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Tariffs, tariffs, tariffs. If there is one certainty in this uncertain moment, it’s this: U.S. tariff policy is likely to change again. As of Friday morning, there is a 90-day pause on “reciprocal” tariffs placed on most countries. However, 10% base tariffs remain and President Trump has ratcheted up tariffs against China to about 145%.
Wedbush Securities analyst Dan Ives slashed his price targets for Apple and Tesla because tariffs threaten to disrupt both businesses.
However, they’re hardly the only U.S. companies expected to feel the pain — and then decide whether to pass that along to customers. The pause on higher tariffs placed on goods imported from Mexico and Canada provides relief to the transportation sector. However, the sector, particularly any EV companies using LFP (lithium iron phosphate) batteries, are highly exposed thanks to the outsized tariffs placed on China imports.
We’ll be following the tariffs issue closely, the effects of which won’t bear out for months.
A little bird
Nearly a year ago, a little bird gave us a tip that sparked a months-long hunt for more information about a secretive EV startup called Slate Auto. And boy, did we discover a lot. Senior reporter Sean O’Kane has all of the details in this story, including that Jeff Bezos is backing the company, along with other high-profile backers like Mark Walter, the controlling owner of the LA Dodgers and CEO of Guggenheim Partners, and Thomas Tull, who is a lead investor of Re:Build Manufacturing.
But there is so much more, including Slate’s origin story and its business model, as well as a second story that confirms a recent spy shot of its first product, an EV pickup truck.
Got a tip for us? Email Kirsten Korosec at kirsten.korosec@techcrunch.com or my Signal at kkorosec.07, Sean O’Kane at sean.okane@techcrunch.com, or Rebecca Bellan at rebecca.bellan@techcrunch.com. Or check out these instructions to learn how to contact us via encrypted messaging apps or SecureDrop.
Deals!
Welp, I have to admit I did not see this deal coming. I’m talking about Lucid Motors buying up some of Nikola’s assets out of bankruptcy.
Yes, Nikola founder and former CEO Trevor Milton, who was convicted of securities fraud and recently pardoned by President Trump, wanted those assets. Milton was met with a frosty reception. But Lucid was the winner, after committing around $30 million in cash and non-cash considerations in exchange for the factory, Nikola’s lease on its Phoenix headquarters, and “certain machinery, equipment and inventory,” according to a filing.
Other deals that got my attention …
Ayan Capital, which provides halal vehicle financing serving private hire and business drivers seeking halal alternatives to purchasing low-carbon emission cars, raised £25 million ($32.6 million) in Sharia-compliant financing from institutional debt provider Partners for Growth.
Nowos, a European lithium-ion battery repair and maintenance startup, raised €6 million in a round led by impact venture fund Shift4Good, with participation from Dutch investors Fair Capital Impact Fund and Goeie Grutten Impact Fund. An additional €3 million in debt financing is currently being raised.
Nuro, the California-based autonomous vehicle startup, secured $106 million in a Series E round. The raise, which was a down round, brings Nuro’s total funding raised to $2.2 billion and its valuation to $6 billion. That’s a drop from the $8.6 billion post-money valuation Nuro secured after its $600 million Series D in 2021. Backers in this round are mostly existing institutional investors, including T. Rowe Price Associates, Fidelity Management & Research Company, Tiger Global Management, Greylock Partners, and XN LP — as well as strategic partners.
Parallel Systems, which is developing autonomous, electric freight technology, raised a $38 million Series B round led by Anthos Capital with participation from Collaborative Fund, Congruent Ventures, and Riot Ventures, among others.
Notable reads and other tidbits
ADAS
Elon Musk’s Department of Government Efficiency has made cuts at the National Highway Traffic Safety Administration that “disproportionately affected” employees working on vehicle automation safety.
Nissan plans to use automated driving software developed by Wayve to beef up its advanced driver-assistance system starting in 2027.
Autonomous vehicles
Waymo is preparing to use data from its robotaxis, including video from interior cameras tied to rider identities, to train generative AI models, according to an unreleased version of its privacy policy found by researcher Jane Manchun Wong.
Meanwhile, a Waymo robotaxi in Santa Monica caused a traffic jam at a Chick-fil-A after getting stuck at the entrance of the drive-through.
Zoox is deploying a small fleet of retrofitted test vehicles on the streets of Los Angeles.
Electric vehicles, charging, & batteries
Canoo CEO Anthony Aquila can buy the bankrupt EV startup’s assets, a judge ruled this week.
Elon Musk’s political activities, which have fueled global Tesla Takedown protests, are affecting the company’s sales. Used Tesla listings have skyrocketed. And other brands, which still lag far behind Tesla in total sales, are seeing an uptick. For instance, Polestar sales jumped in Q1 on discounts like its “Tesla conquest” bonus.
