Electric vehicle startups may crumble as quickly as they rose
By Matt McFarland, CNN Business - Yesterday 6:05 PM
Amazon and Ford reported this week they lost a combined $12.3 billion in the last three months due to their investments in electric vehicle company Rivian. The losses dampened hopes that any electric vehicle company will inevitably turn into gold.
Even Rivian, which many automotive experts view as the most promising Western electric vehicles startup, isn't immune from the boom-and-bust cycle that's playing out in the electric vehicles market. But experts say this is typical of when new industries arise.
Rivian's stock has fallen 75% since its initial public offering last year. In November 2021, Rivian was valued more than Ford and GM, but now it's worth about half as much. Its appeal as a counterweight to Tesla, highly regarded investors and 12-year buildup to production haven't been enough to protect its stock price from a downturn hitting nearly all electric vehicles companies.
https://www.msn.com/en-us/money/savingandinvesting/electric-vehicle-startups-may-crumble-as-quickly-as-they-rose/ar-AAWKOvL?ocid=msedgntp&cvid=6a3a12bf4ee24510a8919c8773a3c3ec
