Via raises $492.9M in IPO, and German automakers go on the offensive

Sun, Sep 14, 2025, 11:05 AM 7 min read

Welcome back! Did you miss me? Yes, of course you did. There is a lot of “future of transportation” news to keep track of. Let’s jump in.

It’s comeback week, and not just because I have returned from vacation. I’m talking about the biennial IAA Mobility conference in Munich and the purposeful effort among German automakers to show the world it can still offer compelling, technologically advanced, and affordable vehicles. The subtext of the splashy event that started Tuesday: “Hey, China, we’re not out of the race.”

VW Group, Mercedes, and BMW all showcased numerous new vehicles, including electric ones. And executives made their battle cries: VW Group Oliver Blume struck a bullish tone in a few interviews with reporters and laid out the company’s plan to be competitive in China, particularly with EVs, a category where VW has lagged.

But what about on the home front? Chinese automakers have been pushing into Europe, and consumers have responded. The German automakers are hoping their latest products — including a new all-electric Mercedes GLC, the BMW iX3 with its four “superbrain” computers, and the Volkswagen ID Polo and ID Cross concept — will preserve and even grow market share. But they have some work to do. Chinese companies like BYD almost doubled their market share in Europe over the past year, JATO Dynamics reported in July.

One other IAA news item of note: Rimac Technology, the tech and parts unit of Rimac Group, has developed solid-state battery packs it says will be available by late 2027. These batteries apparently pack in the energy and can be charged from 10% to 80% in under 10 minutes.

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Hyundai appears to still be committed to Motional, according to two little birds who have shared new investment information with me.

Hyundai and Aptiv had created a joint venture (called Motional) with an agreement to invest $4 billion in the effort. Aptiv backed out in early 2024, leaving Hyundai to either invest its own money, find other outside partners, or shutter the program altogether. Hyundai opted to invest $1 billion — $475 million directly into Motional as part of a broader deal that includes buying out joint venture partner Aptiv. Hyundai agreed to spend another $448 million to buy 11% of Aptiv’s common equity interest in Motional.

Now it appears Hyundai is investing more into Motional in two tranches. The first is being dispersed this year and is about $452 million. The second comes next year, and I’m still trying to nail down that amount. That first figure is in line with reporting from a Korean outlet. Hyundai declined (a couple of times!) to respond to my questions about the funding. That’s pretty typical for large corporations to stay mum. However, one little bird who is deep within the AV industry also noted that Hyundai might not want to make a big deal about this, considering it’s also working with Waymo.