From PitchBook, October 18:
When Nikola Motor made its stock market debut a little more than a year ago, the battery-powered truck company signaled the start of a hype cycle that has reverberated from leading automakers down to the startups serving the coming electric vehicle economy.
More than a half-dozen rivals followed Nikola in signing similar blank-check deals. Big automakers like GM and VW have since forsworn internal combustion engines and sold their investors on an all-electric future. And venture capitalists this year have bet almost $18 billion on startups that support the EV transition—from batteries and charging to lithium mining and fleet financing.
In recent months, much of the sheen has worn off alongside sinking share prices for EV makers that merged with SPACs. Nikola itself has seen its stock drop more than 70% since its merger deal was completed....
....MUCH MORE, including information-dense graphics
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