Early this summer, electric-vehicle startups Hyliion Inc., Fisker Inc. and Lordstown Motors Corp. were tiny companies with staff numbers measuring in the dozens. Today, they are valued at more than $3 billion apiece by stock-market investors. Two electric-vehicle startups have completed listings in recent months, while a further four electric-vehicle and battery companies have announced plans to do so. These all have little or no revenue. Never before have so many companies with no revenue pursued a public listing at such high valuations, according to data provided by University of Florida finance professor Jay Ritter.

Source: Wall Street Journal October 21, 2020 13:15 UTC