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Chris Bryant

Electric Vehicles and SPACs Are a Terrible, Expensive Match

Blank-check deals involving EV firms keep causing the wrong kind of publicity.



Source: Bloomberg

The cohort of listed electric-vehicle startups vying to become the next Tesla Inc. hasn’t produced many vehicles yet. But they’ve sure kept lawyers and forensic accountants busy.

This week two neophyte EV firms that went public via special purpose acquisition companies last year became the latest to overhaul top management after internal probes revealed potentially misleading statements and other questionable behavior. The troubles at Faraday Future Intelligent Electric Inc. and Electric Last Mile Solutions Inc. are detailed here by Bloomberg News’s Sean O’Kane.