Here’s a short summary of what happened in the world of mobility, logistics & transportation this week:
A week ago, the San Fransisco based mobility company Lyft raised an unexpected $2.3B in its IPO, valuing them at $24B. Shares initially jumped more than 20 per cent above their offer price to $87.24 per share (IPO price $72). As the first of an expected wave of Silicon Valley IPOs, Pinterest, Airbnb, Slack and Lyft rival Uber are supposed to follow suit this year.
And yet the Lyft-off wasn’t lasting: By Monday, Lyft closed up 9% on its first day of trading. According to TechCrunch, part of this downturn was a report from Guggenheim Partners analyst Jake Fuller, where he listed the four possible ways to profitability, all of which were unlikely. Additionally, Eric Rosenbaum of CNBC compares it to Facebook's IPO, and how the social media juggernaut is now struggling with lawsuits. Read more here.
In a symbolic first, electric cars outsold fossil fuel-powered ones in Norway last month. In what may hopefully become a worldwide trend, it was reported that close to 60% of new cars sold in Norway in March were battery-powered.
The city of New York is heading up a possible new trend to curb inner-city traffic and get more funds for their failing public transport system: A possible new congestions toll is designed to reduce traffic and increase vehicle speeds in the busiest part of Manhattan. 80% of the revenue could go to the city’s subway and buses, and 10% each to the Metro-North and LIRR commuter rails.
This week in funding: Linear Labs has raised $4.5 million in a seed round led by Science Inc. and Kindred Ventures. The startup is developing an electric motor for cars, scooters, robots, wind turbines and even HVAC systems, and say that they have come up with a lighter, more flexible electric motor.