Minister of Love
- Feb 24, 2014
- Reaction score
- Political Leaning
Electric car startups want to avoid same fate as Britain's 1890s bike bubble
Amazon and Ford reported this week they lost a combined $12.3 billion in the last three months due to their investments in electric vehicle company Rivian. The losses dampened hopes that any electric vehicle company will inevitably turn into gold.
US electric vehicle companies aren't the only ones to see their valuations reduced. Chinese electric vehicles startups have taken a hit, too. Nio's stock has fallen 49% this year, while X-Peng is down 52% and BYD's has dropped 17%. Even the world's most valuable automaker, Tesla, hasn't been immune; its stock down is 27% this year.
LOL so much for the e-car market.