EJ Farmer scores 16 as Youngstown State defeats Detroit Mercy 73-64
If there was one phrase that captured the vibe and theme of 2024 — at least in the transportation sector — it was “business whiplash.” Legacy automakers changed direction on their all-EVs-or-bust strategy, startups pivoted, and some Silicon Valley VCs and executives adjusted their views on a changing political landscape in which they now are playing starring roles. Jaguar went in an entirely new polarizing direction with a rebranding that got a lot of attention — and lit social media on fire, at least for a few days. GM slowed its EV plans and was forced to change lanes on software — an internal restructure accelerated by problems with the Chevy Blazer EV that has had positive developments. But the automaker’s most striking shift was its decision to no longer fund development of the Cruise robotaxi. Everywhere we looked, founders, VCs, and automotive execs were changing course to take advantage of shifting consumer demand and, in many cases, to simply survive. Here are the biggest topics and stories in transportation in 2024. Autonomous vehicle s: Pivots, survivors, and scale The buzzy years of autonomous vehicle tech — from 2016 to 2020 — are long gone, and the hype cycle has brought us through the trough of disillusionment. A handful of remaining AV startups, including Ghost Autonomy and Phantom Auto , which had already pivoted, took their final breaths in 2024. Other AV startups took a cue from their brethren in other sectors and turned to defense , officially becoming dual-use companies. And others, like TuSimple, have pivoted almost entirely away from developing autonomous technology and instead have moved to embrace *checks notes* AI animation and gaming . The path to a commercial robotaxi business is still fraught. GM decided to no longer fund the Cruise robotaxi development program ; the automaker will now use that tech and talent to incrementally improve its hands-off advanced driver-assistance system and eventually introduce personal autonomous vehicles. AVs did, however, get a boost thanks to a booming and hypey AI industry and newfound interest in the end-to-end approach to autonomy (just ask Wayve ). Waymo and Zoox , two well-funded AV companies, are still on the commercial robotaxi path. And of course there’s Tesla, which this year revealed its Cybercab prototype with plans to start production in 2025 or 2026. CEO Elon Musk also promised to unleash “unsupervised FSD” and launch a robotaxi service in California and Texas next year, but we’re taking those promises with a heavy dose of skepticism given Musk’s penchant for missing deadlines. Other AV must-reads of 2024: Apple cancels its autonomous electric car project and is laying off some workers Cruise employees ‘blindsided’ by GM’s plan to end robotaxi program Investors rebel as TuSimple pivots from self-driving trucks to AI gaming Motional cut about 550 employees, around 40%, in recent restructuring, sources say Tesla reveals 20 Cybercabs at We, Robot event, says you’ll be able to buy one for less than $30,000 EVs are put to the test Legacy automakers like Ford and GM spent billions of dollars beefing up their electric vehicle lineups and investing in U.S. battery manufacturing facilities to keep on top of supply chains. EV sales — bolstered by the Biden administration’s EV tax credit — continued to reach record highs this year. But automakers and investors have feared that sales for electric cars, which accounted for 8.9% of total auto sales in the third quarter, haven’t risen at the pace they’d hoped for. Tesla even saw its own profits drop at the start of the year, with Musk noting that automakers were pulling back from EVs due to pressure from hybrids . That pullback might just continue into 2025 with the incoming administration’s plans to cut the EV tax credit. Meanwhile in EV startup land, the SPAC model has continued to prove unsuccessful for driving long-term business growth. We chronicled the messy downfall of Fisker — which crumbled under its founders’ whims — including how the startup left its HQ in complete disarray and had to sign a deal with American Lease, the company that bought Fisker’s fleet, to help owners get help with recall repairs . Canoo has also struggled to maintain enough cash to operate, and in December it began to furlough workers . Perhaps the startup’s money troubles came from unsustainable spending habits, like spending double Canoo’s annual revenue on CEO Tony Aquila’s private jet or acquiring the assets of its bankrupt peer Arrival . Faraday Future, despite raising over $1 billion when it merged with a SPAC in 2021, is also sinking fast — to the point where data mining company Palantir now owns an 8.7% stake in the company after Faraday was unable to pay for services rendered. One of the only new EV players that didn’t go public through a special purpose acquisition merger was Rivian. While Rivian hasn’t had the smoothest run since its record-breaking IPO, the EV maker hit some major milestones in 2024, albeit with some speed bumps along the way, including a series of lawsuits alleging top executives of harassment . Rivian unveiled in March its next-generation R2 SUV and a surprised R3 hatchback. In the summer, Rivian’s path to survival became linked to being able to sell its revamped R1T pickup and the R1S SUV at a profit to sustain itself long enough to get its cheaper R2 SUV on the road. Rivian even snagged a $6.6 billion loan to restart production on its Georgia plant, although it appears that deal was helped along thanks to a secret agreement with the United Auto Workers union. Tesla was in a state of flux as Musk fought to hold onto his $56 billion pay package through sheer determination and investor loyalty. The automaker issued mass layoffs this year , axed its entire Supercharger team , abandoned plans to build a $25,000 EV, oversaw seven Cybertruck recalls , and unveiled its robotaxi prototype . Other EV must-reads of 2024: I just spent my first week ever with an EV, the Chevy Equinox — here’s what it was like Hertz is selling 20,000 EVs and replacing them with gas cars The 2025 Lucid Air Pure is a luxe ride at $69,900 with room for tech tuneups EVTOLs are still attracting investors 2024 was a year of big intentions for the electric vertical takeoff and landing vehicles industry. It felt like every other week there was an announcement as two of the biggest players — Joby Aviation and Archer Aviation — shared plans for future commercial electric air taxi launches starting in 2025. It’s also been a year of big fundraises as both companies tried to secure more cash to achieve Federal Aviation Administration certification and launch commercial air taxi services in 2025. Joby, for example, first secured a $500 million bag from Toyota, then raised $222 million before launching a $300 million public offering . Archer recently raised $430 million and teamed up with Anduril to dive into defense — a theme we’re expecting to continue into 2025 as defense tech heats up . And Beta Technologies raised a $318 million Series C . There were also plenty of partnerships between eVTOL startups and more-traditional air carriers — like Beta’s recent win with Air New Zealand — and the development of vertiports in key urban areas across the U.S., Europe, and Asia. Not every startup has been so lucky, though, as companies burned through capital and failed to find more funding. German eVTOL startup Lilium filed for bankruptcy after failing to raise enough capital to continue. In December, the company shut down and laid off 1,000 workers , but appears to have gotten a last minute lifeline from an investor. Stay tuned. 2025 will be the year where we’ll see if the companies that remain can secure proper FAA approval and begin to make a business out of eVTOLs. Here are some other eVTOL must-reads of 2024: Feds clear way for eVTOL startups to bring flying vehicles to US airspace Beta Technologies unveils first passenger carrying electric aircraft Micromobility wobbles forward The hype over shared micromobility has long since died. This year saw the last gasps of consolidation, pivots, and a few survivors. Tier and Dott finally merged , and Lime continued on its steady path to, if not consistent profitability, at least sustainability and market dominance. VanMoof’s bankruptcy in 2023 revealed how difficult it is to scale a new e-bike business, despite a consumer appetite for sexy, sleek e-bikes. Cake filed for bankruptcy at the start of the year, and Onyx Motorbikes was on the verge of bankruptcy itself when its 37-year-old owner died suddenly, leaving an absolute mess in his wake. Cake and Onyx have been given fresh chances of survival in 2025. Some startups have managed to find a way to keep an e-bike business afloat. Just look at Joco. The startup has fought the odds and managed to turn its docked e-bike rental service for delivery workers into a profitable business , and has even branched out into building battery charging cabinets. Here are some other micromobility must-reads of 2024: Bloom is reinventing how e-bikes are made in the US
Surf Air Mobility Hits 8-Month High On Insiders Buying Company Stock: Retail CheersIn a rapidly changing world, Africa has emerged as a key stage for global competition. With its vast resources and strategic significance, the continent is drawing significant interest from powerful players such as Russia, China and the United States. As Africa faces new promises and potential threats, leaders on the continent are challenged to make choices that could shape Africa’s role in an increasingly multipolar world. Recent developments underscore the complexity of this environment: Russian President Vladimir Putin has extended a promise of “total support” to Africa, presenting Moscow as a counterbalance to Western influence. Meanwhile, China is expanding its presence in Africa’s electric vehicle (EV) sector, leveraging its potential as a market and production base. At the same time, the approaching return of Donald Trump to the U.S. presidency brings uncertainty about America’s future engagement with Africa. Russia’s “total support” for Africa, highlighted at the recent summit in Sochi, reflects Moscow’s ambition to deepen alliances beyond the Western sphere. Isolated due to its ongoing conflict with Ukraine, Russia is presenting itself as a non-colonial partner, offering an alternative to what it frames as Western “neo-colonialism.” This message resonates with several African countries, including Mali and Burkina Faso, where leaders have grown wary of France and other Western influences. Russia’s narrative emphasizes its historical support for decolonization and its recent strategic partnerships with African nations seeking defense and economic stability. Moscow’s support includes military assistance, economic investments and diplomatic partnerships that offer African countries a model different from traditional Western alliances. However, underlying questions remain regarding the depth of Russia’s engagement. Some experts argue that Russia’s commitment to Africa might diminish if its geopolitical needs change, especially if the conflict in Ukraine is concluded. Russia’s interest in Africa seems largely transactional, focusing on short-term advantages, such as natural resource access and arms deals, rather than a long-term strategy for African development. This presents a dilemma for African leaders: While Russian support can provide valuable resources and influence, over-reliance on Moscow can limit Africa’s independence and flexibility in the future. Africa’s leaders should weigh the benefits of engaging with Russia against the potential risks. By developing specific mutual agreements and safeguarding their own autonomy, African countries can navigate this partnership effectively. Russia’s promise of “total support” can benefit Africa, but only if African leaders take steps to maintain control over the direction of their partnerships and ensure that these engagements serve long-term national and regional interests. While Russia’s influence in Africa is largely driven by military and political factors, China’s presence is deeply rooted in economic partnerships, particularly in the energy and technology sectors. As China faces tariffs from the U.S. and the European Union, Africa has become an increasingly attractive market and production base for Chinese EV companies. Recently, major Chinese automakers, including BAIC and Zeekr, committed to establishing EV manufacturing plants in Egypt. This investment leverages Africa’s growing market potential and Egypt’s strategic location, enabling China to access African and Middle Eastern markets and reduce its dependency on traditional Western consumers. China’s investment in Africa’s EV industry aligns with its broader Belt and Road Initiative (BRI), positioning Africa as a strategic node in China’s global supply chain. China is creating new opportunities for economic growth in Africa by building factories and infrastructure. However, African leaders must be cautious in avoiding overreliance on China. Although Chinese investments can stimulate job creation and technological advancement, they can also lead to economic dependency if African industries remain dependent on Chinese expertise and capital. African nations should negotiate terms that emphasize technology transfer, workforce training, and local capacity building to ensure that these partnerships benefit their economies in the long run. As Africa adopts clean energy and advanced technology, a balanced approach to Chinese investment can empower African economies, turning the continent into a competitive global green economy. By focusing on equitable agreements, Africa can harness China’s economic strength, while safeguarding its autonomy. A second Trump administration could shift U.S. priorities in Africa, likely focusing less on aid and more on strategic investments that counterbalance China’s influence. Trump’s first term largely ignored Africa, with the most notable policy change being a reduction in aid and diplomatic engagement. Yet members of Trump’s previous national security team, including Peter Pham, recognize Africa’s strategic significance in the U.S.-China rivalry. Should Trump return, the U.S. may continue strategic initiatives such as the Lobito Corridor, which aims to reduce Africa’s dependence on China to export critical minerals. However, African leaders must prepare for the possibility that Trump’s policies prioritize short-term economic gains over the long-term developmental needs of African nations. One likely change in U.S. policy under Trump would be cuts to the foreign aid budget, which could have substantial effects on African nations that rely on this support. This might lead African leaders to seek new alliances or strengthen ties with countries that are less inclined to impose political conditions on their aid. Moreover, Trump’s stance on certain social policies, including LGBTQ+ rights, contrasts sharply with the Biden administration’s, potentially reshaping U.S. relationships with African countries that resist these policies. For example, Uganda could see a return to preferential trade arrangements under Trump following its expulsion from the African Growth and Opportunity Act due to its anti-LGBTQ+ laws. African nations should not rely solely on U.S. aid or favorable trade policies to sustain growth. Instead, by diversifying their partnerships, they can better protect themselves from the uncertainty of U.S. political shifts. Leaders should also approach U.S. partnerships with realistic expectations, focusing on initiatives that offer mutual benefits, such as infrastructure and trade development, rather than expecting comprehensive support for domestic agendas. Africa stands at a strategic crossroads, with multiple global powers vying for influence on the continent. By carefully navigating these relationships, African leaders can maximize their benefits while ensuring that foreign influence does not compromise Africa’s autonomy. The following are several recommendations for African decision-makers. Firstly, African countries should negotiate agreements that prioritize technology transfer, workforce training and local content requirements to leverage foreign investment effectively. Partnerships with foreign companies in sectors such as electric vehicles or renewable energy should include provisions that support domestic industry and enable African talent to develop skills for long-term economic sustainability. Secondly, African leaders should align foreign partnerships with development goals, focusing on infrastructure, green technology and social resilience. By emphasizing inclusive growth, African countries can address social and economic inequalities, strengthen national stability and create a more favorable environment for foreign investments that benefit the population. Thirdly, while Russia, China and the U.S. are the most prominent global actors in Africa, African leaders should engage with other nations that offer less conditional support, such as Türkiye and the Gulf states. These partnerships can provide additional financial resources and technical support without the political strings that often accompany Western or Chinese assistance. Broadening the base of partnerships helps Africa reduce its reliance on any single power and enhances its bargaining power. Fourthly, strengthening regional alliances allows African countries to negotiate more effectively with foreign powers. Platforms such as the African Continental Free Trade Area (AfCFTA) enable African nations to act collectively, making it easier to attract investments that respect the continent’s priorities. By fostering regional unity, African leaders can ensure that Africa’s interests are addressed globally. Fifthly, as foreign investment increases, African governments must maintain transparency in their dealings to prevent corruption and ensure that the benefits reach local populations. Clear regulations governing foreign investments will strengthen public trust, reduce the risk of dependency, and create a stable investment environment that benefits both African economies and foreign investors. Africa has never been significant in a rapidly evolving multipolar world. Russia’s promise of “total support,” China’s calculated expansion in Africa’s EV sector, and a potential shift in U.S. priorities under Trump’s leadership all present African leaders with both opportunities and challenges. By strategically engaging with these powers, diversifying partnerships and prioritizing sustainable growth, Africa can position itself as an autonomous and influential player on a global stage. African leaders have the chance to shape a future in which Africa’s growth is marked by resilience, sustainability and independence. With prudent forward-thinking policies, Africa can leverage foreign partnerships to create prosperous, stable and self-reliant futures.