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Over a month ago, I asked you how you thought EV sales would be generated if the $7,500 federal tax credit expired on September 30th. Most responding to the polls predicted that sales of EVs would fall off the cliff.
It’s still too early to tell. We’ve been past the end of the quarter a few days. However, the expired tax credit gave many automakers a bit of sales bump as consumers competed to buy EVs before the deadline.
With sales growth declining, Tesla registered its highest quarter ever with 497,099 vehicles. This is a massive 29% jump from the second quarter, up about 7% in the same period last year, a rise above the previous quarter’s offering.
Ford Motor, General Motors and Hyundai also reported record quarterly sales for the EV. Libian arrived in 13,201 vehicles, starting from 10,661 and 8,640 in the second and first quarters, respectively.
The looming question is how automakers will navigate the possibility of slowing EV sales in this post-tax credit era. Libian has already adjusted its guidance in 2025. Others may follow.
The core of the automaker is how to remove stock as new 2026 models come in without reducing or eliminating profit margins (and sometimes deepening losses).
TechCrunch Events
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October 27th-29th, 2025
Little bird
The Department of Energy has cancelled 321 clean energy projects but has not shared details with TechCrunch or the public. Luckily, the little bird shared the full list of awards cancelled by the Trump administration, revealing the results.
In total, the cancelled awards totaled $7.56 billion, allowing California to take the brunt of grants, losing $2.2 billion worth of grants. Colorado, Illinois, Massachusetts, Minnesota, New York and Oregon rounded out the top eight, losing between $300 million and $600 million respectively.
It wasn’t until I went further down the list that the red state pops up. In fact, the majority of the project was set up in the states that voted for Kamala Harris in the last presidential election. This is what many media outlets reported after management and budget chief Russell Vought.
But even the blue states are packed with several awards, perhaps due to political ties to the Trump administration and political ties that match interests. In any case, the move by the DOE suggests that governments may be unreliable partners for businesses, especially small startups.
Any tips for us? Email Kirsten Korosec at kirsten.korosec@techcrunch.com or email my signal at kkorosec.07 or sean.okane@techcrunch.com to sean o’kane.
Great deal!
Toyota may not be the first company that comes to mind when thinking about startups. But it probably should be.
Japanese automakers are committed to $1.5 billion in new capital to invest from the first seeds of invention through the growth stage and ultimately, focusing on mature companies.
Toyota has established a strategic investment subsidiary called Toyota Invention Partner Co., which has a capital of approximately $670 million, but its growth-stage venture arm Woven Capital has launched its second $800 million fund.
We spoke to George Kellerman, general partner of the weaving capital, about Toyota’s capital commitment and its investment strategy. He described Toyota’s invention partner as a kind of bookend for the company’s other investment organizations. Check out my article to learn why.
Other deals that caught my attention…
I remember Einride, a Swedish startup. The company continues to plug in and currently raises $100 million from several new and existing investors, including its largest shareholder, EQT Ventures. The salary increases included private strategic investments from quantum computing company IONQ. It is worth noting that $100 million is a lot of coins, but it is much lower than the $500 million in stocks and debt raised a few years ago.
Electroflow, a startup that develops cheaper LFP batteries, has raised $10 million in a seed round led by Union Square Ventures and Voyager, with 50 years of participation and participation from Harpoon Ventures.
San Francisco-based AI-for-Car-Dealerships startup Flai has raised a $4.5 million seed round, led by Liz Wessel, in the first round of capital. YC, Redblue Capital, Joe Montana’s Liquid 2 Ventures and Innovation Endevors also participated.
This very unusual deal is becoming more common under the Trump administration. The Department of Energy has acquired a 5% stake in Canadian company Lithium Americas and a 5% stake in the Nevada Mining joint venture with General Motors as part of a renegotiation of a $2.26 billion federal loan. This follows the federal government has acquired shares in Intel and MP Materials.
The UK government guarantees a £1.5 billion ($2 billion) commercial bank loan for carmaking Jaguar Land Rover after Huck is forced to close production lines to the company and leave downstream suppliers at risk of bankruptcy.
The early stage deep tech fund wave function venture has shut down its first $15.1 million fund. Senior reporter Sean Okane introduces founder Jamie Gull and his path from aerospace engineer to VC.
Notable readings and other information
Two Amazon Prime Air Delivery drones collided with a crane boom near the same day site in Tolson, Arizona. The federal agency is investigating and after a temporary suspension, Amazon has resumed its service.
Doordash has been working on autonomous operational robots that can navigate roads, bike lanes and sidewalks for many years. Senior AI reporter Max Zeff spent time at Ashu Rege, a former executive at AV Company Zoox, owned by “Dot” and Amazon.
Faraday’s future still exists and we know this as one of the troubled EV startup’s electric SUVs sparked a fire at its Los Angeles headquarters, leading to an explosion that exploded part of the wall.
The Trump administration’s crackdown in Chicago has affected the gig economy.
Waymo won a regulatory victory in New York City and received an extension of his test permit.
Westjet, Canada’s second-largest airline, said the personal information of 1.2 million passengers was stolen in cyberattacks and data breaches.
Zoox will begin mapping the streets of Washington, DC. This is increasing to begin testing self-driving cars in the capital this year.
One more…
TechCrunch will disrupt 2025is a few weeks ahead. I hope you come and say hello! And yes, there are a few notable transport options on our stage, including Waymo co-CEO Tekedra Mawakana, Waabi founder and CEO Raquel Urtasun, Wayve co-founder and CEO Alex Kendall, Slate CEO Chris Barman.
In the weeks leading up to the event, we have featured some of the Startup Battlefield 200 companies, including Hans, who are working on low-energy on-device processing that already attracts things like Intel.
