VincentYeo
2021-03-16
EV is the future!
Electric-Vehicle Startups Promise Record-Setting Revenue Growth
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In the current SPAC frenzy,a spate of electric-vehicle companies planning listings are vowing to beat its record—in some cases by several years.</p><p>Among the most ambitious are luxury-car maker Faraday Future, U.K.-based electric-van and bus maker Arrival Group, and auto maker Fisker Inc. Each has disclosed plans to surpass the $10 billion revenue mark within three years of launching sales and production.</p><p>Alphabet Inc.’s Google was followed by Uber Technologies Inc., which hit that mark within nine years of its first revenue, and then by Facebook Inc. and auto maker Tesla Inc., which surpassed $10 billion in revenue within 11 years of first generating sales, according to a Wall Street Journal analysis of data provided by research firm Morningstar Inc.</p><p>Two other companies, Israel-based electric-vehicle component supplier Ree Automotive Ltd. and Archer Aviation Inc., which intends to make an electric helicopter-like vehicle, plan to hit the mark within seven years of launching their products. 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