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Auto startups backed by blank-check companies

10/22/2020 | 07:37am EST

(Reuters) - A number of auto-related startups have signed billion-dollar-plus deals to go public with special purpose acquisition companies, known as SPACs.

In addition to Nikola, two more startups - lidar maker Velodyne and electric truck developer Hyliion - have gone public through reverse mergers with SPACs, while at least eight others are waiting in the wings.

Fisker Inc

Founded: 2016

Headquarters: Torrance, CA

Commercial partner: Magna International

SPAC partner: Spartan Energy Acquisition Corp

Product: Electric vehicles

Production start: Late 2022

2019 revenue: $0

Lordstown Motors

Founded: 2019

Headquarters: Lordstown, OH

Commercial partners: General Motors, Samsung SDI

SPAC partner: DiamondPeak Holdings Corp

Product: Electric trucks

Production start: Late 2021

2019 revenue: $0

Canoo

Founded: 2018

Headquarters: Torrance, CA

Commercial partner: Hyundai

SPAC partner: Hennessy Capital Acquisition Corp

Product: Electric vehicles

Production start: Mid 2022

2019 revenue: $0

ChargePoint

Founded: 2007

Headquarters: Campbell, CA

Commercial partners: BMW, Nissan, Volkswagen, General Motors

SPAC partner: Switchback Energy Acquisition Corp

Service: Electric vehicle charging

Production start: In production

2019 revenue: $200 million

QuantumScape

Founded: 2010

Headquarters: San Jose, CA

Commercial partner: Volkswagen

SPAC partner: Kensington Capital Acquisition Corp

Product: Solid-state battery

Production start: 2024-2025

2019 revenue: $6.5 million

Romeo Power

Founded: 2016

Headquarters: Vernon, CA

Commercial partner: BorgWarner

SPAC partner: RMG Acquisition Corp

Product: Electric vehicle batteries

Production start: In production

2020 revenue: $11 million (fiscal year estimate)

Luminar

Founded: 2012

Headquarters: Orlando, FL

Commercial partners: Volvo Car, Toyota, TuSimple, Nvidia

SPAC partner: Gores Metropoulos Inc

Product: Lidar sensors

Production start: Late 2022

2019 revenue: $15 million

XL Fleet

Founded: 2009

Headquarters: Boston, MA

Commercial partners: Isuzu, Enterprise

SPAC partner: Pivotal Investment Corp

Product: Electric truck conversions

Production start: In production

2019 revenue: $7 million

Velodyne

Founded: 1983

Headquarters: San Jose, CA

Commercial partner: Ford Motor

SPAC partner: Graf Industrial Corp

Product: Lidar sensors

Production start: In production

2019 revenue: $307 million

Hyliion

Founded: 2015

Headquarters: Austin, TX

Commercial partners: Toshiba, Dana, Faurecia

SPAC partner: Tortoise Acquisition Corp

Product: Electric trucks

Production start: 2021-2022

2019 revenue: $1 million

Source: Companies

(Reporting by Paul Lienert in Detroit; Editing by David Clarke)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AB VOLVO 0.90% 196.45 Delayed Quote.24.19%
BMW AG -0.03% 74.38 Delayed Quote.1.63%
BORGWARNER INC. -0.26% 38.61 Delayed Quote.-10.77%
FAURECIA SE -0.73% 41.09 Real-time Quote.-13.95%
FISKER INC. -4.79% 17.3 Delayed Quote.70.14%
FORD MOTOR COMPANY -0.43% 9.2 Delayed Quote.-1.08%
GENERAL MOTORS COMPANY -0.22% 44.58 Delayed Quote.21.80%
GORES METROPOULOS, INC. 5.88% 18 Delayed Quote.0.00%
HYUNDAI CORPORATION -0.33% 14950 End-of-day quote.-16.48%
HYUNDAI MOTOR COMPANY -0.54% 182500 End-of-day quote.51.45%
ISUZU MOTORS LIMITED -0.97% 1016 End-of-day quote.-21.79%
LORDSTOWN MOTORS CORP. -5.68% 22.08 Delayed Quote.121.91%
LVMH MOËT HENNESSY - LOUIS VUITTON SE -0.03% 498.1 Real-time Quote.20.20%
MAGNA INTERNATIONAL INC. -1.89% 78.85 Delayed Quote.12.88%
NIKOLA CORPORATION 5.47% 18.32 Delayed Quote.77.52%
NISSAN MOTOR CO., LTD. 1.81% 513.1 End-of-day quote.-19.34%
NVIDIA CORPORATION 1.15% 541.78 Delayed Quote.130.25%
RMG ACQUISITION CORP. -4.20% 14.81 Delayed Quote.48.40%
SAMSUNG ELECTRONICS CO., LTD. 2.51% 69500 End-of-day quote.24.55%
SAMSUNG SDI CO., LTD. 0.91% 552000 End-of-day quote.133.90%
SDI CORPORATION -1.78% 77.4 End-of-day quote.19.26%
SDI GROUP PLC 4.65% 88.63 Delayed Quote.10.97%
SWITCHBACK ENERGY ACQUISITION CORPORATION 0.51% 29.5 Delayed Quote.0.00%
TOSHIBA CORPORATION 2.50% 3030 End-of-day quote.-18.22%
TOYOTA INDUSTRIES CORPORATION 2.24% 7750 End-of-day quote.22.43%
TOYOTA MOTOR CORPORATION 0.87% 7079 End-of-day quote.-8.23%
VELODYNE LIDAR, INC. -3.24% 14.63 Delayed Quote.43.57%
VOLKSWAGEN AG -0.07% 146.84 Delayed Quote.-16.72%
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