined living in a world where cars drive themselves? Yeah, me neither.

Well, the big brains in the car industry are trying to bring Autonomous Driving to your own personal car.

And they've sunk billions into trying to make it happen.

Now there have been some hiccups (turns out cars driving themselves is kinda hard?) but folks at McKinsey think there's a ton of money to be made here.

What’s the Big Deal About Autonomous Driving?

Imagine driving without the actual driving part. You could video call your friend. You could complain about last night's TV episode. You could get some work done. Or, my personal favourite, you could sleep.

But if you're someone who spends half their life commuting, this might be the dream.

Also, grandma and grandpa?

They could get around without asking for rides or figuring out what the heck Uber is. And apparently, cars that drive themselves are actually safer.

Europe thinks they might cut down accidents by a whopping 15% by 2030. That's like eliminating every 7th crash. Sounds pretty sweet.

But What’s In It for Car Companies?

Ka-ching! That's what.

Consumers want self-driving. And they're ready to throw money to get it.

McKinsey did some math, and there might be between $300 and $400 billion on the table for car companies by 2035. And hey, if there are fewer car crashes, roadside businesses might need to find new hustles. Sorry Mechanics.

Oh, and insurance?

Well, if cars drive perfectly on their own, who's at fault in a crash?

That's going to shake things up a bit. And so some car companies are now trying to become insurance agents on the side. They're using all that data from the autonomous systems to make offers you can't refuse.

Self-Driving Future: Fast, Slow, or "Eh, Maybe"?

The McKinsey people made a few guesses about the future:

• The “Not-So-Great” guess? Only 4% of cars sold in 2030 are smart enough to drive themselves.

• The “Meh, Kinda Likely” guess? 12% of cars in 2030 will let you take your hands off the wheel.

• And the “We’re Living in the Future!” guess? 20% of cars sold in 2030 will be smart, jumping to 57% by 2035. Pretty wild, right?

What Do Actual People Think?

Turns out, folks are pretty into the idea of their cars doing all the heavy lifting.

But over the past year, some people got cold feet. They're not as thrilled about jumping into a robot car as before.

And trust in AV safety? It’s on the decline. Which means car companies have got some trust-building to do.

Maybe what we all need is a test drive to realize these things won't go all Skynet on us...

THE JUICE 🔋

VW Lays Off Workers Over Cratering Demand The manufacturer is letting go 269 people.

Top 10 Autonomous Vehicle Companies Tesla listed as #5.

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BMW, Ford and Honda Join Forces to create ChargeScape Aiming to provide EV customers financial benefits through EV-enabled grid services.

Honda Reveals Folding Electric Motocompacto Scooter The Mini-E-Cycle is a remastered ‘80s icon.

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.