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FACTBOX-Auto startups backed by blank-check companies

Thu 22nd October, 2020 12:09pm
Oct 22 (Reuters) - A number of auto-related startups have signed billion-dollar-plus deals to go public with special purpose acquisition companies, known as SPACs. urn:newsml:reuters.com:*:nL1N2H71DK In addition to Nikola NKLA.O , two more startups - lidar maker Velodyne VLDR.O and electric truck developer Hyliion HYLN.N - have gone public through reverse mergers with SPACs, while at least eight others are waiting in the wings. Fisker Inc Founded: 2016 Headquarters: Torrance, CA Commercial partner: Magna International MG.TO SPAC partner: Spartan Energy Acquisition Corp SPAQ.N Product: Electric vehicles Production start: Late 2022 2019 revenue: $0 Lordstown Motors Founded: 2019 Headquarters: Lordstown, OH Commercial partners: General Motors GM.N , Samsung SDI 005930.KS SPAC partner: DiamondPeak Holdings Corp DPHCU.O Product: Electric trucks Production start: Late 2021 2019 revenue: $0 Canoo Founded: 2018 Headquarters: Torrance, CA Commercial partner: Hyundai 005380.KS SPAC partner: Hennessy Capital Acquisition Corp HCACU.O Product: Electric vehicles Production start: Mid 2022 2019 revenue: $0 ChargePoint Founded: 2007 Headquarters: Campbell, CA Commercial partners: BMW BMWG.DE , Nissan 7201.T , Volkswagen VOWG_p.DE , General Motors SPAC partner: Switchback Energy Acquisition Corp SBE.N Service: Electric vehicle charging Production start: In production 2019 revenue: $200 million QuantumScape Founded: 2010 Headquarters: San Jose, CA Commercial partner: Volkswagen SPAC partner: Kensington Capital Acquisition Corp KCAC.N Product: Solid-state battery Production start: 2024-2025 2019 revenue: $6.5 million Romeo Power Founded: 2016 Headquarters: Vernon, CA Commercial partner: BorgWarner BWA.N SPAC partner: RMG Acquisition Corp RMG.N Product: Electric vehicle batteries Production start: In production 2020 revenue: $11 million (fiscal year estimate) Luminar Founded: 2012 Headquarters: Orlando, FL Commercial partners: Volvo Car, Toyota 7203.T , TuSimple, Nvidia NVDA.O SPAC partner: Gores Metropoulos Inc GMHIU.O Product: Lidar sensors Production start: Late 2022 2019 revenue: $15 million XL Fleet Founded: 2009 Headquarters: Boston, MA Commercial partners: Isuzu 7202.T , Enterprise SPAC partner: Pivotal Investment Corp PIC.N Product: Electric truck conversions Production start: In production 2019 revenue: $7 million Velodyne VLDR.O Founded: 1983 Headquarters: San Jose, CA Commercial partner: Ford Motor F.N SPAC partner: Graf Industrial Corp Product: Lidar sensors Production start: In production 2019 revenue: $307 million Hyliion HYLN.N Founded: 2015 Headquarters: Austin, TX Commercial partners: Toshiba 6502.T , Dana DAN.N , Faurecia EPED.PA SPAC partner: Tortoise Acquisition Corp Product: Electric trucks Production start: 2021-2022 2019 revenue: $1 million Source: Companies <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ INSIGHT-Auto startups chasing Tesla race past red flags to go public urn:newsml:reuters.com:*:nL1N2H71DK ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Paul Lienert in Detroit; Editing by David Clarke) ((Paul.Lienert@thomsonreuters.com; mobile +1 313-670-2452;))
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