From TechCrunch · Sean O'Kane · · 1m 30s
May Mobility goes public in $1.4B SPAC deal
The autonomous vehicle startup is merging with a SPAC to become the first U.S. public company focused entirely on robotaxis.
In brief
The autonomous vehicle startup is merging with a SPAC to become the first U.S. public company focused entirely on robotaxis. May Mobility is testing whether investors will back a pure-play robotaxi company with an asset-light, partnership-first business model. Originally reported by TechCrunch.
May Mobility going public
The autonomous vehicle company is merging with a SPAC at a $1.4 billion valuation. The deal could raise more than $300 million for the startup.
First pure robotaxi play
May Mobility will be the first U.S. public company focused entirely on autonomous ride-hailing. This sets it apart from Tesla, Waymo, and trucking-focused Aurora.
Asset-light business model
May Mobility sells autonomous vehicles to fleet partners instead of owning them. It keeps control of remote supervision and software, earning fixed or per-trip fees.
Current operations and revenue
The company operates Toyota Siennas in three U.S. cities, including Atlanta with Lyft. It generated $10 million in revenue last year while burning $93 million in cash.
Track record so far
May Mobility has provided over 550,000 paid autonomous rides covering more than 1 million miles. It recently started trials in Japan and plans launches with Uber in Texas.
The SPAC merger details
May Mobility is merging with ACP Holdings Acquisition Corp. The deal includes $120 million in private investment and up to $217 million from a trust account.
Plans for the money
Proceeds will fund R&D to remove safety drivers and reduce vehicle costs. The company also plans new geographic deployments, with announcements expected later this year.
The takeaway
May Mobility is testing whether investors will back a pure-play robotaxi company with an asset-light, partnership-first business model.
