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If 12% is the new 30%, 4% is the new 12%

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines.
The whole team was aboard for this recording, with Grace and Chris behind the scenes, and Danny, Alex and Natasha on the mics. We had to cut more than we included this week, which should give you a good idea of how busy the startup and VC worlds are of late.
Make sure that you are following the podcast on Twitter, where we post all sorts of memes and cuts and, perhaps, the occasional video here and there. That aside, here’ …

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Uber and Arrival partner to create an EV for ride-hail drivers

Arrival, the electric vehicle manufacturer that’s attempting to do away with the assembly line in favor of highly automated microfactories, is partnering with Uber to create an EV for ride-hail drivers. 
Arrival expects to reveal the final vehicle design before the end of the year and to begin production in the third quarter of 2023. Uber drivers have been invited to contribute to the design process to ensure the vehicles are built to suit their needs.
Uber is trying to make good on a promise it made last year to become a fully electric mobility platform by 2025 in London, 2030 in …

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Arrival to open a second US microfactory to build electric vans for UPS

Arrival, the UK electric vehicle startup that will soon be a publicly traded company, plans to build a second microfactory in the United States.
The announcement comes several months after Arrival picked Charlotte, North Carolina for its North American headquarters. This new microfactory will be located in West Charlotte near the airport and about 32 miles from its first U.S. factory in Rock Hill, South Carolina.
The newly announced microfactory will be producing two different classes of EV vans for our U.S. customers, expanding the zero-emissions options for fleet operators, the company’s CEO Mike Ableson said. Production is …

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EVgo to go public via SPAC in bid to power EV charging expansion

EVgo, the wholly owned subsidiary of LS Power that owns and operates public fast chargers for electric vehicles, has reached a deal to become a publicly traded company through a merger with special-purpose acquisition company Climate Change Crisis Real Impact I Acquisition Corporation.
The combined company, which will be listed under the new ticker symbol “EVGO” will have a market valuation of $2.6 billion. LS Power and EVgo management, which today own 100% of the company will be rolling all of its equity into the transaction. Once the transaction closes in the second quarter, LS Power will hold a 74% stake in the …

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