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 PREVIEWThe full report is availablethrough the PitchBook Platform. Contents Institutional Research Group Jonathan GeurkinkSenior Research Analyst, Mobility Tech andSupply Chain Tech pbinstitutionalresearch@pitchbook.com Published on March 10, 2026 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 and •Advanced air mobility gained traction, highlighted by major financings for Boom Supersonic, •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 and production lines. In December, Ford canceled production of its marquee F-150 Lightning electric truck. 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, of EV investment, bringing the recent total among major automakers to $55 billion.2Meanwhile, in China, 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.3Amid the 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 have 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. Venture 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 developer Hermeus’ $200 million deal in October. At the end of the year, JetZero, highlighted in the analyst note 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 Nizar TarhuniExecutive Vice President of Research and Market Intelligence PitchBook providesactionable insights across Paul CondraGlobal Head of Private Markets Research James UlanDirector of Emerging Technology Research Additional research: Consolidation in Trucking Blended-Wing-Body Aircraft Report created by: Jonathan GeurkinkSenior Research Analyst, Mobility Tech and Harrison WaldockData Analyst PitchBook Insightsis an online compendium of in-depth data, news, analysis, and perspectives that Adriana HansenGraphic Designer PitchBook subscribers enjoy exclusive access to a comprehensive suite of private market insights,including proprietary research, news, data, tools, and more on thePitchBook platform. Josie DoanGraphic Designer COPYRIGHT © 2026 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any form or by anymeans—graphic, electronic, or mechanical, including photocopying, recording, taping, and information storage and retrieval systems—without the express written permission of PitchBook Data, Inc. Contents are based on information from sources believed to be reliable, butaccuracy and completeness cannot be guaranteed. Nothing herein should be construed as any past, current or future recommendation to Learn more aboutPitchBook’s Institutional Research team.