Tesla challengers use SPACs to play catch-up

What do Canoo, Fisker Inc, Rivian Automotive Inc, Arrival, Lucid Motors Inc, Karma Automotive, Hyliion Inc, Lordstown Motors Corp and Nikola Corp have in common? They are all electric vehicle, or EV, start-ups that have yet to produce a single vehicle but have already raised, or are in the process of raising, billions of dollars through reverse mergers with blank-cheque special purpose acquisition companies, or SPACs. Throw in upcoming SPAC reverse mergers like EV battery maker Quantum Scape and EV charging network operator ChargePoint Inc. and you get plenty of pure-play EV firms whetting the appetites of investors who want to hitch a ride on the next Tesla Inc.