Kia started the year by dropping “motor company” from its corporate name and revealing a new logo and slogan as part of Plan S, a strategy to shift its business away from internal combustion engines and towards EVs, mobility services and autonomous vehicle technology.
Now, the South Korean automaker is starting to share more details of the first vehicle that will come out of Plan S. Kia released Tuesday several teaser images of the EV6, its first dedicated battery-electric vehicle built on its new Electric-Global Modular Platform, or E-GMP platform. This platform is shared with Hyundai and is the underlying foundation of the new Hyundai Ioniq 5 compact crossover.
These are teasers and so the vehicle isn’t shown in full. But even with the limited view enough design features are visible to begin to understand what Kia’s design language means for the EV6 and its other future electric vehicles.
The EV6 is a four-door crossover, which isn’t a surprise considering the popularity of such vehicles in the U.S. The low front end moves up into a roofline that is reminiscent of a coupe. The LED headlights have a segmented pattern and the traditional grille found on internal combustion engine vehicles is gone.
The company also revealed a new naming scheme to help consumers easily identify the EVs in its lineup. Kia said its new dedicated battery electric vehicles will all start with the “EV” prefix. A number will follow “EV” to indicate the vehicle’s position the line-up. That puts the EV6 somewhere in the middle of its upcoming lineup.
Kia said the EV6 will make its world premiere during the first quarter of 2021.
“Our aim is to design the physical experience of our brand and to create bold, original and inventive electric vehicles,” Karim Habib, senior vice president and head of Kia Global Design Center, said in a statement.
Kia’s strategy is more ambitious though than creating bold, original and inventive electric vehicles. The company said last year that it wanted to become a pioneer in the age of EVs, a brand beloved by the millennial generation and Z generation and a symbol of challenge and innovation. Kia has placed sales and product goals behind those aspirational objectives, including the launch of 11 EVs by 2025 that will give it a 6.6% global EV market share, selling 500,000 electric vehicles annually by 2026, and offering customized purpose-built electric vehicles for corporate customers.
It’s also putting some capital behind the effort, to the tune of 29 trillion won (US $25 billion) by the end of 2025. Kia said its targeting a 6% operating profit margin and 10.6% return on equity (ROE) ratio during this time period.
The EV6 is the first product of Plan S, a vehicle that will show investors and consumers if Kia’s grand plans are achievable. In other words, the EV6 is important for Kia.
Krafton, the developer of popular gaming title PUBG Mobile, has invested $22.4 million in Indian esports firm Nodwin Gaming, the two firms said Tuesday as the South Korean firm looks to maintain some presence in what was once its key overseas market.
Nodwin Gaming, a subsidiary of local gaming giant Nazara, has established itself as one of the largest esports firms in India.
The Gurgaon-headquartered firm today works with several firms including Blizzard Entertainment, Valve, Riot Games, ESL to help them host events, provide commentary, produce and license content, and amass brands and sponsors.
Nodwin, which recently expanded to Africa, will deploy the fresh capital to accelerate its growth in international markets, it said.
Krafton and Nodwin have been engaging with one another for some time. The two firms last week announced that they will be collaborating to hold two PUBG Mobile events in Asia.
“Esports will be a key pillar to the growth of sports entertainment in the future. It sits at a wonderful intersection of sports, entertainment and technology where nations such as India can pave the path. With Krafton coming on board, we have an endorsement from the mecca of gaming and esports — South Korea — on what we are building from India for the world based on our competence in mobile first markets,” said Akshat Rathee, co-founder and managing director of Nodwin Gaming, in a statement.
India banned PUBG Mobile and hundreds of other apps with affiliation to China last year citing cybersecurity concerns. Krafton has been attempting to bring PUBG Mobile back in India, but hasn’t had any luck yet.
To assuage New Delhi’s concerns about users’ security, Krafton said it had cut ties with Chinese publisher Tencent. (It also inked a global cloud deal with Microsoft.) Sean Hyunil Sohn, the head of Corporate Development at Krafton, said earlier this month at a gaming conference that the firm “will work hard” to bring PUBG Mobile back in India, but didn’t elaborate.
“Krafton is excited to partner with Nodwin Gaming to help foster the promising esports ecosystem and engage with our fans and players in India,” said Changhan Kim, chief executive of Krafton in a statement.
“Taking the momentum from this partnership, we will explore additional investment opportunities in the region to uphold our commitment and dedication in cultivating the local video game, esports, entertainment, and tech industries.”
Apple has released a set of security updates for iPhones, iPads, Macs and Watches. There are no new features — but these are updates you will still want to install.
As part of these security fixes, iPhones and iPads will update to iOS and iPadOS 14.4.1, watchOS users will update to 7.3.2 and macOS Big Sur will update to 11.2.3. Those on older versions of macOS can install the latest version of Safari, bumping the version to 14.0.3.
Apple says these are “important” security updates and are “recommended for all users.”
These patches fix the same vulnerability — a memory corruption bug in WebKit, the engine that powers Apple’s Safari browser. The bug can be triggered by visiting a malicious web page containing code that can exploit the vulnerability. Once exploited, an attacker can run malicious code on the affected Apple device.
The bugs were reported by Google and Microsoft, but are not believed to be actively exploited by malicious hackers unlike recent security flaws.
Last month, Apple pushed out iOS 14.4 to fix three WebKit vulnerabilities that were being “actively exploited.” The vulnerabilities were chained together to break into the underlying iPhone software.
If you haven’t already, update today.
PayPal acquires a cryptocurrency startup, Apple discontinues the iMac Pro and McAfee sells its enterprise business. This is your Daily Crunch for March 8, 2021.
The big story: PayPal acquires Curv
This deal will grow PayPal’s cryptocurrency team by bringing on Curv, a startup working with exchanges, brokers and over-the-counter desks to help their users store crypto assets securely and access their wallets without requiring additional hardware.
The larger company already supports the buying and selling of cryptocurrencies, and it says it plans to launch new crypto-related products in other countries and in Venmo. Calcalist was the first to report the acquisition, and it said that the deal price was between $200 and $300 million, while another source tells TechCrunch that the price was less than $200 million.
The tech giants
The iMac Pro is being discontinued — Apple will stop selling the all-in-one once the current stock is depleted.
McAfee sells enterprise biz to Symphony Technology Group for $4B — McAfee President and Chief Executive Officer Peter Leav said the company has decided to direct its resources to the consumer side of the business.
Google unveils $25M in grants aimed at empowering women and girls — Google.org’s new Impact Challenge, unveiled on International Women’s Day, is aimed at addressing systemic barriers and inequities.
Startups, funding and venture capital
UK challenger bank Starling raises $376M, now valued at $1.9B — Starling, which competes against incumbent banks, as well as other challengers like Monzo and Revolut, says it’s already profitable.
Cosi raises €20M for its ‘full-stack’ approach to short-term rentals — The company signs long-term leases with property owners, then furnishes those apartments itself to “control” the interior design experience.
Swiss maker of meat alternatives Planted will expand and diversify with $18M Series A — With new kebabs and pulled-style faux meats available and steak-like cuts in the (literal) pipeline, Planted has begun to set its sights outside central Europe.
Advice and analysis from Extra Crunch
From electric charging to supply chain management, InMotion Ventures preps Jaguar for a sustainable future — A look at InMotion Ventures, the independent investment and incubation initiative set up by Jaguar Land Rover.
Olo’s IPO could value the company north of $3B as Toast waits in the wings — Olo, the New York-based fintech startup that provides order processing software to restaurants, shared its initial IPO price range this morning.
White-label voice assistants will win the battle for podcast discovery — Listeners have never had so many choices for smart and compelling podcast content, with new exciting shows emerging daily.
(Extra Crunch is our membership program, which helps founders and startup teams get ahead. You can sign up here.)
Everything else
Announcing the agenda for TC Early Stage — Operations & Fundraising — You’ve got questions. TechCrunch Early Stage will have answers for you on April 1 and 2.
A glimpse inside the minds of tech’s DEI leaders — We spoke with Uber Chief Diversity Officer Bo Young Lee and Netflix VP of Inclusion Strategy for Product Wade Davis about the work that still needs to be done.
The Daily Crunch is TechCrunch’s roundup of our biggest and most important stories. If you’d like to get this delivered to your inbox every day at around 3pm Pacific, you can subscribe here.
Zapier, a well-known no-code automation tool, has purchased Makerpad, a no-code education service and community. Terms of the deal were not disclosed.
TechCrunch has covered Zapier often during its life, including its first, and only fundraising event, a $1.2 million round back in 2012 that tapped Bessemer, DFJ, and others. Since then company has added more expensive tiers to its service, built out team-focused features, and recently talked to Extra Crunch about how it scaled its remote-only team.
In an interview Monday with Zapier CEO Wade Foster told TechCrunch that his company now has 400 workers, and crossed the $100 million ARR mark last summer.
The Makerpad deal is its first acquisition. TechCrunch asked Makerpad founder Ben Tossell about the structure of the deal, who said via email that his company will operate as a “stand-alone” entity from its new parent company.
The deal doesn’t seem prepped to upend what the smaller startup was working on before it was signed. “Ultimately,” Tossell wrote, “Makerpad’s vision is to educate as many people as possible on the possibilities of building without writing code.”
Foster seems content with that focus, describing to TechCrunch how he intends to let Makerpad operate largely independently, albeit inside a set of editorial guidelines.
TechCrunch asked the Makerpad founder why this was the right time to sell his business. He said that the pairing would help his team take the no-code world further than it could alone, also noting that the deal was a “no-brainer” over “alternative routes such as VC funding.”
The acquisition was partially driven by a single tweet. This one, in fact. According to Tossell, the CEO of Zapier reached out after reading it, leading to conversations and a deal. Foster expanded on the story during a call, saying that he had long followed Tossell’s work and that the two had met previously at dinners. The tweet wound up in his Slack, he said, so he reached out to the Makerpad founder, and from there it was a pretty quick ramp to a deal.
The two companies have seen rapid growth in recent quarters. Foster detailed to TechCrunch how small businesses have become increasingly reliant on his company’s service in the post-COVID world, with Zapier seeing strong SMB adoption after the pandemic hit. Given the digital transformation’s acceleration, that’s a trend that likely won’t slow soon. And Tossell told TechCrunch that no-code has already “grown bigger than [he] had imagined it could,” with his company seeing users expanding 4x in just under the last year.
Zapier, perhaps one of the largest success stories in the broad swath of technology products that we might call the no-code world, now has an attached community that could help directly add users to its service, and perhaps indirectly by making the aggregate pool of no-coders larger over time.
The no-code space has been active in recent months, as has its sibling niche, the low-code market. The latter has seen recent rounds in the nine-figures, as some corporations turn to low-code tools to help the more quickly build internal software. The no-code world has its own successes, like Zapier’s nine-figure revenues.
Foster was neutral on more acquisitions, neither closing the door on them when TechCrunch asked, but not opening it any wider at the same time. On the SPAC question, however, the CEO was a bit clearer. That’s a no.
After having spoken to a grip of no-code, and low-code founders and investors in recent months, it seems clear that the broader business market is coming around to low-code services, and that smaller companies have been quick adopters of no-code tooling. As low-code tools become increasingly abstracted from coding, and no-code tools add functionality, perhaps we’ll see the two related categories merge.