The U.S. electric vehicle landscape is seeing intriguing shifts as billionaire Jeff Bezos quietly puts his weight behind Slate Auto, a previously unseen player entering an already crowded market, while Lucid Motors emerges victorious in the bankruptcy auction for embattled Nikola Corporation’s assets.
About a year ago, whispers emerged of a new, secretive EV startup—Slate Auto. Months of detailed investigations have uncovered that the venture is indeed backed by some of America’s heaviest hitters, including Amazon founder Jeff Bezos. Among other notable investors are Mark Walter, controlling owner of the LA Dodgers and CEO of Guggenheim Partners, and Thomas Tull, prominent investor with Re:Build Manufacturing. Slate Auto’s launch vehicle—a fully electric pickup—was recently sighted testing in public, confirming earlier suspicions about their product strategy.
In a separate, unexpected development, luxury EV maker Lucid Motors acquired significant portions of Nikola Corporation’s assets in a bankruptcy sale. Lucid secured Nikola’s Arizona factory, their office lease in Phoenix, and key machinery, equipment, and inventory in an approximately $30 million transaction. This came against the backdrop of Nikola founder Trevor Milton’s unsuccessful attempt to reacquire those same assets following his recent pardon by former President Donald Trump.
Meanwhile, tariff policies continue to inject volatility into the auto sector. Despite a temporary 90-day reprieve on “reciprocal” tariffs with many nations, base tariffs still stand at 10%, with China’s rate significantly escalated to roughly 145%. These tariffs pose a particular threat to EV manufacturers relying on lithium iron phosphate (LFP) batteries imported from China and could pressure companies—like Apple and Tesla—already struggling with potential cost disruptions. Analysts, openly concerned, have revised downward their price targets for these high-exposure companies.
Elsewhere in EV and autonomous transportation financing, notable rounds illustrate continued investor enthusiasm. Nuro raised $106 million at a lowered $6 billion valuation, reflecting industry-wide challenges for autonomous and delivery-focused startups. Parallel Systems secured a $38 million Series B to advance their autonomous electric freight innovations. Meanwhile, European firm Nowos attracted €6 million to scale battery repair capabilities, and Britain’s Ayan Capital, offering Halal-compliant vehicle finance solutions, closed a £25 million funding round.
In related industry developments, Waymo plans to train generative AI models using passenger camera data from its robotaxi fleet, prompting privacy discussions, even as its vehicles experience practical hurdles, like one apparently causing a minor traffic incident at a fast-food drive-through in California. Simultaneously, Zoox began autonomous taxi tests in Los Angeles, and Nissan aims to adopt Wayve’s automated driving software for its advanced driver-assistance programs starting in 2027.
Lastly, Elon Musk’s continuing activism and associated global protests are reportedly beginning to weigh on Tesla’s brand image, resulting in notably increased listings of used Tesla vehicles. Competitors eager to capitalize, such as Polestar, have seen heightened sales activity due partly to lucrative discounts targeted explicitly toward Tesla owners switching brands.
