Fisker, another EV start-up, also saw its valuation spike — to roughly $8 billion — after its IPO in November 2020. It should not be surprising these companies are burning through cash and piling up losses, industry observers note. Tesla reported its first full-year profit in 2020 — nearly two decades after it was founded. Its cash reserves dropped to $900 million, compared with the more than $1.7 billion reported at the end of 2022. It is more liquid than its rivals, ending the quarter with about $11.2 billion in cash and equivalents.

Source: Washington Post May 11, 2023 11:40 UTC