EV SPACs: The Electric Vehicle SPAC Disaster
The electric vehicle sector was ground zero for the SPAC bubble. Companies with no revenue, no factory, and sometimes no working product raised billions through blank-check mergers — then collapsed. Here's every EV SPAC and what happened to it.
EV SPACs Tracked
19
Electric vehicle SPACs
Total Trust Size
$7.6B
Raised from investors
Average Return
-95.8%
Post-merger performance
Bankruptcies
10
9 SEC actions
Why EVs + SPACs Was a Toxic Combination
During 2020-2021, the convergence of EV hype (fueled by Tesla's rise) and easy SPAC money created a perfect storm. Companies that were years away from production could go public with fantastical revenue projections that would never survive traditional IPO due diligence.
The result: companies like Nikola (which faked a truck demo by rolling it downhill), Lordstown (which fabricated pre-orders), and Fisker (which couldn't fix software bugs) all raised billions from retail investors before collapsing. The peak market cap of these EV SPACs exceeded $500.1B — virtually all of it destroyed.
Every EV SPAC: The Complete List
| Company | Ticker | Sector | Year | Trust Size | Peak Price | Return | Status |
|---|---|---|---|---|---|---|---|
| Nikola | NKLA | EV/Trucks | 2020 | $237M | $93.99 | -100.0% | bankrupt |
| Fisker | FSR | EV | 2020 | $552M | $31.96 | -100.0% | bankrupt |
| Hyliion | HYLN | EV/Trucks | 2020 | $206M | $58.66 | -100.0% | bankrupt |
| Lordstown Motors | RIDE | EV | 2020 | $675M | $31.80 | -100.0% | bankrupt |
| Proterra | PTRA | EV/Trucks | 2021 | $200M | $31.06 | -100.0% | bankrupt |
| Lion Electric | LEV | EV/Trucks | 2021 | $320M | $35.09 | -100.0% | bankrupt |
| Canoo | GOEV | EV | 2020 | $300M | $24.90 | -100.0% | bankrupt |
| Volta | VLTA | EV | 2021 | $345M | $14.50 | -100.0% | bankrupt |
| Electric Last Mile Solutions | ELMS | EV | 2021 | $155M | $15.00 | -100.0% | bankrupt |
| Arrival SA | ARVL | EV | 2021 | $370M | $36.00 | -100.0% | bankrupt |
| Faraday Future | FFIE | EV | 2021 | $230M | $16.88 | -100.0% | zombie |
| Mullen Automotive | MULN | EV | 2021 | $50M | $15.90 | -100.0% | zombie |
| Polestar | PSNY | EV | 2022 | $800M | $13.00 | -98.0% | zombie |
| Blink Charging | BLNK | EV | 2018 | $50M | $64.50 | -97.7% | zombie |
| QuantumScape | QS | EV | 2020 | $300M | $132.73 | -97.0% | zombie |
| VinFast | VFS | EV | 2023 | $169M | $93.00 | -96.0% | zombie |
| ChargePoint Holdings | CHPT | EV | 2021 | $275M | $49.48 | -91.0% | zombie |
| Microvast Holdings | MVST | EV | 2021 | $300M | $23.00 | -91.0% | zombie |
| Lucid Motors | LCID | EV | 2021 | $2.1B | $57.75 | -50.0% | zombie |
The Most Notable EV SPAC Failures
Nikola went public via SPAC merger with VectoIQ in 2020, briefly reaching a $28 billion market cap on promises of hydrogen-electric trucks. Founder Trevor Milton was convicted of securities fraud and sentenced to four years in prison after it was revealed the company faked a promotional video by rolling a truck downhill.
Fisker went public via SPAC in 2020, led by Henrik Fisker who had already bankrupted his previous EV company Fisker Automotive in 2013. Despite delivering some Ocean SUVs, quality issues and cash problems led to Chapter 11 in June 2024.
Hyliion promised hybrid and electric powertrain solutions for long-haul trucking, reaching an $8 billion peak valuation via SPAC merger in 2020. The company failed to generate meaningful revenue and went bankrupt in 2023.
Lordstown Motors bought GM's shuttered Lordstown, Ohio factory to build the Endurance electric pickup truck. Hindenburg Research exposed fabricated pre-orders, the CEO resigned, and the company filed Chapter 11 in June 2023 after delivering fewer than 40 trucks.
Proterra was a pioneer in electric transit buses, going public via SPAC in 2021. Despite having actual products and customers including government agencies, the company filed Chapter 11 in August 2023 due to cash burn and supply chain issues.
Frequently Asked Questions
Which EV companies went public via SPAC?
Major EV SPACs include Nikola (NKLA), Fisker (FSR), Lordstown Motors (RIDE), Canoo (GOEV), Lion Electric (LEV), Proterra, Hyliion (HYLN), Lucid (LCID via CCIV), and many more. Most have lost 80-100% of their value since going public.
Why did EV SPACs fail?
Most EV SPACs were pre-revenue companies with unproven technology. They went public on wildly optimistic projections that never materialized. Manufacturing cars is incredibly capital-intensive, and most ran out of money before reaching meaningful production.