The sky-high valuations of companies such as Arrival, Canoo, Lucid, Nio and even Tesla are already deflating. Of 23 electric vehicle manufacturer stocks tracked by the Financial Times in a chart entitled Electric Bubble Watch, all are down on their peaks, some by more than 70% as we went to print (including Arrival, Faraday Future, Lordstown and Workhorse).
In one crazy moment this year, Tesla was valued at more than the next nine largest manufacturers while selling fewer vehicles than Isuzu.
If you organise global car makers based on their market capitalisation (the combined price of publicly and privately held stock), Tesla still comes way out in front of Toyota,
