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Over the past year, the stock market has been deluged with newly public electric-vehicle startups that raised money by pitching plans for rapid growth.
Months into their lives on the public markets, a set of these companies are missing targets, adding costs and, in one case, upending major parts of a business model.
On March 29, aspiring electric car and truck maker Canoo Inc. told investors it was abandoning or scaling back numerous key aspects of the strategy laid out when it raised $630 million last year.
On March 30, five-year-old electric-vehicle battery maker Romeo Power Inc. said it expected that revenue for the year would be no more than $40 million. That is far shy of the $140 million projected when it raised hundreds of millions of dollars from investors last year.