Canadian electric truck and bus manufacturer The Lion Electric Company said Monday it plans to become a publicly traded company via a merger with special purpose acquisition company Northern Genesis Acquisition Corp.
The combined company, which will be listed on the New York Stock Exchange, will have a valuation of $1.9 billion. The companies raised $200 million in private investment in public equity, or PIPE, and hold about $320 million in cash proceeds.
The deal is the latest example of an electric automaker opting to go public via a SPAC merger in an aim to access the level of capital needed to become …
Motional, the Aptiv-Hyundai $4 billion joint venture aimed at commercializing autonomous vehicles, is preparing to roll out fully driverless vehicles on public roads in Las Vegas after receiving approval from the state of Nevada.
The company’s president and CEO Karl Iagnemma announced Tuesday in a blog post that the state has given permission to test its autonomous vehicles without a human safety driver behind the wheel.
That doesn’t mean these vehicles will be plying Las Vegas streets tomorrow. Iagnemma, whose AV startup nuTonomy was acquired by Aptiv in 2017 and has since evolved into the Hyundai joint venture Motional, said the company will spend the next several months completing what he describes as a “rigorous, self-imposed testing and assessment period.” That testing and assessment period, which is already underway, included studying the performance and safety of its vehicles on public and private roads. Based on that timeline, driverless testing on public roads will begin sometime in early 2021.
Iagnemma also noted that Motional was working with one of the “world’s most respected safety assessors.” The company didn’t name the safety assessor, but told TechCrunch more details of the safety and assessment progress would be revealed in the coming weeks.
Motional is no stranger to Las Vegas. As the Aptiv Autonomous Mobility Group, the company spent years testing its autonomous vehicles (with a human backup driver behind the wheel) in the city. The company launched in January 2018 a one-week program with Lyft to test a robotaxi service during CES, the large tech conference. That temporary experiment, which has always included a human safety driver, was extended and still exists today. As of February 2020, the program had given more than 100,000 paid self-driving rides in Aptiv’s self-driving vehicles per the Lyft app.
Aptiv’s investment in Las Vegas expanded as those ridership numbers grew. The company opened in December 2018 a 130,000-square-foot technical center in the city to house its fleet of autonomous vehicles as well as an engineering team dedicated to research and development of software and hardware systems, validation and mapping.
The fully driverless testing will be separate from the company’s self-driving fleet operating on the Lyft network in Las Vegas, according to Iagnemma.
Since its joint venture with Hyundai, the newly branded Motional company is stepping up its efforts in Las Vegas as well as other U.S. cities like Pittsburgh and international locations, including Singapore and South Korea. The aim, Iagnemma says, is to create AV technology that can navigate a wide range of international road environments, including left-hand and right-hand drive, harsh sun and heavy rain, highways and city streets, roundabouts and uncontrolled intersections.
What is unclear is where these driverless vehicles will operate and when Morional might make them accessible to the public. If Motional follows the lead of Waymo, which has started to scale up a driverless service in the Phoenix area, the process will be slow and likely in the testing phase for months.
Another unknown is whether Motional will partner with Lyft or another company to operate a driverless service. Last month, Motional and on-demand shuttle startup Via announced plans to launch a shared robotaxi service for the public in a U.S. city in the first half of 2021. The companies said at the time that the aim is to develop a “blueprint” for on-demand shared robotaxis and learn how these driverless vehicles can be integrated into mass transit. The partnership with Via will begin with autonomous vehicles with a human safety driver behind the wheel.
The details on this partnership and the service were scant. Motional and Via didn’t identify the city, provide information on the geographic scope of the service or number or type of vehicles that would be used. The companies did say that the service will be launched in one of the U.S. cities where Motional already operates, narrowing down the possible list to Boston, Pittsburgh, Las Vegas and Santa Monica.
Tesla will be added to the S&P 500, a milestone that will expand its investor base and put the electric automaker in the same company as heavyweights like Apple, Berkshire Hathaway and Microsoft.
The announcement, made Monday afternoon by the S&P Dow Jones Indices, sent shares 13.7% higher in after-market trading. Tesla will officially join the benchmark index prior to trading December 21, the S&P Dow Jones Indices said in a statement.
When Tesla joins the S&P 500, it will be among the most valuable companies on the benchmark. Its weighting will be so influential that the S&P DJI is mulling whether to add the stock at the full float-adjusted market capitalization weight all at once or in two tranches.
“Tesla will be one of the largest weight additions to the S&P 500 in the last decade, and consequently will generate one of the largest funding trades in S&P 500 history,” S&P DJI said in a statement. “However, Tesla itself is very liquid, and adding the stock at the upcoming December quarterly rebalancing coincides with the expiration of stock options, stock futures, stock-index options, and stock-index futures, which may help facilitate the funding trade.”
Joining the S&P 500 has its benefits, as investors that have index-tracked funds will be forced to buy shares. With share prices already popping, that will mean investors will have to sell other stocks to make room for Tesla. Existing investors may, in turn, want to take advantage of that demand and sell. The upshot: The traditionally volatile stock might get a bit more volatile.
The inclusion on the benchmark follows Tesla’s decision in August to split its shares 5 for 1.
Eighteen months ago, Uber’s self-driving car unit, Uber Advanced Technologies Group, was valued at $7.25 billion following a $1 billion investment from Toyota, DENSO and SoftBank’s Vision Fund. Now, it’s up for sale and a competing autonomous vehicle technology startup is in talks with Uber to buy it, according to three sources familiar with the deal.
Aurora Innovation, the startup founded by three veterans of the autonomous vehicle industry who led programs at Google, Tesla and Uber, is in negotiations to buy Uber ATG. Terms of the deal are still unknown, but sources say the two companies have been in talks since October and it is far along in the process.
An Uber spokesperson declined to comment, citing that the company’s general policy is not to comment on these sorts of inquiries. An Aurora spokesperson said it doesn’t comment on speculation.
The talks could falter. But if successful, they have the potential to triple Aurora’s headcount and allow Uber to unload an expensive long-term play that has sustained several controversies in its short life.
Uber has ‘been shopping’
Shedding Uber ATG would follow a string of spin-offs or other deals in recent months that has narrowed Uber’s focus and costs into core areas of ride-hailing and delivery. Two years ago, Uber’s business model could be described as an “all of the above approach,” a bet on generating revenue from all forms of transportation, including ride-hailing, micromobility, logistics, package and food delivery and someday even autonomous robotaxis.
That strategy has changed since Uber went public and has further accelerated as the COVID-19 pandemic has upended the economy and fundamentally changed how people live. In the past 11 months, Uber has dumped shared micromobility unit Jump, sold a stake in its growing but still unprofitable logistics arm, Uber Freight and acquired Postmates. (The Postmates acquisition is expected to close in the fourth quarter of 2020).
Uber ATG has been the company’s last big, expensive holding. Uber ATG holds a lot of long-term promise and high present-day costs; Uber reported in November that ATG and “other technologies” (which includes Uber Elevate) had a net loss of $303 million in the nine months that ended September 30, 2020. In its S-1 document, Uber said it incurred $457 million of research and development expenses for its ATG and “other Technology Programs” initiatives.
Four sources within the industry told TechCrunch that Uber “has been shopping” ATG to several companies, including automakers this year. Sources have also told TechCrunch that Uber ATG was facing a potential down round, which might have been an additional motivator behind the talks with Aurora.
Aurora, which was founded in 2017, is focused on building the full self-driving stack, the underlying technology that will allow vehicles to navigate highways and city streets without a human driver behind the wheel. Aurora has attracted attention and investment from high-profile venture firms, management firms and corporations such as Greylock Partners, Sequoia Capital, Amazon and T. Rowe Price, in part because of its founders Sterling Anderson, Drew Bagnell and Chris Urmson.
Urmson led the former Google self-driving project before it spun out to become the Alphabet business Waymo. Anderson is best known for leading the development and launch of the Tesla Model X and the automaker’s Autopilot program. Bagnell, an associate professor at Carnegie Mellon, helped launch Uber’s efforts in autonomy, ultimately heading the autonomy and perception team at the Advanced Technologies Center in Pittsburgh.
Aurora has grown from a small upstart to a company with 600 employees and operations in the San Francisco Bay Area, Pittsburgh, Texas and Bozeman, Montana, home of Blackmore, the lidar company it acquired in 2019. About 12% of Aurora’s current workforce previously worked at Uber, according to records on LinkedIn.
Despite that growth, Aurora is still dwarfed by Uber ATG, the self-driving subsidiary that is majority owned by Uber. Uber ATG has more than 1,200 employees with operations in several locations, including Pittsburgh, San Francisco and Toronto. Uber holds an 86.2% stake (on a fully diluted basis) in Uber ATG, according to filings with the U.S. Securities and Exchange Commission. Its investors hold a combined stake of 13.8% in Uber ATG.
Uber’s public leap into autonomous vehicle technology began in earnest in early 2015 when the company announced a strategic partnership with Carnegie Mellon University’s National Robotics Center. The agreement to work on developing driverless car technology resulted in Uber poaching dozens of NREC researchers and scientists. A year later, with the beginnings of an in-house AV development program, Uber, then led by co-founder Travis Kalanick, acquired a self-driving truck startup called Otto.
The acquisition was troubled almost from the start. Otto was founded earlier that year by one of Google’s star engineers, Anthony Levandowski, along with three other Google veterans: Lior Ron, Claire Delaunay and Don Burnette. Uber acquired Otto less than eight months later.
Two months after the acquisition, Google made two arbitration demands against Levandowski and Ron. Uber wasn’t a party to either arbitration. While the arbitrations played out, Waymo separately filed a lawsuit against Uber in February 2017 for trade secret theft and patent infringement. Waymo alleged in the suit, which went to trial but ended in a settlement in 2018, that Levandowski stole trade secrets, which were then used by Uber.
Under the settlement, Uber agreed not to incorporate Waymo’s confidential information into their hardware and software. Uber also agreed to pay a financial settlement that included 0.34% of Uber equity, per its Series G-1 round $72 billion valuation. That was calculated at the time to be about $244.8 million in Uber equity.
In the early days of the Otto acquisition, Uber estimated it could have 75,000 autonomous vehicles on the road by 2019 and be operating driverless taxi services in 13 cities by 2022, according to court documents unsealed and first reported on by TechCrunch. To reach those ambitious goals, the ride-hailing company was spending $20 million a month on developing self-driving technologies.
Uber never came close to hitting those targets, a mission that was derailed by technical hurdles as well as the lawsuit with Waymo, its troubled relationship with Lewandowski and the fatal crash in March 2018 involving one of its self-driving test vehicles in Tempe, Arizona.
Uber halted all testing following the crash and has been slowly ramping up its more public-facing operations over the past 18 months. The expensive undertaking of developing autonomous vehicles prompted Uber to spin out the company in spring 2019 after it closed $1 billion in funding from Toyota, auto parts maker Denso and SoftBank’s Vision Fund.
The spin-out, which occurred about one month before Uber’s debut as a publicly traded company, had been the subject of speculation for months. It was seen as a way for Uber to share the expensive load with other investors and allow it to focus on its core competencies and nearer-term profit goals.
What Aurora gains
Troubles aside, Uber ATG has two important and critical features that make it attractive to Aurora: talent and Toyota.
The Japanese car giant had already invested $500 million into Uber prior to the 2019 injection of cash. At the time, the two companies announced their intention to bring pilot-scale deployments of automated Toyota Sienna-based ridesharing vehicles to the Uber ridesharing network in 2021, “leveraging the strengths of Uber ATG’s self-driving technology alongside the Toyota Guardian advanced safety support system.”
The 2019 investment into the Uber ATG unit deepened Toyota’s relationship with the company.
“While Uber was facing off against Waymo in the trade secrets lawsuit, Aurora launched with a bang. Within 18 months, Auora had secured several kinds of partnerships with Hyundai, Byton and VW Group. Some have fizzled, while there have been new gains, notably with Fiat Chrysler Automobiles. The musical chair-like changes underscores the sheer number of hopeful players in the self-driving business — a market that is still full of commercial and technical unknowns — and the fickleness of incumbent car makers in search of the best tech and deal.”
VW Group, which had touted its Aurora partnership in January 2018, confirmed to TechCrunch in June 2019 that “activities under our partnership have been concluded.” VW Group ultimately put its capital behind Argo AI, another autonomous vehicle technology developer that had locked up backing and a customer deal with Ford.
While Hyundai does have a minority stake in Aurora, it also went ahead and locked in a joint venture in fall 2019 with autonomous driving technology company Aptiv. Under the deal with Aptiv, both parties took a 50% ownership stake in the new joint company that is now called Motional. The combined investment in Motional from both companies will total $4 billion in aggregate value (including the value of combined engineering services, R&D and IP).
Still, Aurora has had its wins. The company raised $530 million last spring in a Series B round led by Sequoia with “significant investment” from Amazon and T. Rowe Price. Aurora’s post-money valuation at the time was $2.5 billion. More recently, sources in the industry say that Aurora is abuzz with activity, particularly around the office of David Maday, the company’s new vice president of business development who led General Motors’ corporate development and mergers and acquisitions team for 21 years.
Aurora has always stated that its full driving stack — the combined suite of software and hardware that provides the brains for an AV — would be vehicle-agnostic, but some of its early testing and partnerships suggested it was focused on robotaxi applications, not logistics. Aurora started talking more openly last year about applying its technology to long-haul trucking and has become more bullish on that application, particularly following its Blackmore acquisition.
Aurora announced in July 2020 that it was expanding into Texas and planned to test commercial routes in the Dallas-Fort Worth Area with a mix of Fiat Chrysler Pacifica minivans and Class 8 trucks. A small fleet of Pacificas were expected to arrive first. The trucks will be on the road in Texas by the end of the year, according to the company.
The Jump precedent
What’s unclear is how an acquisition of Uber ATG might be structured; and more importantly, if it will retain any interest in the enterprise. Even with the expected depletion in Uber ATG’s valuation, it would be seemingly out-of-range for Aurora unless it was able to secure additional outside investment or structure the deal in a way that would allow Uber to keep some equity.
There is precedent for the latter. Earlier this year, Uber led a $170 million investment round into Lime. As part of the complex arrangement, Uber offloaded Jump, the bike and scooter-sharing unit, to Lime.
Rumors that Uber CEO Dara Khosrowshahi was keen to get rid of Uber ATG have popped up from time to time in the past year. But as the COVID-19 pandemic took hold, Khosrowshahi and other executives began to focus on its core competency of ride-hailing and double down on delivery. In addition to its micromobility unit and the Uber Freight spin-off, it has divested itself internationally of a number of regional operations that were proving too costly to grow in competition with strong local rivals.
It was on the heels of the Jump deal that interest in selling off Uber ATG ramped up, according to two sources.
One investor in the industry described it as an interesting Plan B for Uber, a deal that would allow the company to take ATG off the books, while potentially getting to benefit from a little upside.
Rivian is opening up pre-orders for three editions of its upcoming electric pickup truck and SUV that start as low as $67,500 and with a battery range of more than 300 miles. However, more options will follow, including a base version that will have a smaller range of at least 250 miles and a price below $67,000.
Information on the three editions and their accompanying equipment packages, paint options and pricing is just a few of the numerous details released Wednesday on Rivian’s website. Perhaps one of the more notable tidbits include the addition of cheaper base version of the pickup and SUV, the official inclusion of the camp kitchen accessory and confirmation that a battery pack capable of more than 400 miles will be offered at some point in the future.
Rivian, which has attracted investment from the likes of Ford, Amazon, funds managed by BlackRock, T. Rowe Price and Associates and Cox Automotive, is aiming to become the first to bring an EV pickup truck to market. But it’s facing competition from legacy automakers such as GM as well as Tesla, which says it will start production of its futuristic looking Cybertruck in late 2021. Ford is also planning to bring an all-electric F-150 pickup truck to market in 2022.
Image Credits: Rivian
Deliveries of the first and, so far, most expensive version of the pickup truck called the Launch edition will begin in June 2021. The Launch edition of the RT1 truck will start at $75,000 (that’s before federal tax incentives are applied) and be able to travel more than 300 miles on the standard battery. The Launch edition will also have a special paint color called “Launch Green” along with other special badging and 20-inch all-terrain or 22-inch sport wheel upgrades included.
Tho other packages — the Adventure and Explore — will be offered for the RT1 truck and the R1S SUV. All of these versions will have more than 300 miles of range. The big differences come in the finishes. The Launch and Adventure editions, for instance, come standard with an off-road upgrade with reinforced underbody shield, dual front bumper tow hooks and air compressor as well as “compass yellow” interior accents, 100% recycled microfiber headliner and “Chilewich floor mats.”
The various pickup truck editions range between $75,000 and $67,500 in price. The R1S SUV prices range between $77,500 and $70,000. And all of these editions will arrive in the marketplace at different times between June 2021 and into January 2022.
Customers who place pre-orders now, which requires a $1,000 deposit, will have access to a configurator November 16. Everyone else will have access to the configurator, which allows customers to pick the paint color, equipment package and other details, on November 23.
The bigger 400-plus mile battery will come to the pickup truck first, starting in January 2022, according to Rivian. A longer range R1S SUV with both five- and seven-passenger seating will be announced following start of production, the company said on its website.
Electric automaker Rivian will makes its hands-free driver assistance system standard in every vehicle it builds, including its first two vehicles — the RT1 pickup truck and R1S SUV — that are coming to market in 2021.
Details about the system, which is branded as Driver+, was just one of numerous new bits of information released Wednesday on its website, including prices and specs on its R1T pickup truck and R1S SUV.
Rivian said the driver assistance system will automatically steer, adjust speed and change lanes on command. The capabilities of the system that Rivian describes suggests it is a Level 2 system as designated by SAE International. Level 2 means the system can perform two or more parts of the driving task under supervision of the driver. To support this level of driving, the system will be powered by two redundant compute platforms, 12 ultrasonic sensors, 10 exterior cameras, five radars and high-precision GPS. This essentially gives the vehicle 360-camera and radar visibility. It’s a robust suite of hardware that exceeds what Tesla uses for its driver assistance system. The hardware suite is similar to GM’s hands-free Super Cruise system, with the exception that Rivian appears to have more cameras.
Rivian is also placing a driver-monitoring system that includes a cabin-facing camera in its vehicles to ensure that drivers keep their eyes on the road when the system is engaged. Initially, the hands-free system will only be available on select highways and will then expand over time — improvements achieved via over-the-air software updates — to include a broader geographic area and more road types. This is similar to GM’s approach with its hands-free Super Cruise system, which was initially limited to certain divided highways and eventually expanded.
While there are a number of automakers with Level 2 systems, they vary in capability. GM’s hands-free Super Cruise and Tesla’s Autopilot systems are considered some of the most capable and easy to use, per a recent Consumer Reports evaluation of driver assistance systems. However, Tesla’s system scored lower overall because it lacks a driver monitoring system that makes sure the driver is alert and paying attention to the road.
Shares of Lyft are riding high, popping more than 7% in after-hours trading today after the American ride-hailing giant reported its Q3 earnings.
Lyft, which competes with Uber for rideshare, reported revenues of $499.7 million in the third-quarter, a 48% drop from the $955.6 million in the same year-ago period. That lackluster result is still a 47% improvement over last quarter when Lyft reported $339.3 million in revenue. That’s good?
Investors were heartened by the improvement and Lyft’s ability to beat analysts revenue expectations of $486.45 million. The company’s net loss of $1.46 per share was worse than expected, but investors appeared more bullish than bearish, buying up Lyft equity and boosting its value after the company’s earnings report.
Lyft’s quarter is a story of year-over-year declines and sequential-quarter gains. On that theme, the company’s active riders fell 44% compared to the year-ago quarter, and rose 44% compared to Q2 2020. Its revenue per active rider fell 7% compared to Q3 2019, but rose 2% from the sequentially preceding period.
Like Uber, Lyft is enjoying patience from investors as it digs its way out from a ride-hailing market pummeled by COVID-19; Uber has enjoyed a delivery business and international operations to buffer its ride revenue declines. Lyft, which is focused on the U.S. market and lacks a delivery program like Uber, has been more impacted by the domestic market.
Rising COVID-19 cases and ratcheting lockdowns could threaten Lyft’s recovery. Still, its core economics are not falling to pieces despite the pandemic. In Q3 2020, Lyft’s contribution margin — a metric that is akin to an adjusted gross margin result — was 49.8%. In the year-ago quarter it was 50.1%.
Lyft will return as long as ride volume recovers. Lyft’s next big hurdle is profitability. The company is still on track to achieve adjusted EBITDA profitability by the fourth quarter of 2021, even with a slower recovery, Logan Green said during the company’s earnings call Tuesday, adding that Lyft is taking an extremely disciplined approach to increase its operating leverage. Lyft is positioned to achieve that profitability goal with about 30% fewer rides than what was required when it originally issued its Q4 2021 profitability target last fall, Green said.
Lyft wrapped Q3 with $2.5 billion in cash and equivalents. Its operations have consumed $1.1 billion in cash so far this year, up around $156 million in the third quarter. At $50 million a month, Lyft has lots of room to get back to more pedestrian losses, and year-over-year growth.
Provizio, a combination hardware and software startup with technology to improve car safety, has closed a seed investment round of $6.2million. Investors include Bobby Hambrick (the founder of Autonomous Stuff); the founders of Movidius; the European Innovation Council (EIC); ACT Venture Capital.
The startup has a “five-dimensional” sensory platform that — it says — perceives, predicts and prevents car accidents in real time and beyond the line-of-sight. Its “Accident Prevention Technology Platform” combines proprietary vision sensors, machine learning and radar with ultra-long range and foresight capabilities to prevent collisions at high speed and in all weather conditions, says the company. The Provizio team is made up of experts in robotics, AI and vision and radar sensor development.
Barry Lunn, CEO of Provizio said: “One point three five road deaths to zero drives everything we do at Provizio. We have put together an incredible team that is growing daily. AI is the future of automotive accident prevention and Provizio 5D radars with AI on-the-edge are the first step towards that goal.”
Also involved in Provizio is Dr. Scott Thayer and Prof. Jeff Mishler, formally of Carnegie Mellon robotics, famous for developing early autonomous technologies for Google / Waymo, Argo, Aurora and Uber.
Pony.ai, the Chinese autonomous vehicle startup and relative newcomer to the industry, is now valued at $5.3 billion following a fresh injection of $267 million in funding.
The round was led by TIP, an innovation fund within the Ontario Teachers’ Pension Plan Board that focuses on late-stage venture and growth equity investments in companies that deliver disruptive technology. Existing partners Fidelity China Special Situations PLC, 5Y Capital (formerly Morningside Venture Capital), ClearVue Partners and Eight Roads also participated in the round.
The new funds will primarily be used for research and development, according to the company.
Pony.ai has won over investors, OEMs and Tier 1 suppliers during its four-year existence. The company, which operates in China and California, has raised more than $1 billion since its founding, including $400 million from Toyota. Pony has several partnerships or collaborations with automakers and suppliers, including Bosch, Hyundai and Toyota.
Pony is building what it describes as an agnostic virtual driver for all sizes of vehicles, from small cars to large trucks, and to operate on both ridesharing and logistics (delivery) service networks. The company said back in 2019 that it was working with OEMs and suppliers to apply its automated technology to the long-haul trucking market. But it’s perhaps best known for its effort around robotaxis.
The company has launched ridesharing and commuter pilots in Fremont and Irvine, California and Guangzhou, China. Last year, a fleet of electric, autonomous Hyundai Kona crossovers equipped with a self-driving system from Pony.ai and Via’s ride-hailing platform began shuttling customers on public roads. The robotaxi service, called BotRide, wasn’t a driverless service, as there was a human safety driver behind the wheel at all times. The BotRide pilot concluded in January 2020.
The company then started operating a public robotaxi service called PonyPilot in the Irvine area. Pony shifted that robotaxi service from shuttling people to packages as the COVID-19 pandemic swept through the world. In April, Pony.ai announced it had partnered with e-commerce platform Yamibuy to provide autonomous last-mile delivery service to customers in Irvine. The new delivery service was launched to provide additional capacity to address the surge of online orders triggered by the COVID-19 pandemic, Pony.ai said at the time.
Teslaquila, the Tesla -branded liquor that co-starred in CEO Elon Musk’s controversial April Fool’s Day joke about the automaker filing for bankruptcy, has arrived.
The automaker now lists Tesla Tequila (a bit different from the original Teslaquila branding) on its website. The tequila — described as a “small-batch premium 100% de agave tequila añejo made from sustainably sourced highland and lowland agaves,” is housed in a handblown glass bottle shaped in the electric charge symbol. Oh, and it costs $250.
Celeb-produced tequilas are nothing new — and are often lucrative. Casamigos, the tequila brand co-founded by George Clooney, was acquired by Diageo in a deal that valued the company up to $1 billion. Tesla Tequila might be first liquor sold by an automaker. The liquor is produced by Nosotros Tequila, according to the company.
The tequila first popped up in April 2018 when Musk tweeted a photo of himself passed out against a Tesla Model 3 “surrounded by “Teslaquilla” bottles, the tracks of dried tears still visible on his cheeks.” In the photo, Musk is holding a cardboard sign that reads “bankwupt.”