CB Insights Electric Vehicles Webinar

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
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
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.
Equity Investment Trends
EV PRIVATE MARKETS ACTIVITY
EV tech equity financing has hit
$6.6 BILLION
across
327 DEALS
since 2010
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
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
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%
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
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).
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.
Macro Trends:
WHATS FUELING RECENT EV OPTIMISM
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
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.
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
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
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.
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.
Electric Vehicles:
NEWCOMER OEMS & CHINESE INVESTMENTS
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.
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.

MANY OF THESE EV HOPEFULS ARE TARGETING
MULTIPLE LAYERS OF THE STACK
AND MANY ARE LOOKING TOWARDS PRODUCTION
LUCID MOTORS BUILDING $700 MILLION EV

FACTORY IN ARIZONA
November 30, 2016
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.
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.
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.
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.
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.
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.
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.
PROTERRA PATENTS OF INTEREST INCLUDING WORK IN
Charging systems for electric vehicles FAST CHARGING &
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.
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.
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.
Electric Vehicles:
STARTUPS IN COMPONENTS & SERVICES
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.).
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.
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.
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.
Electric Vehicles:
WHAT INCUMBENT AUTOMAKERS ARE UP TO
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.
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.
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).
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.
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.
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
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.
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
(+ )
INCUMBENT
STARTUP
Electric Vehicles:
THE ROAD AHEAD
ELECTRIC ROBOTAXI TESTING HAS ALREADY BEGUN
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.
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.
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.
CBINSIGHTS.COM
@ @ cbinsights
@ @ kerrygwu
kwu@cbinsights.com

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ELECTRIC VEHICLES

Startup investments, trends, competitive landscape, and road ahead

Think of the fundamental value chain of venture

See what other customers have to say at http://www.cbinsights.com/customer-love www.cbinsights.com 5

Focuses on automotive, transportation, and logistics tech;

Previously worked as a management consultant at Simon-Kucher &

} Startups dedicated to working on EV

61 Dollar investment fell off a

2012 2013 2014 2015 2016

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

Traditional VCs like DFJ

Kleiner Perkins was

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

Bankruptcy: Bankruptcy: Bankruptcy: Bankruptcy:

Li-ion batteries have

Source: Visual Capitalist www.cbinsights.com 20

Source: Bloomberg NEF www.cbinsights.com 21

October 31, 2016

In the US alone, the

This growth is largely

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

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

What would happen if a whole city

Source: Business Insider www.cbinsights.com 24

Safer, autonomously driven &

More reliable & efficient

New usage models to reduce the

Source: CB Insights www.cbinsights.com 27

Shared autonomous cars

However, within these

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

The resulting mileage

Simple electric motors

Maintenance for fleet

Graphics are conceptual

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

The recharging process

Later, well explore the

Chinas NIO (fka NextEV)

A host of other new

LUCID MOTORS BUILDING $700 MILLION EV

November 30, 2016

All three of Jia Yuetings

This is true for both

On the other end of the

Proterra raised a Series F

That same month, Proterra

KPCB initially invested in

Other investors span the

Diving into Proterras

Other patents detail

Fast, automated chargers

Proterra unveiled its

Despite its recent

Though yet to be applied

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

There are a host of

Others are pursuing novel

It will cost you $500 million to set up a

Source: MIT Technology Review www.cbinsights.com 49

These companies are

A few startups are also

The companies shown

With the unveiling of the