Importance Score: 65 / 100 🔴
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Trade policy remains a key area of uncertainty. Current U.S. tariff strategy is poised for further adjustments. As of Friday, a temporary 90-day suspension of “reciprocal” tariffs is in effect for most nations. However, foundational 10% tariffs are still in place, and President Trump has escalated tariffs on goods from China to approximately 145%.
Financial analyst Dan Ives of Wedbush Securities recently decreased price targets for tech giants Apple and Tesla, citing concerns that existing tariffs could negatively impact both companies’ operations.
Numerous other U.S. enterprises anticipate similar challenges and are evaluating whether to transfer increased costs to consumers. While a temporary halt on increased tariffs on imports from Mexico and Canada offers some respite to the transportation sector, segments of the industry, specifically electric vehicle manufacturers utilizing lithium iron phosphate (LFP) batteries, remain particularly vulnerable due to substantial tariffs imposed on Chinese imports.
We are closely monitoring the evolving tariff landscape and its potential ramifications, which are expected to unfold over the coming months.
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Industry Insights
Nearly a year prior, an inside source provided information that initiated an extensive investigation into a secretive electric vehicle startup known as Slate Auto. Our inquiries yielded significant revelations. Senior reporter Sean O’Kane’s comprehensive report details our findings, including the disclosure that Jeff Bezos is among the high-profile investors backing the company, alongside Mark Walter, controlling owner of the LA Dodgers and CEO of Guggenheim Partners, and Thomas Tull, a leading investor in Re:Build Manufacturing.
Our in-depth coverage extends beyond funding details to explore Slate Auto’s origins, business model, and confirmation of spy shots depicting their inaugural product: an electric pickup truck.
Notable Mobility Deals
In a surprising development, Lucid Motors has acquired assets from Nikola amidst its bankruptcy proceedings.
Despite reported interest from Nikola’s founder and former CEO Trevor Milton, who was previously convicted of securities fraud and subsequently pardoned, Lucid Motors successfully secured the deal. The acquisition, valued at approximately $30 million in cash and non-cash considerations, includes Nikola’s factory, its Phoenix headquarters lease, and specified machinery, equipment, and inventory, as outlined in recent filings.
Further noteworthy deals within the mobility sector:
- Ayan Capital, a provider of Sharia-compliant vehicle financing for private hire and business drivers seeking ethical options for low-carbon cars, secured £25 million ($32.6 million) in financing adhering to Islamic law from institutional debt provider Partners for Growth.
- Nowos, a European startup specializing in lithium-ion battery repair and maintenance, concluded a €6 million funding round led by impact venture fund Shift4Good, with contributions from Dutch investors Fair Capital Impact Fund and Goeie Grutten Impact Fund. The company is also in the process of raising an additional €3 million in debt financing.
- Nuro, the autonomous vehicle company based in California, raised $106 million in a Series E round. This latest raise, considered a down round, brings Nuro’s total funding to $2.2 billion and establishes its valuation at $6 billion, a decrease from the $8.6 billion valuation post its $600 million Series D funding in 2021. The round included participation predominantly from existing institutional investors such as T. Rowe Price Associates, Fidelity Management & Research Company, Tiger Global Management, Greylock Partners, and XN LP, along with strategic partners.
- Parallel Systems, focused on developing autonomous, electric freight technology, completed a $38 million Series B round led by Anthos Capital, with involvement from Collaborative Fund, Congruent Ventures, and Riot Ventures, among others.
Additional Mobility News
Advanced Driver-Assistance Systems (ADAS)
Efficiency initiatives led by Elon Musk‘s Department of Government Efficiency have resulted in staff reductions at the National Highway Traffic Safety Administration, reportedly impacting personnel focused on vehicle automation safety disproportionately.
Nissan intends to integrate autonomous driving software from Wayve to enhance its advanced driver-assistance systems, with implementation targeted for 2027.
Developments in Autonomous Vehicle Technology
Waymo is planning to utilize data collected from its robotaxi fleet, including video from interior cameras linked to passenger identification, to train advanced generative AI models, according to a preliminary version of its updated privacy policy discovered by researcher Jane Manchun Wong.
Separately, a Waymo autonomous vehicle in Santa Monica caused traffic congestion at a Chick-fil-A location after encountering difficulties navigating the drive-through entrance.
Zoox is initiating deployment of a limited fleet of retrofitted autonomous test vehicles on public roads in Los Angeles.
Electric Vehicles, Charging Infrastructure, and Battery Technology
Canoo CEO Anthony Aquila received judicial approval to acquire the assets of the bankrupt EV startup this week.
Elon Musk’s increasing involvement in political discourse, which has prompted global Tesla Takedown protests, is reportedly affecting Tesla’s sales performance. The volume of used Tesla vehicles listed for sale has significantly increased, while competing brands, although still trailing Tesla in overall sales volume, are experiencing sales growth. Polestar, for example, recorded a sales increase in Q1, aided by incentives such as its “Tesla conquest” bonus program.