🚕 Rise of the robotaxi

Putting the EV in rEVolution… General Motors kicked off a two-day investor event yesterday by outlining bold plans to double annual revenue to $280B by 2030. GM says all its cars will be electric by 2035, and its eHummer goes on sale this fall. But EVs are only the start: GM says growth will come from services, like its fleet of Chevy Bolt autonomous EV taxis.

Your robotaxi has arrived… And it’s powered by GM. Cruise — an AV startup majority-owned by GM that counts Honda, Walmart, Microsoft, and Softbank as investors — is key to GM’s software-centric strategy. Here’s why:

• Cruising past Waymo: Cruise became the first robotaxi biz permitted to collect fares with no safety driver last month, beating Google-owned robotaxi rival Waymo.
• Robo-revenue: GM, which already signed a deal to sell a robotaxi fleet to Dubai, says robotaxi revenue will soon hit $50B — more than 30% of GM’s 2020 sales. Cruise was last valued at $19B in 2019, and Waymo at $30B in 2020.
• Connected everything: Robotaxis are just one application of GM’s auto tech. Walmart already uses Cruise self-driving tech to deliver groceries, and GM plans to launch in-car subscriptions through its Ultifi operating system in 2023.

Greener nav bar… Google unveiled several new eco-friendly features to help its 1B+ users make more sustainable lifestyle choices. They launch first in the US but will expand to Europe next year. The suite:

• Shop: When searching for a new dishwasher, you might see water-saving models pop up alongside regular results in the Shopping tab.
• Drive: Google Maps will offer an alternative “green leaf” route that shows how much gas you could save with minimal extra time.
• Fly: See how much carbon is emitted in every Google Flights route before booking your next getaway.
• Nest: Google’s thermostat can automatically heat or cool your home based on when renewable energy is available.

Big user base = big responsibility… Google reaches more than 10% of the Earth’s population through its enormous range of hardware products (Pixel phones, robotaxis) and digital tools (Chrome, Android, Google TV). But its wide reach comes at a jolting cost:

• 12.4 terawatts: How much electricity Google uses to keep its network afloat. That’s nearly as much as the Dominican Republic uses, and it’s growing.
• Other tech giants like Facebook and Apple have committed to zero-carbon or carbon-neutral initiatives, but have yet to roll out similar features for users.
• Criticism is mounting against big corporations accused of putting climate responsibility in the hands of individuals instead of their own.

• Forgive: The Biden administration overhauled the US student loan forgiveness program, making it easier for teachers, nurses, and service members to get relief.
• Rebut: Facebook CEO Mark Zuckerberg publicly disputed recent media reports and whistleblower testimony, which claimed that FB prioritized profits over user safety.
• Game: A data breach revealed that 80+ of the highest-earning gamers on Amazon-owned video-game streaming platform Twitch have earned $1M since 2019.
• Plant: Packaged-food giant Hormel teamed up with the alt-protein company The Better Meat Co. to launch a line of plant-based products.
• Army: Shares of Palantir spiked 10% after the data-analytics giant announced an indefinite contract to provide its Gotham Platform software to the US Army.
• Tip: California passed a law requiring food-delivery giants like DoorDash, Uber Eats, and Grubhub to pay out 100% of tips to gig workers.

• Weekly jobless claims
• Earnings expected from Helen of Troy, Conagra, Lamb Weston, and Tilray

Authors of this Snacks own shares of: Google and Apple

ID: 1866023