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The fact that the electric vehicle (EV) industry is undergoing massive turmoil grows more obvious by the day. Last week, EV startup Fisker (FSR) - which, like most of its peers, opted to go public via a special purpose acquisition company (SPAC) merger - issued a “going concern” warning, which is often the boilerplate language that comes before a bankruptcy filing.
Already, several startup green energy companies have gone bankrupt over the last two years. The list includes names like Arrival (ARVLF), Bird Global (BRDSQ), Lordstown Motors (RIDEQ), Electric Last Mile Solutions (ELMSQ), and Proterra (PTRAQ) – all of which rode the SPAC wave to go public, just like Fisker did.
