It's almost as if someone put a hex on electric vehicle manufacturers that went public through de-spacs. In 2022, SEC Enforcement charged nikola Corporation, an aspiring manufacturer of low- or zero-emission semi-trucks, alleging that Nikola “defrauded investors by misleading them about its products, technical advancements, and commercial prospects,” leading to a $125 million settlement. (See this PubCo post.) Then we had a twofer—settled actions against two manufacturers of electric vehicles for misleading investors. In the first case, hyzon motors inc., a maker of hydrogen fuel cell electric vehicles, was charged with misleading investors about the status of Hyzon's products, business relationships and vehicle sales, agreeing to pay a civil penalty of $25 million.
Source: Another EV manufacturer charged for material misrepresentation to investors