Burning cash, commercial EV startups race to deliver vehicles

Published by
Reuters

By Nick Carey, Lisa Baertlein and Ben Klayman NUNEATON, England (Reuters) – A handful of commercial electric vehicle (EV) startups are burning through cash fast, racing to bring vans or trucks to market before the funds run out or customers choose to buy from legacy automakers like Ford Motor Co or General Motors Co . Boosted by investor hunger to create the next Tesla Inc, a clutch of commercial EV makers on both sides of the Atlantic have gone public via reverse mergers with special-purpose acquisition companies (SPACs), raising hundreds of millions of dollars as they sought to emulate Elon …

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