Why it's so hard to start an EV company

The EV revolution is a tempting proposition for entrepreneurs. But this business is not for the faint of heart. More than $2 billion is needed just to get a car off the ground. Many have failed, including the SPACs that were all the rage. The few firms successful so far, such as Tesla and BYD, are emulating some of the practices that helped automakers like Ford and General Motors emerge victorious in the early 20th century. But startups like Fisker and Lordstown Motors have or are near failing.