Toyota Commits $1.5B to Global Startup Ecosystem Expansion Amid DOE Project Cancellations

After the expiration of the $7,500 federal tax credit for electric vehicles (EVs) on September 30, many automakers experienced a surge in EV sales as consumers rushed to purchase before the deadline. Tesla achieved its highest-ever quarterly deliveries at 497,099 vehicles, marking a 29% increase from the previous quarter and a 7% rise compared to the prior year. Other automakers such as Ford, General Motors, Hyundai, and Rivian also reported record or increased EV sales during this period. However, concerns remain about a potential slowdown in sales post-tax credit, with Rivian already lowering its 2025 delivery forecasts and others expected to adjust accordingly. Automakers now face the challenge of managing inventory with the arrival of 2026 models without harming profit margins. Additionally, the Department of Energy canceled 321 clean energy projects, totaling $7.56 billion in awards, with California most affected, including a $630 million grid-modernization project, as revealed by a whistleblower during the Trump administration. Concurrently, Toyota has committed $1.5 billion to support startup innovation, splitting funds between early-stage Japanese startups and later-stage global ventures, aligning with its broader innovation efforts including the Woven City prototype.