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Currently, there is a 90-day suspension on “reciprocal” tariffs involving most countries, although a 10% base tariff remains. President Trump has significantly increased tariffs on China, pushing them to approximately 145%.
Wedbush Securities analyst Dan Ives has reduced his price targets for Apple and Tesla due to the potential disruption tariffs may cause these businesses.
The pause on higher tariffs affecting goods from Mexico and Canada offers the transportation sector some relief. Nonetheless, companies, particularly in the electric vehicle (EV) sector relying on lithium iron phosphate (LFP) batteries, face significant exposure due to heavy tariffs on Chinese imports.
The evolving tariff situation will have implications over the coming months, which will be closely monitored.
Reports have emerged about a secretive EV startup named Slate Auto, which is backed by Jeff Bezos along with other prominent investors like Mark Walter and Thomas Tull. More details can be found in an article by Senior Reporter Sean O’Kane, which includes insights into the company’s origins, business model, and a recent sighting of its first product, an EV pickup truck.
In recent developments, Lucid Motors acquired several assets from Nikola, a company that recently declared bankruptcy. Nikola’s founder, Trevor Milton, who faced a frosty reception after expressing interest in these assets, was recently pardoned by President Trump following a conviction for securities fraud. Lucid secured the assets by agreeing to approximately $30 million in cash and non-cash considerations.
Several notable deals in the sector have occurred:
– Ayan Capital, which finances vehicles in compliance with Sharia law, secured £25 million from institutional debt provider Partners for Growth.
– Nowos, a company specializing in lithium-ion battery repair and maintenance, raised €6 million, with additional funding in debt being sought.
– Nuro, an autonomous vehicle startup, raised $106 million in a Series E round, reducing its valuation from a previous round.
– Parallel Systems, developing autonomous electric freight technology, raised $38 million in a Series B round led by Anthos Capital.
In automotive technology news, Elon Musk’s Department of Government Efficiency has reduced staff at the National Highway Traffic Safety Administration, impacting those involved with vehicle automation safety.
Nissan has plans to incorporate Wayve’s automated driving software into its advanced driver-assistance system by 2027.
Waymo is set to utilize data from its robotaxis, including video from interior cameras, for training generative AI models. The company also encountered a traffic incident when one of its robotaxis got stuck at a Chick-fil-A drive-through in Santa Monica.
Zoox has begun testing a fleet of retrofitted vehicles on the streets of Los Angeles.
In the electric vehicles and battery sector, a judge recently ruled that Canoo CEO Anthony Aquila can purchase the assets of a bankrupt EV startup.
Elon Musk’s political activities have impacted Tesla sales, with used Tesla listings increasing. Meanwhile, other brands like Polestar are experiencing sales growth, aided by discounts such as the “Tesla conquest” bonus.
