Welcome to The National Beat powered by American Inno, a weekly look at the startup fundings, profiles, analysis and other news you need to know from 40+ cities across the U.S. Want more stories like this in your inbox?The Big One: An EV startup not named Tesla or Rivian aims for the spotlight, though hurdles remain
Atlis Motor Vehicles, an electric vehicle startup based in Mesa, Arizona, said this week that it had gained conditional approval from the Nasdaq Stock Market to list its shares, but public financial documents show that company still faces several hurdles before reaching production,AMV, which was founded in 2016, is still years away from putting one of its electric trucks on the road, according to The company predicts it will need an additional $418 million over the course of four years to...
“Uncertainty exists as to whether our business will have sufficient funds over the next 12 months, thereby making an investment in Atlis speculative,” the company wrote in the filing.Andy Blyeed AMV in 2016 with a grand vision of becoming the next electric vehicle luminary, offering its own electric battery cells and packs, rapid charging stations and pickup trucks designed to weather rugged work environments.
Other EV startups, such as Tesla and Arizona-based Nikola Corp., rely on other companies to provide the critical battery cells. Six years after its founding, AMV claims a self-determined valuation of $1.9 billion, according to its
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Source: SFBusinessTimes - 🏆 78. / 68 Read more »