These Startups Wanted to Be the Next Tesla. Will They Survive the EV Slowdown?

Companies like Rivian Automotive, Lucid Group and Fisker are burning through their cash reserves as they spend heavily on expanding factory production and sales—all while losing money on every vehicle they sell. Many of these companies first unveiled a lineup of innovative battery-powered cars and SUVs in 2018 and 2019, following Tesla pioneering success in the new market. It seemed like an army of upstarts was poised to supplant stodgy giants such as Ford Motor and Toyota as the next household name in the industry.