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The fact that the electric vehicle (EV) industry is going through turmoil is becoming clearer by the day. And it's not just startup names that are struggling; even the formidable Tesla (TSLA) reported a YoY fall in its Q1 deliveries, in yet another sign of the slowing demand for electric cars.
Things have been even bleaker for startup EV companies, many of which have either gone out of business or are staring at imminent bankruptcy.