Be cautious! The wave of bankruptcies in the US new energy vehicle start-up companies may be coming.

Many US start-up companies in the new energy vehicle industry have gone public through Special Purpose Acquisition Companies (SPACs), but now this trend is fading, and many of these companies are either bankrupt or on the verge of bankruptcy.

Proterra, an electric vehicle manufacturer that produces only a few electric buses each year, filed for bankruptcy protection on Wednesday, August 9, just 25 months after going public through a SPAC. The company's market value once reached nearly $4 billion.

After announcing the merger in January 2021, Proterra's stock price, or more precisely, the SPAC's stock price before the merger, soared from around $10 to $31.06, and then began to plummet. Five days ago, the company's stock price was still at $2. On August 9, the stock price plummeted to 17 cents, a decrease of 99.4% from its peak.

However, Proterra is not the fastest bankrupt electric vehicle start-up that went public through a SPAC. Electric Last Mile Solutions went bankrupt in June 2022, just one year after its listing in 2021.

Currently, most electric vehicle start-ups that went public through SPACs are on the verge of bankruptcy.

However, Tesla and Rivian are not among these struggling companies. Tesla, needless to say, and Rivian announced impressive second-quarter results on Tuesday and raised their full-year delivery guidance. However, Rivian has not yet turned a profit, and its stock price has fallen by over 80% from its peak.

Let's focus on the current situation of electric vehicle start-ups that are still active in the US stock market after going public through SPACs.

Nikola's stock price is currently $2.2, a 97% decrease from its peak in June 2020 when it went public through a SPAC.

Canoo, once favored by retail investors, went public through a SPAC in December 2020, and its current stock price is around $0.5, a cumulative decrease of 97.5% from its peak.

Fisker went public through a SPAC in October 2020, and its current stock price is less than $6, down more than 80% from its peak.

Lucid went public through a SPAC in February 2021, and its current stock price is slightly above $7, down nearly 90% from its peak.

Workhorse went public through a SPAC in October 2020, and its current stock price is slightly above $1, down 97% from its peak.

Faraday Future went public through a SPAC in July 2021, and its current stock price is only about $0.3, down 99% from its peak.

Lion Electric from Canada went public through a SPAC in November 2020, and its current stock price has dropped more than 90% from its peak, hovering around $2.3.

Polestar, which went public through a SPAC in November last year, is currently priced at $4.25, down 74% from its peak. However, the company was acquired by Geely Holding's Volvo of China before going public, and its electric vehicle production has steadily increased. Market analysis suggests that due to the support of a large company behind it, this company may be one of the few survivors in the current wave of bankruptcies among electric vehicle startups that went public through SPACs.