What The Chip Shortage Means for EV Upstarts

In the wake of the Covid pandemic electric vehicle upstarts like Canoo, Rivian, Lucid, and Fisker are find themselves under the gun do to mounting supply chain pressure and labor shortages — what’s more the entire auto industry is missing production goals because of the global chip shortages. For EV upstarts, the timing couldn’t be worse. Last year many of these EV upstarts found themselves awash in private equity and institutional cash and debt, many of these companies opted to go public through special purpose acquisition companies, making them attractive wagers for large…