Friday, April 12, 2024
NewsEV Startups Like Karma And Fisker Are The Current Next Big Thing,...

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

With Tesla leading the way, investors are keen to hand over big money to EV startups.


  • 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.

Karma Automotive Nearing The Possibility Of Filing For Chapter 11 Insolvency

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.

Tesla Is The World’s Most Valuable Carmaker After Overtaking 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.

Fisker Ocean – Fisker

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.

The Nikola Badger Electrified Pickup Truck Will Quench Your Thirst

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.

Lordstown Endurance
Lordstown Endurance | Photo: Lordstown Motors
Rivian R1T
Rivian R1T | Photo: Rivian
Tesla Cybertruck
Tesla Cybertruck | Photo: Tesla

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Matt St-Pierre
Matt St-Pierre
Trained as an Automotive Technician, Matt has two decades of automotive journalism under his belt. He’s done TV, radio, print and this thing called the internet. He’s an avid collector of many 4-wheeled things, all of them under 1,500 kg, holds a recently expired racing license and is a father of two. Life is beautiful. Send Matt an emai

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