News Summary

Beta Technologies, an electric aircraft manufacturer from Vermont, has secured a significant agreement to supply air taxi company Eve Air Mobility with its electric pusher motors. This deal, potentially worth $1 billion over ten years, marks a substantial opportunity for Beta as it pursues FAA certification for its electric aircraft. Despite reporting a net loss of $452 million in Q3, Beta’s revenue has more than doubled to $8.9 million compared to the previous year.

Meanwhile, Element Fleet Management, a Canada-based automotive fleet manager, has acquired Car IQ, a San Francisco-based connected vehicle payments company, for an estimated $80 million. This acquisition follows Element’s 2024 purchase of fleet optimization software startup Autofleet for $110 million.

Other notable deals in the autonomous and electric vehicle space include Autolane’s $7.4 million funding round led by Draper Associates and Hyperplane, and Wayve’s acquisition of Quality Match to enhance its AI model training for automated driving.