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The biggest flops and fizzles in 2024 transportation, from Apple Car to Fisker
- The demand for electric vehicles in 2024 was below expected levels, resulting in automakers readjusting their investment plans and Ford abandoning plans for an all-electric three-row SUV.
- There were also many setbacks for EV startups, including Arrival which went bankrupt and lost its U.K. division.
- Cake filed for bankruptcy, but was bought by Norwegian auto dealer Brages Holding AS.
- Apple officially cancelled its car project, causing disappointment among those that have been waiting a decade for Apple’s electric and autonomous car.
- Other notable shut-downs included Cruise robotaxi and Ghost Autonomy, while Fisker struggled to meet sales goals, was investigated by federal safety regulators, and eventually filed for bankruptcy in June.
- Lilium, an electric vertical takeoff and landing startup, shut down in October after raising more than $1 billion from investors before going public in 2021 on Nasdaq.
- Northvolt, a Swedish battery manufacturer, announced bankruptcy in November despite raising $14.26 billion, according to PitchBook.
- Phantom Auto, a Californian startup that developed a teleoperation platform allowing remote driving, shut down in March despite raising a total of $95 million in funds.
- Overall, 2024 was a year where weaker startups disappeared and corporate entities evaluated where they were spending money.
- There is still interest in electric aircraft startups, but the sector faces turbulence ahead.
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