While the following Barron`s chart doesn't list all recent EV moves in the SPAC universe, it provides a good first overview.
Please note the generous 2024 calendar year assumption for future (rosy) revenue estimates; many of these EV sector hopefuls generate little or even ZERO revenues as of 2020 - no wonder they prefer to use imaginary 2024 estimates:
Source: https://www.barrons.com/articles/what-nikola-hyliion-and-6-other-ev-spacs-are-worth-51602894535
Similar bubbles appear in China with newly listed EV companies such as XPENG or NIO evolving into major bubbles while selling a minuscule amount of cars compared to established carmakers.
As with EV poster child Tesla (who gave way for these ludicrous valuations in the sector in the first place), I can't exactly predict when this newest EV bubble ends.
But it will end very ugly.
Even the SPAC "survivors" could shed 70-90% of their current valuations (measured as of late November 2020), therefore sharing the same fate as the rare dotcom survivors back in 2001-2003.
It may take a while.
As long as major central banks continue their current ZIRP and NIRP shenanigans (both make no sense to me in 2020 given the growing asset bubbles around the world - unfortunately, traditional monetary policy is trapped in a corner) all these stock/asset bubbles may expand further.
As with Tesla (I opined that Tesla investors would finally wake up in CY 2020 given EV sales numbers in Europe marking the entry of the legacy car makers in force in the EV space - I was too early since 2020 is soon over and Tesla stock is at record highs) these SPAC bubbles may last longer before popping.
This does NOT change the ultimate outcome.
The bubble ending will only get more ugly. It's a matter of when - not if.
That's my prediction.
PS: To end on a positive note. The only company that may hold long-term promise (in terms of proprietary technology and valuable IP, not valuation-wise) from the list above is QuantumScape in my opinion - provided that they can hit their R&D goals and become a leader (in terms of patents and licenses to large battery/cell makers) with new solid-state batteries ready to be mass-produced.
We will have to wait for a few years and see how the market valuation goes once QuantumScape starts trading.
Note my bold typeface setting in "provided that they can hit..." above.
Long-term watchers of the EV and EV battery space will certainly remember grandiose promises from the likes of Sakti3 or Envia - both were since relegated to the dustbin while traditional Asian battery giants such as LG Chem still control the EV market with more "traditional" Li-Ion batteries:
But we’ve heard promises like this before. As Marker noted, just in the last decade startups Envia and Sakti3 have significantly inflated their accomplishments.
QuantumScape itself has talked up its “validation” from Volkswagen (OTCMKTS:VWAGY). The German auto giant has invested in QuantumScape and plans to produce its solid-state batteries. But that company also seemed to hedge its bets when asked by Marker about the validation claim.
This is not to suggest — at all — that QuantumScape is a scam, or anything close. But one of the criticisms of the SPAC process is that it results in less disclosure for investors versus the traditional initial public offering route. Kensington Capital stock at the moment is a perfect example of that problem.
Source for quote: https://investorplace.com/2020/11/important-intriguing-question-kensington-capital-stock/
Disclosure: I may get short using various instruments in various names listed in my blog entry above in CY 2021.
Many of the EV and EV battery SPAC IPOs are now bankrupt or their stock is down 70-90%, as I predicted in this article from November 2020.