Today: Jun 14, 2024

EV startups hit the brakes as green car demand bursts.

6 months ago

Startups in the electric vehicle (EV) industry are struggling to ride the high as the demand for green cars begins to decline. A Wall Street Journal analysis found that at least 18 EV startups that recently went public could run out of cash by the end of 2024 if they can’t cut costs or raise capital. Supply chain problems and a lack of raw materials have hampered the production of EVs, causing a decrease in stock prices for many companies. Several promising companies, including Lordstown Motors and Proterra, have already filed for bankruptcy. Only four companies in the analysis are currently turning a profit, with Lucid and Rivian Automotive leading the way by targeting the high-end market for EVs.