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Current developments in U.S. tariff policy indicate potential changes ahead. There is a temporary 90-day suspension on “reciprocal” tariffs for most countries, though a base tariff of 10% is still in place. However, tariffs against China have been significantly increased to approximately 145%.
Wedbush Securities analyst Dan Ives has reduced his price targets for Apple and Tesla, citing tariffs as a potential threat to their businesses. Numerous U.S. companies are expected to be similarly affected and may consider passing on these costs to customers. The transportation sector, especially electric vehicle (EV) companies using lithium iron phosphate (LFP) batteries, is notably vulnerable due to high tariffs on Chinese imports. The consequences of these tariff changes are expected to unfold over the coming months.
In other news, a lead provided details about a covert EV startup named Slate Auto. Senior reporter Sean O’Kane uncovered that the company is backed by notable figures such as Jeff Bezos, Mark Walter, and Thomas Tull. O’Kane’s detailed account includes the company’s origin and business model, along with confirmation of a sighting of Slate’s first EV product, a pickup truck.
Meanwhile, Lucid Motors has acquired some of Nikola’s assets through a bankruptcy auction. Despite former Nikola CEO Trevor Milton’s interest in obtaining these assets, Lucid secured them with a bid of approximately $30 million. These acquisitions include a factory, Nikola’s lease on its Phoenix headquarters, and various machinery and inventories.
Other notable deals include Ayan Capital, which garnered £25 million in Sharia-compliant financing from Partners for Growth. Nowos, a European startup focused on lithium-ion battery repair and maintenance, raised €6 million led by Shift4Good. Nuro, an autonomous vehicle startup, raised $106 million in a Series E round, decreasing its valuation from a previous peak. Parallel Systems, developing autonomous freight technology, secured $38 million in a Series B round.
In regulatory news, Elon Musk’s Department of Government Efficiency has made cuts to the National Highway Traffic Safety Administration, affecting vehicle automation safety staff. Nissan plans to integrate Wayve’s automated driving software into its advanced driver-assistance systems by 2027.
Waymo is set to use data from its robotaxis, including interior camera footage, to train AI models. However, one of its robotaxis recently caused a traffic jam at a Chick-fil-A drive-through. Zoox is testing a fleet of modified vehicles on the streets of Los Angeles.
In the realm of electric vehicles, a court ruled that Canoo CEO Anthony Aquila could acquire a bankrupt EV startup’s assets. Political activities by Elon Musk have impacted Tesla’s sales, leading to a surge in used Tesla listings. Meanwhile, Polestar saw an increase in first-quarter sales, aided by incentives like its “Tesla conquest” bonus.