TechCrunch Mobility: Rivian’s R2 gambit

Welcome back to TechCrunch Mobility, your hub for all things “future of transportation.” To get this in your inbox, sign up here for free — just click TechCrunch Mobility!

I was out for a few days last week and we have a bit of catching up to do! I won’t rehash too much, but expect a few of the bigger news items — ahem, Wayve’s $1.2 billion raise — to make it in here. 

One more housekeeping note: I will be in Austin next week for SXSW, the annual tech, music, film, and culture event that always attracts an interesting collection of tech founders, creators, politicians, and other industry folks. I plan to attend the Rivian event, where the company is expected to reveal full details of its upcoming R2 line. I will also be moderating a panel called Innovation & Impact: Female Leaders Transforming Legacy Industries, alongside Rivian CFO Claire McDonough, Madison Reed CEO and founder Amy Errett, and Spotify chief public affairs officer Dustee Jenkins. If you’re there, please reach out!

Speaking of Rivian, the company is planning one of the fastest launches of a new all-electric car in the U.S. with its forthcoming R2 SUV. And the stakes couldn’t be any higher.

Senior reporter Sean O’Kane looked at historical sales data as well as Rivian’s own projections for 2026. Rivian said it expects to sell between 20,000 and 25,000 R2s this year, the first of which will head to customers in June once production begins.

That means it has six months to reach that goal. Even if Rivian hits the low end of that target, its sales rate will outpace every other comparable electric vehicle at or under $60,000 aside from the Tesla Model Y, O’Kane writes. Read the full story here.

My question is what tactical move is Rivian planning to use to reach that goal? It won’t be enough to merely state, “Pent-up demand, stupid.” This is no small feat. I expect Rivian to try a variety of tactics to spread the word and turn interest in its EVs into actual sales. What do you think the company will do? Email me!

A little bird

No little birds this week — or at least ones we can share. Remember, if you have a tip for us, you can either email me at [email protected] or reach me through Signal at kkorosec.07. Sean O’Kane’s email is [email protected] 

Deals!

This is from last week, but it’s worth commenting on. I’m talking about Wayve and its $1.2 billion raise (up to $1.5 billion if it can unlock a $300 million milestone-based investment from Uber). As I mentioned in my article, everyone seems to want a piece of this U.K. startup, which is now valued at $8.6 billion. 

Wayve is taking a different approach to automated driving. It doesn’t want to be the operator. Instead it wants to license its software — both a fully automated driving product and a less capable one meant for advanced driver-assistance systems — to automakers and robotaxi operators. Wayve has taken a self-learning approach to its software. The company developed a software layer using an end-to-end neural network that doesn’t require high-definition maps and only uses data to teach the vehicle how to drive. It’s hardware agnostic, which could be appealing to Wayve backers Mercedes-Benz, Nissan, and Stellantis. 

Other deals that got my attention …

Denso, the Toyota Motor-affiliated auto-parts supplier, made a takeover proposal for Kyoto-based chip maker Rohm, the WSJ reported. 

Einride, the Swedish startup known for building both electric trucks and autonomous pods that are designed to carry freight, secured an oversubscribed $113 million PIPE (private investment in public equity) ahead of its public debut, which is expected for the first half of 2026. 

Harbinger acquired autonomous-driving software company Phantom AI. Terms were not disclosed.

Holyvolt, the Swedish battery tech company backed by Volvo, acquired battery materials company Wildcat Discovery Technologies in a deal valued at $73 million. 

Momenta, the Chinese autonomous vehicle developer backed by GM and Tencent Holdings, has filed confidentially for an initial public offering in Hong Kong, Bloomberg reported. The company may seek to raise at least $1 billion in its IPO. 

Nominal, a software startup that helps defense, space, energy, and automotive companies test their manufacturing processes, raised $80 million in a Series B extension round at a $1 billion valuation, led by Founders Fund. 

Toyota upped its offer price for supplier Toyota Industries to $30 billion. 

Zeno, an African startup, raised $25 million in a Series A round to expand its app-controlled battery-swap network and produce more of its Emara motorcycles. About $20.5 million of that was an equity fundraise led by Congruent Ventures with participation from Active Impact and Lowercarbon Capital. The remaining $4.5 million is a debt facility from Camber Road and Trifecta Capital.

Notable reads and other tidbits

Chinese automaker BYD unveiled a new battery pack that it says is capable of charging from 10% to 70% in five minutes. This is certainly a game changer, but there is an important caveat to this claim: It needs a specific EV charger. 

Hyundai, Toyota, and Chinese automakers like Chery potentially face the most impact from the U.S.-Israel war with Iran, as the Middle East accounts for a significant percentage of their deliveries, according to an analysis from Bernstein, CNBC reported.

Volkswagen Group surpassed an EV milestone this week. The company said it has delivered 4 million all-electric vehicles since it launched its first model in 2013. Half of those came from the Volkswagen brand. The remaining sales came from Škoda, SEAT/CUPRA, Volkswagen Commercial Vehicles, and Porsche. 

A video shows a Waymo robotaxi blocking an ambulance as it responded to the scene of a mass shooting in Austin over the weekend. A spokesperson for Austin-Travis-County EMS told Axios that an officer followed established protocol to address the situation and was able to quickly move the vehicle. Waymo didn’t provide a statement to outlets at the time. The incident is the latest in which a first responder was used to move a Waymo and raises questions about the readiness of the technology.

One more thing …

The National Highway Traffic Safety Administration has scheduled a forum on autonomous vehicle safety for Tuesday. A who’s who of AV leaders are expected to attend, including Aurora co-founder and CEO Chris Urmson, Waymo co-CEO Tekedra Mawakana, and Zoox CEO Aicha Evans.