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FT Alphaville presents: the EV bubble in real time

Electric vehicles

FT Alphaville presents: the EV bubble in real time

Let’s get ready to tumble.

You may have noticed that FT Alphaville over the past month or so has been referring to an electric vehicle bubble brewing in the US.

Propelled by the runaway success of Tesla’s stock over the past year, a fleet of electric vehicle — and related technology — businesses have seen their share prices switch to ludicrous mode as a speculative fervour has grabbed the attention of investors looking to bet on an emission-free future.

In some cases, they’ve done so via a merger with a cash shell known as a Spac, or Special Purpose Acquisition Vehicle or via a vanilla IPO. In others, they’ve simply languished for years on the market waiting to be discovered. In nearly every case however, they’ve outperformed the wider market by some distance over the past 6 months, even if the company is as much an idea as it is a real business with revenues, profits and cash flow.

So to track this phenom in real time, FT Alphaville thought we’d try a new format for a post.

May we present to you . . . 

FT Alphaville’s Electric Vehicle Bubble Watch spreadsheet. (Link here.)

Neatly packaged together on Google Sheets, this document tracks all the listed electric vehicle companies we could find alongside various metrics, such as growth, valuation and revenue projections.

For the data, we used a combination of Google’s built-in spreadsheet functions, S&P Global and company documents.

A few quick things to add. First is that we’re not sure if we’ve captured every single company here, so do let us know in the comments if we’ve forgotten a name (or one has become public since yesterday!) and we’ll add it to the list. We’re aware there’s a host of autonomous vehicle stocks that command silly valuations, but that technology only feels tangentially related to electric vehicles so we left them off for the moment.

Second, we’d like to know what other metrics our readers would want to see on here. So do let us know — we’re considering adding research and development spend alongside capital expenditure — but there are surely others we’ve not thought of.

Thoughts, improvements and comments welcome. We’ll be dropping in on this sheet regularly from now on, so do check back.

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