Now, serious questions remain to the viability of many of the smaller EV companies that didn't have the "first mover" advantage that Tesla had.

Such was the topic of a new WSJ article this week which highlighted that many EV companies are simply running out of cash. 

The report noted that at least 18 EV and battery startups, including high-profile names like Nikola and Fisker, face the risk of depleting their cash reserves by the end of 2024. These companies, once known for their ambitious goals to revolutionize the industry with electric trucks and SUVs, have struggled with increasing costs and manufacturing challenges.

Names like Lordstown Motors, Proterra, and Electric Last Mile Solutions have already declared bankruptcy, the report notes. Romeo Power, a battery manufacturer, and Volta, a charging company, were sold for much less than their initial public valuations. The remaining firms are reportedly focusing on cost reduction and have secured additional funding.

Gavin Baker, chief investment officer at Atreides Management, told WSJ: "It was by far the most insane bubble I have ever seen."

The report reminds readers that most of the struggling companies went public via SPACs, which gained popularity during the pandemic and allowed startups to make unchecked growth projections and skip the rigorous due diligence process associated with a formal IPO.

Meanwhile, the EV industry's volatility is evident, with demand growing but not exploding as anticipated. Even industry leaders like Tesla are cutting prices, adding pressure on new entrants.