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Memphis Business Journal Henry Ford III joins board of Memphis startup By Stephen MacLeod – Reporter, Memphis Business Journal Sep 4, 2024 Updated Sep 4, 2024 1:17pm CDT Henry Ford III, a member of Ford Motor Co.'s board of directors, has joined the board of a local startup. Ford will serve as non-executive chairman of the board of Avadain Inc. The company's leadership has positioned Avadain as a graphene manufacturing technology licensing company. “Graphene has the potential to spark transformational change across many industrial sectors,” Henry Ford III said in a statement. “I’ve followed Avadain’s progress for quite some time, and I’m excited to join the Avadain team and help Avadain democratize this critical material.” High-quality graphene promises a potentially transformative light, strong, transparent, and heat- and electricity-conducting material, which is a layer of hexagonal carbon. And Avadain has developed a solution to the difficulty of manufacturing defect-free material that is of high quality, which the startup hopes to scale and then license to manufacturing firms. Avadain CEO and co-founder Brad Larschan told MBJ that having Ford III on its board "puts wind in our sails." He said that Ford III brings expertise, validation, and a new perspective that Larschan said is already helping the company achieve its goals. Avadain is now planning its first pilot production run in Kansas City. Harcros Chemicals, which is based in Kansas City and has a manufacturing facility there, is working to provide the pilot production run before building out a full facility. "[Harcros] can evaluate the technology, and assuming they like it and it works like they think it will, then we'll build a full-scale plant for them," Larschan said. "A year from now, it'll be hopefully ready." Henry Ford III is the grandson of Henry Ford II. The third in the line of Henry Fords, Ford III worked as a Ford employee from 2006-21. At Ford, he notably was Ford Performance's global marketing manager during the launch of the Ford GT sports car. Ford III joined Ford's board in May 2021. He currently serves on the finance committee and the sustainability, innovation, and policy committee of Ford's board. Ford III won't be able to make direct connections to Ford Motor to avoid conflicts of interest. But the longtime startup investor looks to help Avadain hit its goals on time and on budget. “Henry’s experience in all aspects of business will be invaluable to us,” Larschan said. “I’ve gotten to know him over the last 18 months, and I am excited that he will contribute to achieving Avadain’s milestones and exit strategy.” #Avadain #chairmanoftheboard #graphene #grapheneage A graphene nanomaterial manufacturing environment Monty Rakusen/Getty Images 

Auto components and powertrain controls manufacturer SEDEMAC has secured $100 million funding at a valuation of $230 million, led by Xponentia Capital Partners, A91 Partners, and 360 ONE Asset. SEDEMAC plans to use the additional funding to construct a new #manufacturing facility and increase its market share in the US, EU, and India. Founded in 2007 by Shashikanth Suryanarayanan, Sedemac Mechatronics a supplier of various electrical and electronic parts for automobiles. To share your startup story write us on - startup@viestories.com #sedemac #startup #funding

■Fiskerpause production■ ■EV startup Fisker to raise up to $150 mln■ March 18 (Reuters) - Fisker (FSR.N), said on Monday it would pause production of its electric vehicles for six weeks and raise up to $150 million in funding by selling convertible notes as the startup tries to navigate a cash crunch and weak demand for its cars. ■The company added that none of its Ocean SUVs were produced in January and its manufacturing partner Magna (MG.TO), made about 1,000 vehicles between Feb. 1 and March 15. The senior secured convertible notes will have a 10% original issue discount for gross proceeds of up to $150 million, Fisker said. Fisker reiterated on Monday that it was in talks with a large automaker for a potential transaction, but did not name the company. Reuters reported earlier this month that Nissan (7201.T), opens new tab  was in advanced talks to invest in the company in a deal that could act as a financial lifeline for the cash-strapped EV startup. Fisker flagged substantial doubt about its ability to continue as a going concern in February and paused investments in future projects until it secured a partnership with an automaker. The company has hired restructuring advisers to assist with a possible bankruptcy filing, the Wall Street Journal reported last week, citing people familiar with the matter. Reporting by Akash Sriram in Bengaluru; Editing by Shounak Dasgupta Our Standards: The Thomson Reuters Trust Principles. https://lnkd.in/efkWQBfB

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NEV buyers most satisfied with Chinese startups Nio's stand is crowded with visitors at the 2023 Chengdu motor show. [Photo by Li Fusheng/chinadaily.com.cn] Chinese startups, notably Nio, have gained the upper hand in their battle with local and global established carmakers to attract NEV buyers, according to a J.D. Power study released on Thursday. In this year's China New Energy Vehicle Customer Experience Value Index, Chinese startups won an average score of 783 on a 1,000-point scale, according to the study. Of the startups, Nio ranked first, scoring 798, followed by Li Auto and Xpeng. In comparison, traditional Chinese brands had an average score of 767 and while international brands stood at 776, of which Mercedes-Benz topped the list with a score of 789. The annual study, now in its third year, was based on responses from 8,733 new energy vehicle owners who purchased their vehicle in 81 major cities across China between April 2023 and April 2024. It evaluates the experience of NEV owners between two and 12 months of ownership. Index scores are based on evaluations of different customer groups for a variety of measures in three stages of purchase, usage and after-sales service, said J.D. Power. The 2024 study revealed that satisfaction scores for the purchase experience and service experience each increased compared with the previous year. However, the score for experience involving vehicle usage declined, mainly due to inquiries about vehicle functions and charging. Satisfaction was lowest for brand-specific slow charging and public charging, with notable issues including insufficient charging stations, poor facilities and discrepancies between actual conditions and online information. "New energy vehicle services differ significantly from those for internal combustion engine vehicles," said Ann Xie, general manager of the digital retail consulting practice at J.D. Power China. "Automakers need to focus on more service details, particularly in providing personalized service. At the same time, they should prioritize service efficiency and minimize unnecessary service efforts," she said. Tanks to chinadaily.com.cn Please visit: Our Sponsor https://lnkd.in/dZJkHAG9

EV startup entrepreneurs in India strive with limited funds to launch EV’s. Imagine what we can achieve with similar funding that EV entrepreneurs in China / America / Europe have received. China’s EV startups have received billions of dollars from their government. In 2010, Tesla got a crucial $452 million loan that helped it buy and build its first factory. America’s government is now awarding nearly $2B in grants to help restart or expand electric vehicle manufacturing and assembly sites in eight states. Croatia's Rimac got 200 million euros ($237 million) EU grant to develop RoboTaxis. Sooorya EV is bootstrapped, and with funding, we can hasten our launch not just in India but in global markets. Honoured to be quoted in this Entrepreneur article… “India's ambition to become global leader in electric vehicles (EVs) is gaining traction as the automotive industry is undergoing a remarkable transformation driven by the emergence of EV start-ups in this space. These start-ups are not only innovating new but changing the entire landscape with newer technologies, and unique ideas of a sustainable mobility in the country. Start-ups are challenging the established automakers by introducing innovative technologies and fresh business models. Unlike traditional manufacturers, which often rely on legacy systems and practices, these newcomers are nimble and adaptive, allowing them to capture consumer interest in unprecedented ways.” “While these start-ups are coming up with new technologies, they also face challenges in terms of getting funding for the project. While many start-ups are closing big funding rounds, most of them are struggling to get a fund for their start-ups. According to Christie Fernandez, Founder, Sooorya EV, most of the investors expect to see a prototype before funding and they are wary of investing in the sector as it involves huge capital. Speaking to Entrepreneur Christie said, "Investors are unable to evaluate the amount of efforts that goes into vehicle design, development & production, are unaware of the typical budgets for new vehicle development." He further said, "Start-ups in India are struggling to raise adequate funds and build EV's whereas EV start-ups in China, Europe & America have access to more funds including from their government." Read more in this Entrepreneur India article. https://lnkd.in/gQ-J_vJ5

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What are some examples of extremely clever problem solving in the startup/entrepreneurship world? How to innovate? Just ask Ford Henry Ford was an intelligent man He started with the “Quadricycle”. It was his first automobile and was four bicycle wheels attached to an engine. But… Why would anybody want a machine to drive around in? It won’t work, we won’t need automobiles. This did not stop Ford. Ford was smarter than this. He realised that “If I had asked people what they wanted, they would have said faster horses” Ford was not ordinary. He was a problem solver. He saw the deeper underlying problems. He took his quadricycle prototype and set out to improve it. He was backed by a few investors who could see the potential. He worked tirelessly to produce his automobile, but he realised that there were already automobiles available. However, they were too expensive. Ford wanted to create a car everybody could afford. Most people would have tried to solve this by finding even cheaper parts than they had, or finding the best employees possible. Ford did not try either approach. He realised finding cheap parts would provide lower quality and that finding the best employee would make the company reliant on just a handful of employees. Instead, Ford created a system that would cut costs by maximising efficiency and not rely on the best employees. He created an “assembly line” This may be standard today, but back then, nobody was doing it. Ford had realised the problem was not in the product but the system. This is extremely clever. It is the ability to look at the underlying reasons. It is to discover the true definition of the problem. It is to disregard conventional wisdom and see it for yourself. The Ford Model T was produced in 1913, which revolutionised manufacturing processes across the world. It became extremely successful, and Ford was able to turn out one Model T every 24 seconds. In summary, It was not Henry Ford’s deductions that made him smart but rather his observations.

MEMA Aftermarket Suppliers has launched the 2024 MEMA Aftermarket Startup Challenge (MASC), which provides a platform for emerging aftermarket technology companies to showcase their innovations to the industry. Three venture capital and mobility startup accelerators are coordinating and will facilitate the event: Assembly Ventures, Automotive Ventures and the Capstone Financial Group Inc.. The program will culminate at the Aftermarket Technology Conference (ATC) taking place Oct. 13-16 at the Wyndham in Clearwater Beach, Florida. Finalists will pitch their innovations to an audience of aftermarket technology leaders, and all startups will receive mentorship from industry experts. ATC attendees will have the opportunity to vote for the MASC winner during the conference’s general session, and the winner will be announced shortly after. "This year’s Challenge will be the best opportunity in our industry for startups to gain visibility and connect with leaders from our members," said Chris Gardner, senior vice president of programs and technology at MEMA Aftermarket Suppliers. "We look forward to another successful Challenge as we continue the Challenge's goal to foster new technology development and drive innovation within the automotive and commercial vehicle aftermarket." Technology categories for this year’s MASC include … • Predictive analytics • Digital/online customer engagement • Supply chain/inventory management • Electric vehicles • Diagnostics • Sustainability • Fleet Management • Training • ADAS • Artificial intelligence • CV/LV aftermarkets More information about the conference can  be found at MEMATech.org, and more information about the challenge is available here -->> https://lnkd.in/gb2_ydbv #aftermarket #autoparts #autocare

Two years from now the headlines will read: "AI Startup ___(fill in the blank)__ Files for Bankruptcy" "Fisker FSRN (-57.98%), a much-hyped startup that sought to mimic Tesla’s success, has filed for bankruptcy, roughly a year after releasing its first electric-vehicle model. The filing marks the second time an automotive venture by car designer Henrik Fisker has gone bust and follows weeks of quietly winding down its operations. The seven-year-old California-based company sought a cheaper and faster entry into the auto industry by outsourcing manufacturing but struggled with the complexities of running a publicly held company. Fisker is the latest among a crop of once-highflying EV startups that looked to upend the traditional auto industry but have run out of charge. Pickup maker Lordstown Motors and bus manufacturer Arrival both filed for bankruptcy protection. Others are cutting costs or delaying investments, in an effort to conserve their remaining cash. Fisker last summer started delivering its first electric model, the Ocean SUV, just as the previously hot market for battery-powered vehicles was starting to cool and signs were emerging that consumer demand for EVs was shallower than expected. The company’s current challenges underline the hurdles facing young carmakers that have sought to emulate Tesla’s success. Many of them raised billions of dollars from investors in splashy public debuts but ran down their cash reserves as they spent heavily to develop new models and build out factories and sales centers, all while losing money on every vehicle sale." https://lnkd.in/e_WFhuXE