Hyperdrive
EV Maker Stocks That Were Adding Billions Face Bleak Future
- Week of bad news confirms how far EV stocks have fallen
- Renault pulled Ampere IPO citing equity market conditions
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Gone are the days of starry stock market debuts that sent valuations of electric-vehicle makers soaring. Now, floating an EV stock is only for the brave.
A torrent of bad news for the sector this week confirms how far it has fallen in just a few years. First Renault SA scrapped an initial public offering of its EV and software arm Ampere citing valuation concerns. Then, Bloomberg reported Volkswagen AG has put efforts to seek outside investors for its PowerCo battery unit on the back burner.