Name: Why Electric Vehicles Companies Are Hanging by a Thread
Uploaded: 2024-01-02T10:30:00Z
Duration: 4 min 13 s
Description: Electric vehicle manufacturers like Lucid, Lordstown Motors and Faraday Future were big winners of the stock boom two years ago. Now all three companies’ shares have fallen dramatically. WSJ's Dion Rabouin and George Downs discuss why. Photo illustration: David Fang

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Electric vehicle manufacturers like Lucid, Lordstown Motors and Faraday Future were big winners of the stock boom two years ago. Now all three companies’ shares have fallen dramatically. WSJ's Dion Rabouin and George Downs discuss why. Photo illustration: David Fang

https://m.wsj.net/video/20231229/680ae57d-0e3f-4c34-951e-30ea04517c7f/1/hls/manifest-hd-wifi.m3u8

Why Electric Vehicles Companies Are Hanging by a Thread

American electric vehicle companies were the biggest things since sliced bread just a couple years ago. Names like Lordstown Motors, Fisker, and Nikola were once hailed as the next big thing. The heir apparent to Tesla and the companies that were gonna usher in the next wave of the American car. Well, that hasn't happened at all. EV companies that had valuations that rivaled American auto giants Ford and GM are now on the verge of seeing their stock prices go to zero. I'm going to explain what's happening to these high flying electric vehicle companies, why many of them are on the verge of insolvency and what this means for the future of the American car. Let's get into it. What's happening to American EV companies? Tesla has done extraordinarily well. It's the most valuable car company in the world, and its stock is up more than 100% year to date. But the other EV companies have fallen apart over the past year or so. One extreme example, hydrogen electric vehicle startup Nikola had a valuation of nearly $29 billion in 2020 that made it one of the most valuable car companies in the US. Not anymore, Nikola stock has fallen by around 95% and the company is worth around a billion dollars today. Its stock has never fully recovered from a short sellers report filled with accusations, including against founder Trevor Milton. He was convicted of fraud and recently sentenced to four years in prison, but Nikola hasn't even been the worst performing EV stock. Companies like Lordstown, Faraday Futures and Proterra have all seen their stocks fall by 99% since going public. Short sellers who make investments that company stock prices will fall, have piled in and gotten paid. Faraday, Nikola and Proterra have been the best performing short bets in the automotive sector all year. My colleague George Downs covers transportation and he says,

Making cars is hard. There is no simpler way I can say that.

George, what's going on in the EV space?

So when a lot of these companies went public in 2020, 2021, many legacy automakers had yet to release their kind of flagship EV models. So production of Ford's F-150 Lightning hadn't started yet. These startups didn't have any existing internal combustion engine production lines that they needed to maintain or pivot from. So it seemed that they could possibly bring an EV to market quicker and easier than some of the legacy car companies. The problem is whether you're a young startup or an old automaker, engineering is engineering, manufacturing is manufacturing, and supply chains are supply chains, there are no real shortcuts. And even Tesla's CEO Elon Musk said that the company went through manufacturing hell in 2017, supply chains got snarled for pretty much every automaker and startups struggled to get the parts that they needed. And every day that you're not getting a vehicle off the production line and selling it to customers is a day that you're potentially losing money.

But data show Americans do want electric cars. EV sales continue to rise in the US and are seeing exponential growth, Analytics firm, Cox Automotive estimates that around 300,000 electric vehicles were sold in the third quarter, making up around 8% of all auto sales. That's more than double the number of sales and shares seen in the third quarter of 2021 and four times the sales and shares seen in the third quarter of 2020. So what does the future look like for electric vehicles? A report from our colleague, Amrith Ramkumar and Shane Shifflett recently found that of 43 public electric vehicle companies they studied, 18 were on track to run out of cash by the end of next year if they didn't cut costs or raise new capital and seven of those had just weeks of cash on hand. When contacted by the journal, several companies said they raised or are planning new financing and or cutting costs. So is it game over for EV companies here in the US?

I think what you're seeing now is the hype starting to fade away, but reality setting in. So the companies that are in a stronger position are the ones that have actually managed to get their EVs into the hands of paying customers. But even the big players are reassessing. GM abandoned its target to build 400,000 EVs by 2024, and Ford has pushed back its targets as our latest WSJ reporting points out. There's still a bunch of companies losing a lot of money, so it's likely there's gonna be more bloodshed.