Al Root in Barron’s has a roundup of market capitalization of all E-car startups, concluding that the bubble has burst. Market capitalization of Nikola, Fisker, Rivian Automotive, Lucid, Xpeng, Polestar Automotive, Canoo and Lordstown Motors peaked at $470 billion. Now it is down to $59 billion. And Tesla went from $1.2 trillion to $770 billion.
Even traditional automakers have been hit. General Motors, VW, Stellantis and Ford Motors made huge investments in e-cars, and their market capitalization went from $425 billion to 220, a loss of 50%.
In total, $1.4 trillion of stock value has been swept away. Automakers are now reducing investments due to sloppy sales.
