For many years, electric vehicle critics have been pessimistic that EVs will ever go mainstream because they, have argued, will always be more expensive than fossil fuel-powered vehicles. Market experts have repeatedly pointed out that EVs need to achieve cost parity with ICE vehicles if they ever hope to displace them from our roads. Luckily for EV buffs, there’s growing evidence that this might happen sooner than many expect.
” 'The bankruptcy of Lordstown signals that the days of successful EV startups is in the rear-view mirror. Moving forward it will be Tesla and the traditional incumbents ... that will duke it out for market share,' Thomas Hayes, chairman at hedge fund Great Hill Capital, told Reuters shortly after Lordstown filed for bankruptcy. The EV startup went under after failing to resolve a dispute over a promised investment from Taiwan's Foxconn.