The trendy electric vehicle (EV) market could be in trouble as at least 18 EV and battery start-ups that went public in the last few years are running out of funds to operate, according to an analysis by The Wall Street Journal.
The trouble in the industry follows rising costs and manufacturing issues as the companies fail to compete with top EV maker Tesla and traditional automakers, with the median stock of the 43 companies reviewed dropping 80% from its peak, losing tens of billions in collective value since the companies relatively recent inception, according to the WSJ. Of those 43 EV start-ups reviewed, five have already gone bankrupt or been acquired, including Lordstown Motors, Proterra and Electric Last Mile Solutions.
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