Doug Sheridan: US EV Startups Are In Dire Straits As Biden's Days in Office Run Out
[Note: Doug Sheridan is a keen energy analyst and writer who posts commentaries on LinkedIn each day. I read him on a regular basis and, if you are on LinkedIn, you should read him, too. Enjoy.]
The WSJ writes, EV startups were struggling before the election. Trump's victory could send them into a tailspin.
Several high-profile companies, including electric SUV maker Fisker and bus manufacturer Arrival, filed for bankruptcy earlier this year. Swedish-based battery maker Northvolt became the latest casualty last week, filing for Ch 11 after BMW cancelled a key order. At least a dozen other startups, specializing in EVs or batteries, are at risk of running out of cash by next summer, according to a WSJ analysis.
Many of these companies have been hammered by cooling demand for EVs, rising costs and supply-chain obstacles that have hindered their ability to put out new products quickly. Collapsing stock prices have vaporized billions of dollars in market value.
