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ELECTRIC VEHICLES

Startup investments, trends, competitive landscape, and road ahead


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ABOUT THE PRESENTER
Kerry Wu
Senior Tech Industry Analyst, CB Insights

Focuses on automotive, transportation, and logistics tech;


additional research areas include on-demand and macro VC trends

Published research and data analysis has been featured in The New
York Times, Financial Times, The Economist, and Bloomberg,
among other major media outlets @kerrygwu

Previously worked as a management consultant at Simon-Kucher &


Partners
kwu@cbinsights.com
Graduate of Columbia University

www.cbinsights.com 6
TABLE OF CONTENTS
9 Investment trends and private markets activity
17 Macro trends fueling EV optimism
31 Newcomer OEMs & Chinese investments
39 Examining Proterra
46 Startups targeting components & services
53 Incumbent automakers moves
66 The road ahead

www.cbinsights.com 7
WHAT ARE WE COVERING TODAY?
Well be focusing on the tech ecosystem directly enabling roadgoing EVs (e.g.
scooters/motorcycles, cars, and buses), including:

} Startups dedicated to working on EV


powertrain components
} Newcomer OEMs looking to produce their
ELECTRIC VEHICLE own vehicles
(EV) TECH } Developers of EV charging infrastructure and
software
} Companies facilitating access to EVs through
dedicated ride- or car-sharing services

General-application battery and grid tech companies are excluded unless they
place a heavy emphasis on serving the EV market.

www.cbinsights.com 8
Equity Investment Trends
EV PRIVATE MARKETS ACTIVITY

www.cbinsights.com 9
EV tech equity financing has hit

$6.6 BILLION
across

327 DEALS
since 2010

www.cbinsights.com 10
EV
EVTECH
TECH ANNUAL FINANCING
ANNUAL GLOBAL HISTORY
FINANCING HISTORY FUNDING SKYROCKETS
2012- 2017
2017YTD
YTD(2/21/2016)
2010 (2/21/2016) TO OVER $2B IN 2016
72
(Full-Year Projection)

61 Dollar investment fell off a


57 cliff early in the decade
48 following a series of high-
44 profile EV flameouts.
38
35 $1,287
34
(Full-Year Projection) However, funding has
roared back, with deal
activity hitting a high in
10
2016 and total investment
topping $2B. 2017 is also
on track for a fresh deal
$927 $894 $828 $150 $449 $970 $2,200 $180
high.
2010 2011 2012 2013 2014 2015 2016 2017 YTD
(2/21/16)
Disclosed Funding ($M) Deals

www.cbinsights.com 11
EV
EVTECH
TECHANNUAL DEALSHARE
GLOBAL DEAL SHAREBYBYSTAGE
STAGE SEED DEAL SHARE
2012- 2016
2016
2012 GROWING AGAIN AS
WELL
23% 19%
33%
26% Seed deal share has also
35%
grown for two
9% 14%
5%
5%
consecutive years,
6%
14% 6% 12% reaching a high of 30% in
3% 6%
9%
18% full-year 2016.
11% 18%
2% 17%
9%
6%
16% The healthy Other deal
21%
9% 9%
13% share is largely driven by
corporate minority stakes
26% 24% 23% 25%
30% and undisclosed rounds.

2012 2013 2014 2015 2016

Seed/Angel Series A Series B Series C Series D Series E+ Other

www.cbinsights.com 12
EVTECH
EV TECHDEAL DEALSHARE
SHARE BY BY COUNTRY
COUNTRY
2012 - 2017 YTD (2/21/2017)
NEARLY 40% OF DEALS
2012 2017 YTD (2/21/2016) GOING TO EX-US
COMPANIES

The US unsurprisingly is
16% strongly represented, but
United States over a third of deals are
United Kingdom 4% going to international
companies working on EV
Canada 4%
tech, with the UK, Canada,
China
6% and China seeing a solid
India 61% share of deals since 2012.
Other 7%

www.cbinsights.com 13
EVTECH
EV TECHDEAL
DEALSHARE
SHARE BY US STATE
STATE CALIFORNIA STILL
2012 - 2017 YTD (2/21/2017)
2012 2017 YTD (2/21/2016) DOMINATES IN US
California 79

Californias ecosystem
still draws the majority of
Utah 9
deals; electric vehicle
startups are no exception.
Oregon 9
Utah is in second, largely
thanks to a series of
Massachusetts 8
financings to VIA Motors,
which builds factory-
electrified versions of
New York 8 existing trucks and vans.

0 20 40 60 80
Deals

www.cbinsights.com 14
EV TECH BUSINESS SOCIAL GRAPH INVESTORS RANGE
2012 2017 YTD (2/21/2016) FROM SMART-MONEY
TO STRATEGICS

Traditional VCs like DFJ


are joined by corporate
investors like BMW i
Ventures, GM Ventures,
and various energy
companies.

Kleiner Perkins was


famously aggressive in
cleantech from the late
2000s into early 2010s,
including a number of
bets in EVs (and some
well-known flameouts).

www.cbinsights.com 15
EV TECH BUSINESS SOCIAL GRAPH INVESTOR ACTIVITY
PICKING UP
2011-2013 2014-2016
Though a good deal of
investors are still
cautious, the EV space
has seen investors re-
entering the arena in
recent years.

www.cbinsights.com 16
Macro Trends:
WHATS FUELING RECENT EV OPTIMISM

www.cbinsights.com 17
THE DECADE GOT OFF TO A ROUGH START
Total funding raised

$1.4B $675M $612M $458M

Bankruptcy: Bankruptcy: Bankruptcy: Bankruptcy:


November 2013 October 2012 May 2013 October 2012

www.cbinsights.com 18
BUT EV STARTUPS ARE
SUDDENLY TRENDING
AGAIN

As highlighted by our
Trends tool, interest in
EV startups has picked
up steadily over the past
two years, with chatter
spiking especially
noticeably through 2016.

www.cbinsights.com 19
IMPROVING BATTERY
ECONOMICS ARE A
MAJOR FACTOR

Li-ion batteries have


traditionally comprised
about 1/3 of the cost for
an average electric vehicle,
and have long hamstrung
the dream of affordable,
long-range EVs.

However, improved
chemistry, manufacturing
techniques, and
economies of scale have
driven down costs
dramatically.

Source: Visual Capitalist www.cbinsights.com 20


A TREND THAT IS
EXPECTED TO CONTINUE

Though gasoline-powered
vehicles are still
undoubtedly more
profitable for the moment,
EV costs should continue
to fall as production
scales.

Source: Bloomberg NEF www.cbinsights.com 21


GLOBAL EV INCENTIVES ALSO REMAIN STRONG
CHINA PUSHING FOR AGGRESSIVE EV MANDATE:
12% OF NEW CARS TO BE ELECTRIC BY 2020

October 31, 2016

www.cbinsights.com 22
US ALTERNATIVE FUEL STATIONS BY TYPE
US ALTERNATIVE
2010 - 2016 FUELING STATIONS BY TYPE NUMBER OF EV
2010 2016 CHARGE POINTS ALSO
SOARING

In the US alone, the


number of EV charging
stations has shot up nearly
two orders of magnitude
since 2010, far outstripping
all other alternative fueling
stations combined.

This growth is largely


30,945 42,011
19,410 25,602 thanks to the efforts of
541 3,394 13,392
Tesla and other
6,371 6,677 7,106 7,749 8,203 9,018 9,371 automakers as well as
2010 2011 2012 2013 2014 2015 2016 startups in the field.
Electric Charging Stations All Others*

*Propane, LNG, Hydrogen, Biodiesel, CNG, E85

Source: US Department of Energy Alternative Fuels Data Center www.cbinsights.com 23


AUTONOMOUS FLEETS ARE A TANTALIZING ENDGAME

What would happen if a whole city


converted all at once to self-driving
cars? ... people will be like, 'This is
paradise.' You just push a button
and a car pop ups and takes you
wherever you want to go. You have
more pedestrian space, and the air
smells better.
Chris Dixon
Partner, Andreessen Horowitz

Source: Business Insider www.cbinsights.com 24


ELECTRIFICATION IS A KEY PILLAR OF THIS VISION
This vision hinges upon the convergence of ongoing developments in:

Safer, autonomously driven &


AUTO TECH
connected vehicles

More reliable & efficient


ELECTRIC VEHICLE (EV) TECH electrified vehicle powertrains

New usage models to reduce the


RIDE-SHARING/-HAILING need for vehicle ownership

www.cbinsights.com 25
STARTUPS ARE TARGETING OPPORTUNITIES ACROSS
THE SPECTRUM
ELECTRIC AUTO TECH RIDE-SHARING/
VEHICLE TECH -HAILING
$2.2B, 61 Deals $1B, 87 Deals $10.8B, 56 Deals

Examples are illustrative and not exhaustive. Financing figures are full-year 2016, and categories are not mutually exclusive.

www.cbinsights.com 26
AND THE RISING TIDE OF HYPE IS LIFTING ALL BOATS

Source: CB Insights www.cbinsights.com 27


MILEAGE COMPARISON: ANNUAL MILES DRIVEN WHY DOES
Autonomous urban car vs. Average US driver ELECTRIFICATION FIT
WITH AUTONOMY?

Shared autonomous cars


have been touted for their
potential to reduce vehicle
ownership by increasing
vehicle utilization rates
233,000+ (most vehicles sit idle for
autonomous urban car
(est.)* ~90-95% of the day).

However, within these


increased utilization
scenarios vehicles would
13,000 accumulate mileage at a
average US driver far higher rate, potentially
(human)
exceeding todays design
*Assumption: autonomous vehicle in use 22 hours per day
lives in under a year.
Graphic is illustrative and not to scale

Source: James Wasiloff via WardsAuto www.cbinsights.com 28


POWERTRAIN COMPARISON: NUMBER OF MOVING PARTS EV POWERTRAINS ARE
Electric vs. Internal combustion engine (ICE) FAR SIMPLER

The resulting mileage


ELECTRIC INTERNAL COMBUSTION burden would require
much more durable and
reliable powertrains.

Simple electric motors


would have a major edge
here over complex internal
combustion engines.

Maintenance for fleet


18 100s 1,000s
(Tesla powertrain circa 2014) operators would be greatly
simplified as well.

Graphics are conceptual

Source: Credit Suisse via BusinessInsider www.cbinsights.com 29


CHARGING IS ALSO A
GOOD FIT FOR
AUTOMATION

The recharging process


is also easier to
automate than the
refueling of ICE vehicles.
Future EVs and robotaxis
could be able to recharge
themselves without any
human interaction.

Later, well explore the


different charging
concepts that both
established automakers
and startups are
developing.

www.cbinsights.com 30
Electric Vehicles:
NEWCOMER OEMS & CHINESE INVESTMENTS

www.cbinsights.com 31
EV
EV TECH ANNUAL
TECH ANNUAL FINANCING
GLOBAL HISTORY
FINANCING HISTORY MEGAROUNDS TO
2012- 2016
2010 2016 UPSTART OEMS DRIVING
FUNDING GROWTH
$250
Investors are once again
being drawn to these
new automaker
hopefuls.

Chinas NIO (fka NextEV)


$1,000
and WM Motor have
both secured multi-
$500
hundred million dollar
financings. Secretive
electric robotaxi
$927 $894 $828 $150 $449 $470 $950 developer Zoox also
2010 2011 2012 2013 2014 2015 2016 received over $200M in
Disclosed Funding ($M) funding throughout
2016.

www.cbinsights.com 32
CHINESE-BACKED
BRANDS FEATURE
Jia Yueting HEAVILY
(CEO)
LeEco (fka LeTV) founder
Jia Yuetings automotive
ambitions are grand,
including financings to
both Faraday Future and
Lucid (fka Atieva), as well
as LeEcos own LeSEE
Future Mobility vehicle brand.

A host of other new


Chinese and Chinese-
FUTURE backed brands are also
MOBILITY targeting the EV space.


www.cbinsights.com 33
MANY OF THESE EV HOPEFULS ARE TARGETING
MULTIPLE LAYERS OF THE STACK
ELECTRIC AUTO TECH RIDE-SHARING/
VEHICLE TECH -HAILING
$2.2B, 61 Deals $1B, 87 Deals $10.8B, 56 Deals

Examples are illustrative and not exhaustive. Financing figures are full-year 2016, and categories are not mutually exclusive.

www.cbinsights.com 34
AND MANY ARE LOOKING TOWARDS PRODUCTION

LUCID MOTORS BUILDING $700 MILLION EV


FACTORY IN ARIZONA

November 30, 2016

www.cbinsights.com 35
BUT THESE AMBITIONS
REQUIRE ENORMOUS
AMOUNTS OF CAPITAL

All three of Jia Yuetings


automotive ventures
(LeSEE, Faraday, and
Lucid) have made
headlines lately not just
for unveiling eye-
catching vehicles, but
also for their growing
cash crunch.

www.cbinsights.com 36
COMPARISON: ELECTRIC MOTORCYCLE & MOPED STARTUPS NUMBER OF WELL-
FUNDED MOTORCYCLE
AND MOPED STARTUPS

Smaller-scale vehicle
electrification for
motorcycles, mopeds,
and scooters are also an
important piece of the
puzzle.

This is true for both


heavily congested and
regulated urban centers
and also developing
economies.

www.cbinsights.com 37
COMPARISON: ELECTRIC SHUTTLE STARTUPS STARTUPS ALSO
TARGETING DRIVERLESS
ELECTRIC SHUTTLES

On the other end of the


size spectrum, these
concepts are designed
for predefined transit
routes, first- or last-mile
travel from transport
hubs, as well as
geofenced areas like
campuses.

www.cbinsights.com 38
Proterra
Founded by a Tesla alum, the electric bus company
seeks to replicate that brands success as it looks to
forge ahead in a less-crowded market.

www.cbinsights.com 39
RECENT NEWS: $140M
SERIES F AND BIG
ORDER

Proterra raised a Series F


round in January 2017,
ahead of an IPO that the
company is said to be
weighing for later in the
year. Its total financing has
now exceeded $350M.

That same month, Proterra


also secured an order for
up to 73 of its buses from
the King County Metro
transit agency.

www.cbinsights.com 40
PROTERRA BUSINESS SOCIAL GRAPH WIDE VARIETY OF
From inception to 2017 YTD (2/21/2017) INVESTORS

KPCB initially invested in


Proterra as part of its
heavy cleantech push
through the late 2000s and
early 2010s.

Other investors span the


field from strategics like
GM Ventures, Edison, and
Constellation Energy to
government bodies.

www.cbinsights.com 41
PROTERRA PATENTS OF INTEREST RESEARCH EFFORTS IN
Positioning system for electric charging CHARGING
Application date: 4/1/2016
Grant date: 1/24/2017
INFRASTRUCTURE

Diving into Proterras


patent data uncovers a
number of grants and
filings for recharging their
electric buses.

This is reminiscent of
Tesla pushing EV charging
infrastructure forward with
its Supercharger network.

www.cbinsights.com 42
PROTERRA PATENTS OF INTEREST INCLUDING WORK IN
Charging systems for electric vehicles FAST CHARGING &
Application date: 8/23/2016
App publication date: 12/15/2016
AUTOMATION

Other patents detail


robotic controls for
automatically charging in
bus terminals.

Fast, automated chargers


could top off buses
running on short urban
circulator routes in a
matter of minutes.

www.cbinsights.com 43
CHEAPER BATTERIES
ARE ENABLING
GREATER RANGE

Proterra unveiled its


Catalyst E2 model in
September 2016,
sporting a massive 660
kWh battery pack that
the company said would
provide 350 miles of
range under typical
conditions.

www.cbinsights.com 44
HOWEVER,
MANUFACTURING IS
STILL AN UPHILL BATTLE

Despite its recent


successes, Proterras
valuation pales
compared to those of
VC-backed tech unicorns
valued at $1B+ or $10B+,
underscoring the
challenges that it faces in
a relatively low-margin
manufacturing business.

www.cbinsights.com 45
Electric Vehicles:
STARTUPS IN COMPONENTS & SERVICES

www.cbinsights.com 46
PROTEAN ELECTRIC: FINANCING HISTORY & INVESTORS PROTEAN WORKING ON
IN-WHEEL MOTORS

Though yet to be applied


on a commercial scale,
Proteans in-wheel
electric motors have
attracted over $150M in
investor capital to date.

New motor startups working on the www.cbinsights.com 47


BATTERY COMPANIES
STILL IN THE MIX

There are a host of


startups pursuing
improved lithium-ion
batteries for EV
applications.

Others are pursuing novel


battery chemistries with
the potential to
revolutionize charge
times and capacities
(metal-air, silicone-
graphene, etc.).

www.cbinsights.com 48
ITS A TOUGH ROAD FOR THESE STARTUPS

It will cost you $500 million to set up a


small manufacturing line and do all the
minutiae of research you need to do to make
the product Its hard to invest $500 million
in manufacturing when your company has
$5 million in funding a year.

Gerd Ceder
Professor of Materials Science, University of California, Berkeley

Source: MIT Technology Review www.cbinsights.com 49


COMPARISON: CHARGING INFRASTRUCTURE STARTUPS STARTUPS BUILDING OUT
CHARGING NETWORKS
AND SOFTWARE

Startups working in
infrastructure range from
the well-capitalized
Chargepoint (over $169M
raised) to relative
newcomers like the UK-
based POD Point.

These companies are


building out networks of
charging stations and/or
providing software for
their management.

www.cbinsights.com 50
COMPANIES ALSO
TARGETING WIRELESS
CHARGING

As with consumer
electrics, inductive
charging holds promise
for EV applications,
attracting a variety of
automotive partners.

Wireless charging
stations could be
especially attractive if
paired with fully
autonomous EVs.

www.cbinsights.com 51
COMPARISON: ELECTRIC SCOOTER RENTAL STARTUPS ON SERVICE SIDE, EV
RENTAL AND SHARING
NETWORKS POPPING UP

A few startups are also


working on EV rental or
sharing services.

The companies shown


all focus on providing
electric scooters or
mopeds within urban
centers.

www.cbinsights.com 52
Electric Vehicles:
WHAT INCUMBENT AUTOMAKERS ARE UP TO

www.cbinsights.com 53
Tesla
The standard-bearer of the EV revolution is reaching
adolescence, but remains ambitious as ever as it looks to
scale dramatically and forge ahead in self-driving tech.

www.cbinsights.com 54
TESLA TOTAL VEHICLE PRODUCTION THE BIG HURDLE:
2016 actual vs. 2018 goal ENTERING THE MASS
MARKET

With the unveiling of the


$35k compact-segment
Model 3, Tesla looks to
fulfill its vision of becoming
a mainstream EV
83,922 500,000 manufacturer.

Hitting its aggressive


production targets will be
one of the companys
toughest challenges yet.

2016 (actual) 2018 (target)


Model S, X Model 3, S, X

Graphic is illustrative and not to scale

Source: Tesla IR www.cbinsights.com 55


MAJOR BET ON LI-ION
BATTERY TECH

Together with its partner


Panasonic, Tesla has
invested an estimated
$5B in its massive
Nevada Gigafactory,
whose battery output
capacity will support up to
1.5M Model 3s annually.

In its just-released
FY2016 shareholder
update letter, the
company outlined plans
for up to 3 additional
Gigafactories.

Source: Tesla Investor Relations www.cbinsights.com 56


A FEW RECENT
ACQUISITIONS

As Teslas manufacturing
needs have grown, it has
acquired Rivieria Tool and
Grohmann Engineering to
expand its tooling
capacity and automated
production capabilities.

www.cbinsights.com 57
SOLARCITY ACQUISITION
COMPLETES CLEAN
ENERGY VISION

Following the acquisition


of the Musk-affiliated
SolarCity, Tesla dropped
the Motors from its
name to reflect the
broadening scope of its
energy business.

The company now offers


a full portfolio of solar
roof, residential and grid-
scale storage, and
delivery infrastructure
(with its expanding
Supercharger network).

www.cbinsights.com 58
AMONG INCUMBENTS, SKEPTICISM GIVING WAY

The era of more affordable electrified


vehicles is dawning... In the next 15
years, we see global EV industry
offerings outnumbering gasoline-
powered vehicles.
Mark Fields
CEO, Ford Motor Company

Source: NewCo Shift www.cbinsights.com 59


SOME MOVES IN
BATTERY & CHARGING
TECH

A number of automakers,
their venture arms, and
major suppliers have either
invested in or acquired EV
battery and charging
network companies.

Even appliance maker


Dyson might be weighing
an entry into the EV
market, with is acquisition
of solid-state battery
company Sakti3 and hiring
of a former Tesla exec.

www.cbinsights.com 60
CREATING ELECTRIC
SUBBRANDS IS IN
VOGUE

Within recent months, a


wave of automakers
have announced the
creation of dedicated EV
subbrands (or reoriented
existing brands as all-
electric marques), as
OEMs begin to invest
more resources into
electrification.

www.cbinsights.com 61
EV TECH DEAL
PROMISED SHARE BY US
MAINSTREAM STATE
EVS WITH 200+ MILE RANGES MAINSTREAM EVS
2012 - 2017
Vehicles YTD<$50,000
with (2/21/2017)
projected base price TARGETING 200-MILE
RANGE MARK
Chevrolet Bolt 238
With larger and cheaper
batteries, several
automakers are now
Tesla Model 3 215 pushing out longer-legged
EVs at more palatable
price points.
Hyundai Ioniq
(updated) 200 Others, like Ford, have
also made promises to
produce EVs with at least
Nissan Leaf
200 200 or 300 miles of range,
(second-generation)
but have not yet
committed to a price
0 50 100 150 200 250
point.
Minimum range (estimated)

Sources: Green Car Reports, HybridCars, NewCo Shift www.cbinsights.com 62


FORD PATENT RESEARCH ALSO BEING
Automotive vehicle charge system DONE ON AUTOMATED
Application date: 3/2/2012
Grant date: 1/31/2017
CHARGERS

A patent recently granted


to Ford details a spring-
loaded EV charging
system that would
automatically deploy to
charge a vehicle overhead,
folding away while not in
use.

This, along with Teslas


robotic snake charger
concept, could be
especially convenient for
fully autonomous EVs.

www.cbinsights.com 63
EFFORTS ARE BEARING FRUIT

After owning a Chevy Bolt for one month:

I am not a car person. Not even a


little But I am completely
convinced now as an owner of the
future of electric vehicles.

Steven Sinofsky
Board Partner, Andreessen Horowitz

Source: Learning By Shipping (Medium) www.cbinsights.com 64


INCUMBENTS ARE ACQUIRING AND PARTNERING WITH
STARTUPS TO COMPLETE THE ROBOTAXI STACK
ELECTRIC AUTO TECH RIDE-SHARING/
VEHICLE TECH -HAILING
$2.2B, 61 Deals $1B, 87 Deals $10.8B, 56 Deals

(+ )

INCUMBENT
STARTUP

Examples are illustrative and not exhaustive. Financing figures are full-year 2016, and categories are not mutually exclusive.

www.cbinsights.com 65
Electric Vehicles:
THE ROAD AHEAD

www.cbinsights.com 66
ELECTRIC ROBOTAXI TESTING HAS ALREADY BEGUN

www.cbinsights.com 67
NEW VEHICLE CONCEPTS
WILL EMERGE

This YC-backed, open-


source EV platform
startup is looking to
enable other startups
and automakers to
quickly design, prototype,
and build their own
electric vehicles.

www.cbinsights.com 68
ELECTRIC GRIDS WILL
NEED OVERHAUL AND
NEW MANAGEMENT

Growing numbers of EVs


will place greater strain
on aging electrical grids.

Aside from overhauling


grid infrastructure,
software and IoT
companies will also help
utilities manage billing
and load balancing
needs.

www.cbinsights.com 69
RAW MATERIALS WILL
BE IN GREAT DEMAND

As battery demand rises,


automakers, suppliers,
and commodities firms
are keeping a close eye
on raw materials needed
for li-ion production.

Besides batteries,
researchers are also
looking to develop EV
motors free of rare-earth
metals like neodymium.

Source: Visual Capitalist www.cbinsights.com 70


DAIMLER, NISSAN
REUSING EV BATTERIES
FOR ENERGY STORAGE

With the volume of worn


EV batteries set to
greatly increase, Daimler
and Nissan have
explored fitting these
batteries in home or grid
storage applications.
(similar to Teslas
Powerwalls, but with
used batteries).

However, Teslas CTO


has cited direct recycling
as a more economical
option.

www.cbinsights.com 71
CBINSIGHTS.COM
@ @ cbinsights
@ @ kerrygwu

kwu@cbinsights.com