Ford pushes ahead on EVs
Ford has acquired power management provider Auto Motive Power.
Why it matters: Ford has lately slowed its transition to EVs, citing cooling consumer demand for the vehicles. The deal with AMP signals the automaker nonetheless remains committed to the sector.
Driving the news: Ford is absorbing the bulk of AMP's employees, including founder Anil Paryani. TechCrunch was first to report the news.
State of play: AMP provided power-management hardware for EVs and other vehicles, including self-driving taxis and drones.
- The LA company raised $4.3 million in October 2022, Axios Pro reported at the time, adding to a $6.8 million Series A the startup had raised that summer.
- Investors in that earlier August raise included Hella Ventures and the Ecosystem Integrity Fund.
Of note: Hella Ventures also participated in AMP's seed round in April 2021, which was led by 8VC.
What they're saying: "Ford is focused on accelerating EV adoption and improving charging experiences for as many customers as we can," spokeswoman Emma Bergg tells Axios. "This move is about accelerating that effort."
Separately: Ford's heavy commercial brand, Ford Trucks, announced this morning that it's signed a letter of intent with Quantron, a German components supplier for electric and hydrogen trucks, to potentially integrate Quantron's tech into Ford electric trucks.