Tesla’s success helped aim a fire hose of cash at EV startups in 2020
California EV startup Canoo became a publicly traded company on the NASDAQ stock exchange on Tuesday under the ticker $GOEV, marking an incredible milestone for the three-year-old venture.
Last week, Chinese EV startup XPeng began deliveries in Europe, just a few months after its own successful IPO in the US. Neither company is going to become the apocryphal “Tesla killer” anytime soon. But each has now succeeded at accomplishing major goals once shared by other EV startups that have failed or fallen by the wayside, like Byton and Faraday Future.
They’re not alone. Despite a major economic downturn brought on by the pandemic, billions of dollars poured into the electric vehicle space during 2020, lifting up companies like China’s Nio...