2025年下半年移动技术风险投资趋势（英）

EMERGING TECH RESEARCH Mobility TechVC Trends VC activity across the mobility tech ecosystem REPORT PREVIEW The full report is availablethrough the PitchBook Platform. Contents Mobility tech landscape3 Institutional Research Group Quarterly analysis4 Jonathan GeurkinkSenior Research Analyst, Mobility Tech andSupply Chain Techjonathan.geurkink@pitchbook.com Key takeaways pbinstitutionalresearch@pitchbook.com VC activity Published on March 10, 2026 AI themes Conclusions Mobility tech VC deal summary25 Quarterly analysis Key takeaways •EV investment contracted meaningfully in Q4 as OEM write-downs and policy shifts dampenedconfidence, with early-stage VC activity declining sharply. •Chinese NEV exports doubled to 2.6 million vehicles in 2025, reflecting overcapacity at home andintensifying global competition. •Advanced air mobility gained traction, highlighted by major financings for Boom Supersonic,Hermeus, and JetZero. •AI-driven autonomy—particularly robotaxis and autonomous trucking—continues to commandsignificant capital and commercial progress despite broader sector headwinds. VC activity Deal activity for Q4 weakened from Q3, with deal value declining 48.1% to $3.7 billion amid diminishedUS support for electric vehicles (EVs) and technology supporting the energy transition. Traditionalautomakers, including Ford and GM, took multibillion-dollar write-offs against EV investments andproduction lines. In December, Ford canceled production of its marquee F-150 Lightning electric truck.European brands such as VW and Porsche scaled back EV plans as well, including a shift towardlower-priced EV models.1At the beginning of this year, Stellantis announced a $26 billion write-down cities covered and hours logged with its robotaxi service. The company raised $5.6 billion in 2024 andcompleted a $16 billion late-stage round in early February of this year. Autonomous trucking companyKodiak Robotics went public at the end of Q3 2025 and, along with competitor Aurora Innovation,continues to ramp up trials across major highways. In January, autonomous trucking companyGatik announced another key deal with a major consumer goods company, bringing its contractedrevenue to $600 million. of EV investment, bringing the recent total among major automakers to $55 billion.2Meanwhile, inChina, softening domestic demand coupled with massive overcapacity led to a surge in exports. For2025, Chinese NEV (battery and plug-in hybrids) exports surged 100% to 2.6 million vehicles.3Amidthe current backdrop and market trajectory, VC investors with five-to-10-year investment horizons areunderstandably cautious about deploying new capital to the sector. Bets on battery technology haveshifted away from mobility and toward retooling and technologies to support burgeoning electricitydemand from AI datacenters. For the year overall, later-stage and venture growth predominated, withearly-stage investment value declining 64.8% to $1.4 billion. Conclusions Q4 deal activity in the EV and mobility sector cooled sharply, with investment value falling 48.1% QoQas policy uncertainty and weakening OEM commitment to electrification weighed on sentiment. Majorautomakers’ multibillion-dollar write-offs and canceled production plans underscored a broad strategicreset, while Chinese NEV exports surged amid domestic overcapacity and soft demand. Ventureinvestors grew more cautious, pulling back early-stage capital and redirecting battery investmenttoward grid and AI-driven power demand rather than mobility applications. In contrast, advanced airmobility emerged as a relative bright spot, supported by sizable late-stage financings and long-terminfrastructure commitments. Across AI themes, autonomous driving and trucking continue to attractlarge-scale capital and commercialization momentum, signaling that automation—not electrificationalone—remains the dominant innovation driver in mobility. As EV investment ebbed, however, advanced air mobility saw solid investment. Boom Supersonicclosed a $300 million deal in December as well, which was preceded by hypersonic aircraft developerHermeus’ $200 million deal in October. At the end of the year, JetZero, highlighted in the analyst noteBlended-Wing-Body Aircraft, completed a $200 million round after announcing earlier in the year plansfor a $4.7 billion investment in manufacturing facilities in Greensboro, NC. AI themes Autonomous driving remains the key AI theme in mobility. Tesla is aggressively ramping its robotaxiprogram and rolled out service in San Francisco in 2025. Meanwhile, Waymo continues to lead in Source: PitchBook • Geography: Global • As of December 31, 2025 Source: PitchBook • Geography: Global • As of December 31, 2025 Nizar TarhuniExecutive Vice President of Research and Market Intelligence PitchBook providesactionable insights acrossthe global capital markets. Paul CondraGlobal Head of Private Markets Research James UlanDirector of Emerging Technology Research Ad