Axios Pro: Climate Deals

March 29, 2023

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🐪 Welcome to Wednesday!

1 big thing: Mobility investments stall

Global mobility tech VC deal activity
Data: PitchBook; Chart: Axios Visuals

Electric vehicle makers, micromobility startups, freight haulers and other transportation startups saw venture investments skid 33% last year as deal values did a Thelma and Louise.

Why it matters: Investors have lost patience with mobility startups, Alan writes.

What's happening: A slew of glitzy EV startups fell far short of production targets and plowed through mountains of cash in the process.

The latest: Lucid yesterday disclosed plans to cut about 18% of its workforce, or some 1,300 workers.

  • The electric automaker's 2023 forecast was far below analyst expectations — and the California company reported a sharp drop in orders last quarter.

Plus: Micromobility companies Helbiz and Bird have suffered through serious cash and leadership struggles.

Between the lines: All the companies above went public in the SPAC and IPO boom of 2020 and 2021.

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