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It’s not you, it’s the interest rates.
The reasons are probably more nuanced than that, but a number of prominent car tech companies are finding themselves in the unenviable position of being dumped by the bigger companies that they’ve relied on for funding. It’s especially harsh when you consider we’re a few weeks away from Valentine’s Day.
It started earlier this week, when auto parts giant Aptiv said it was pulling funding from Motional, the robotaxi joint venture it started with Hyundai in 2020. The reason? Money, of course. And how long it was taking to commercialize the technology.
Aptiv said it was incurring millions of dollars in losses while waiting for Motional to launch its fully driverless ridehail vehicles. The company…