Market realities make the going tough for some EV startups

Inspired by the remarkable success of Tesla in the 2010s, a slew of new automaker ventures rose in hopes of claiming their own share of the emerging global electric vehicle market. New U.S. government policies to encourage EV adoption fanned their ambitions, as did a receptive stock market and a new finance approach know as reverse mergers, or Special Purpose Acquisition Companies, which made billions of dollars in cash available overnight to develop EVs and build and tool the necessary factories for them.