EV Startups Like Karma And Fisker Are The Current Next Big Thing, And Are Landing Big Investments

• Karma was very recently considering Chapter 11 bankruptcy but now has new funding.

• Fisker has raised an extra $50 million to keep its project going.

• Investors are looking for the next Tesla.

Only two weeks ago, Karma was thinking about cleaning slate and trying again. Fisker, on the other hand, went quiet after CES earlier this year. But now, both are back in the saddle with fresh and considerable cash injections.

Tesla has been on quite a roll of late. If you’ve not read the news recently, they’ve become, on “paper”, the most valuable automotive company in the world. And this, despite its sales volume is a fraction of the #2 car builder, Toyota.

And this is in large part the motivation behind investors being ready and willing to hand over big dollars as there’s a good chance money can be made. Fisker, who revealed their interesting electric Ocean SUV at CES a few months ago, has just secured $50 million, according to Automotive News, to help bring it to market as planned, in 2022.

As for Karma, Automotive News also shares that they’ve received $100 million, from outside investors, in new financing to keep their projects afloat. They are actively seeking an extra $300 million and they’re likely to find it.

Other startups like Nikola, Rivian, and Lordstown are all, well, on fire. And all are looking to feed a market that will increasingly seek out EVs, and in many cases, commercial and light-duty trucks.

For many, this is a bubble that may very well burst before long (some market strategists think it will happen to Tesla) but in the meantime, we’re sitting back and enjoying the show.