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Customs duties, duties, duties. If there is one certainty in this uncertain moment, it is this: US tariff policy could change again. As of Friday morning there is a 90-day suspension on “mutual” tariffs placed in most countries. However, there is still a 10% basic tariff, and President Trump ratcheted tariffs on China to about 145%.
Dan Ives of Wedbush Securities Analyst has cut down the price targets for Apple and Tesla as tariffs threaten to disrupt both companies.
But they decide whether to pass it to the customer, rather than the only US company that is expected to feel pain. A suspension of higher tariffs placed on goods imported from Mexico and Canada provides relief to the transportation sector. However, this sector, especially the EV companies using LFP (lithium iron lithium phosphate) batteries, are very exposed thanks to the characteristic tariffs imposed on Chinese imports.
We will closely follow the issuance of customs duties, but the effects will not bear for several months.
Little bird
Almost a year ago, a little bird gave us some hints about the secret EV startup called Slate Auto, which sparked a month-long hunt. And boy, did we discover a lot? Senior reporter Sean Okane has all the details of this story, including Jeff Bezos supporting the company, with other well-known supporters like La Dodgers’ control Mark Walter and CEO of Guggenheim Partners, and Thomas Tull, the lead investor in RE: Build Making.
But there’s more to it, like Slate’s Origin Story and its business model, and the second story checking out recent spy shots from its first product, the EV pickup truck.
Any tips for us? Email Kirsten Korosec at [email protected], or email kkorosec.07, sean o’kane ([email protected], or rebecca bellan ([email protected]). Alternatively, check these instructions and contact us via an encrypted messaging app or SecureDrop.
Great deal!
Welp, I have to admit that this deal hasn’t come. I’m talking about Lucid Motors, which will acquire some of Nicola’s assets from bankruptcy.
Yes, Nicola’s founder and former CEO Trevor Milton was convicted of securities fraud and was recently pardoned by President Trump, hoping for those assets. Milton met a chilly reception. However, Lucid was the winner after redeeming about $30 million in cash and non-cash considerations in exchange for the factory, a lease at Nikola’s Phoenix headquarters, and “specific machines, equipment and inventory,” according to the filing.
Other deals that caught my attention…
Ayan Capital, which offers financing for halal vehicles that serve private rentals and business drivers seeking alternatives to halal to purchasing low-carbon vehicles, has raised £25 million ($32.6 million) in Sharia-compliant funding from institutional debtor partners for growth.
Nows, a European lithium-ion battery repair and maintenance startup, raised 6 million euros 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 euros of debt financing is currently being raised.
California-based self-driving car startup Nuro has secured $106 million in the Series E round. The downround salary increase will increase Nuro’s total funding to $2.2 billion, with a valuation of $6 billion. This is a decline from the post-money valuation of $8.6 billion set aside after the 2021 $600 million Series D. The supporter of this round is T. Most existing institutional investors include RowePrice Associates, Fidelity Management & Research Company, Tiger Global Management, GreyLock Partners, and XN LP.
Parallel Systems, which develops autonomous electric cargo technology, raised a $38 million Series B round led by Anthos Capital, and participated from joint funds, joint ventures, Riot Ventures and others.
Notable readings and other information
Adas
Elon Musk’s government efficiency cuts down employees “disproportionately” who are working on automation safety in their vehicles at the National Highway Traffic Safety Administration.
Nissan plans to enhance its advanced driver assistance system starting in 2027 using autonomous driving software developed by Wayve.
Self-driving cars
Waymo is preparing to use data from Robotaxis, including videos from interior cameras associated with rider identity, to train the generated AI models. According to an unpublished version of the privacy policy discovered by researcher Jane Manchun Wong.
Meanwhile, Waymo Robotaxi in Santa Monica caused traffic jams on Chick-Fil-A after being stuck at the drive-thru entrance.
Zoox is deploying small, modified test vehicles on the streets of Los Angeles.
Electric cars, charging, batteries
Canoo CEO Anthony Aquila can purchase assets from Dulund EV Startup, a judge ruled this week.
Elon Musk’s political activities, which fueled the global Tesla Takedown protest, have influenced the company’s sales. Used Tesla listings are skyrocketing. And other brands still lagging behind Tesla in total sales are seeing an increase. For example, Polestar sales jumped in the first quarter with discounts like the “Tesla Conquest” bonus.