Electric cars - a soap bubble, the market collapsed by 75%!

Electric-vehicle startups (https://on.wsj.com/3rZHqMF) and other
green tech companies soared early last year. Now a wave of
investigations, outside allegations and growing investor skepticism
have sent shares down 75% or more for many of them
(https://on.wsj.com/3h1VWgA).
Last week, investigations by boards of directors into top executives
at two electric-vehicle makers led to management changes. A shor
seller alleged that a startup lithium producer’s technology doesn’t
work. And an agriculture-technology company’s shares fell further
after it wrote off most of the value of a recent acquisition.
Many of the companies went public through special-purpose
acquisition companies, or SPACs, an alternative to traditional
(https://on.wsj.com/3sMHnCY) initial public offerings that allows
companies to make lofty business projections. Some of the deals
generated frenzied buying by small investors who are eager to
invest in companies they believe will help reduce carbon emissions
and limit climate change.
"You were getting complete silliness," said Sam Peters, portfolio
manager at ClearBridge Investments who has avoided prerevenue
electric-vehicle stocks (https://on.wsj.com/3p42BeO).