Fisker and Lordstown Motors Corp. founder Steve Burns have both become billionaires after taking their companies public this year through special-purpose acquisition vehicles, according to data compiled by Bloomberg. The firms’ U.S.-traded stocks jumped more than 85% last month, bolstered by the announcement of Tesla joining the S&P 500, now scheduled for Dec. 21.
Representatives for XPeng and Lordstown Motors declined to comment, while a BYD spokeswoman said China’s recent plan adds potential to the industry. A Fisker spokesman said the company is focused on its first vehicle, the Ocean SUV, which is scheduled to go into production in 2022. A representative for Nio didn’t respond to a request for comment.
“The size of the EV market seems to have gotten much bigger, creating an opportunity even for newer, smaller players to vie for a piece of that pie,” said Bloomberg Intelligence analyst Steve Man.
This article was provided by Bloomberg News.