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Electric Vehicles to Acquire 50% of the US Auto Market, Biden Sets Target
According to senior US administration officials, President Joe Biden wants EVs to constitute half of all new auto sales in the country by 2030. Industry leaders, such as General Motors, Ford Motor, and Stellantis will reportedly support the move.
Although the implementation will happen through an executive order, companies do not need to mandatorily reach the sales target.
Rather, the focus would be on promoting the adoption of electric vehicles by the automobile companies and the US government.
The type of vehicles to be encouraged for adoption include fuel cell and battery-powered zero-emission vehicles and hybrid models with internal combustion engines.
Additionally, the Biden administration would also make announcements for federal fuel economy and emission standards through the 2026 model year, built on California’s tougher regulations.
According to their publicly disclosed plans, different companies will travel to different lengths in meeting this goal set by President Biden.
For instance, Volvo wants to go full-electric by 2030, while Stellantis and Ford have set targets to have at least 40% EVs. GM aspires to exclusively offer all-electric and fuel-cell vehicles by 2035.
Japanese Space Startup Raises $46 Million to Complete Three Lunar Lander Missions in Three Years
iSpace, the startup, raised $46 million in its series C funding round. Japanese VC firm Incubate Fund led the round.
Additional investment came from partnerships managed by Innovation Funds and funds managed by SBI Investment Co, Katsunori Sago, Aizawa Investments, HiJoJo Partners, and Aizawa Asset Management. With this funding, the startup’s total funding now stands at $195.5 million.
The first lunar lander mission is scheduled for 2022. iSpace is working on the landing module at a facility owned by space launch company ArianeGroup, in Lampoldshausen, Germany.
The second mission will happen in 2023 when the startup will deposit a small iSpace rover to collect data to support the company’s subsequent missions to the moon.
The final mission will leverage a larger lander developed by a Tokyo-based startup in the US.
Coinbase Picks Zabo in its Ongoing Buying Spree
Listed on the Nasdaq, Coinbase is one of the largest, most reputable crypto exchanges. Continuing its buying spree, Coinbase has recently acquired crypto aggregator service Zabo, whose API integrations include more than 50 crypto exchanges and wallet services, including Kraken, Coinbase’s rival.
Exact details on the size of the acquisition deal were not available. Apart from Kraken, Zabo API integrations also include well-known blockchain wallet Ledger, crypto payment platform BitGo, crypto exchange FTX, and more.
In 2020, Zabo had raised $2.5 million in a seed round. Several VC firms and crypto investors, including Moonshots Capital, Digital Currency Group, CoinShares, and Tezos Foundation invested in Zabo as well.
Earlier to Zabo, Coinbase also acquired Skew, a blockchain data analytics firm, Bison Trails, a blockchain infrastructure platform, and Routefire, a trade execution platform.
Tiktok Witnessed Phenomenal Growth in 2020
According to the latest information disclosures, issues like privacy concerns have not managed to curb the spread of video sharing platform TikTok.
It was the most popular mobile video application in 2020, with more than 660 million downloads in 2020. The app scored a huge lead over its immediate next competitor Likee.
Likee had 270.34 million downloads, followed by SnackVideo (233.57 million), YouTube (222.71 million), and TikTok Lite (141.89 million).
As analyzed, TikTok’s growth pivots on its capacity to attract young people with content that is diverse, fun, relatable, and presented in an easily digestible format.
The success also stems from its focus on localized content, and contests and challenges that manage to successfully capture local trends.
AROUND THE WEB
🚀 ID Verification Startup Raises $70m: Sentilink raised the funds in its Series B round from Craft Ventures, Felicis Ventures, Andreessen Horowitz (a16z), and NYCA, taking the total funds raised since 2017 to $85 million.
⚖️ Ripple Gets Access to Binance’s Documents: In a turn of events, crucial to the Ripple Vs. US SEC lawsuit, Ripple was granted access to Binance’s documents.
📉 Nintendo Profits Down: Owing to a decline in sales, Nintendo’s operating profit experienced a 17.3% decline year-on-year for the April-June quarter.