NUNEATON, England – A handful of business electrical car (EV) startups are burning by money quick, racing to convey vans or vehicles to market earlier than the funds run out or clients select to purchase from legacy automakers like Ford Motor Co or Common Motors Co .
Boosted by investor starvation to create the following Tesla Inc, a clutch of business EV makers on each side of the Atlantic have gone public through reverse mergers with special-purpose acquisition corporations (SPACs), elevating a whole bunch of hundreds of thousands of {dollars} as they sought to emulate Elon Musk’s success. These embrace Arrival Inc, Canoo Inc, Lordstown Motors Corp, Electrical Final Mile Options Inc (ELMS) and REE Automotive Holding I…
Carry on studying: Burning money, business EV startups race to ship automobiles