When it comes to EVs, raising funds seems easier than building them

Stocks of EV upstarts, from New York-listed, Chinese firms such as Nio, Xpeng and Li Auto to their American peers Rivian Automotive and Lordstown Motors, have lost their sheen in recent weeks

It’s about time investors were hit with the reality about electric vehicle startups. But what do tanking shares mean for the much-hyped, cheap capital-sucking EV makers that took the market by storm last year?  

Stocks of EV upstarts, from New York-listed, Chinese firms such as Nio Inc., Xpeng Inc. and Li Auto Inc. to their American peers Rivian Automotive Inc. and Lordstown Motors Corp., have lost their sheen in recent weeks, exacerbated by a broader turn in sentiment and rising rates. Turns out making fancy, future-forward cars is kind of hard.

It’s even tougher when costs to produce vehicles are