Electric vehicle startups hit speed bumps after raising tons of cash
Electric vehicle startups have raised an absurd amount of money in the last year by merging with special purpose acquisition companies, or SPACs. That money — billions of dollars, collectively — was supposed to be enough to help each of them start fighting for space in a market dominated by Tesla. But many of these startups are still having trouble getting rolling.
EV startup struggles are not new. Most of the ones focused on passenger vehicles that are still around spent years grappling with the inherent, unavoidable difficulties of automotive manufacturing. Now, though, the bruises of that fight are developing in broad daylight — all while they try to beat deep-pocketed legacy automakers to the punch.