EV Startups on the stock market – promise or downfall?

Munich, March 2024

EV Startups on the stock market - promise or downfall?

Munich, March 2024
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V STARTUPS ON THE STOCK MARKET – A JUSTIFIED HYPE?

In the last five years, many new EV players entered the stock market. Companies like NIO, Rivian, Lucid, VinFast, and XPENG are among the firms in the hunt for fresh capital to fund their ambitious endeavors. Initially, investors seemed to be on the edge of their seats, eagerly anticipating who was going to follow in the footsteps of EV pioneer Tesla. When Rivian went public at the Nasdaq stock exchange in November 2021, it resonated like an earthquake in automotive circles. At an initial valuation of USD 66.5 bn, they were valued at a similar level to established players Mercedes-Benz and BMW, only two months after producing their first ever customer-ready car.

However, despite this initial hype around newly emerging EV players, the recent performance of Rivian and its EV-peers on the stock market is quite underwhelming. While the rise of new electric vehicle manufacturers seemed very attractive for investors from the get-go, popular companies like Rivian, Lucid or Fisker are currently valued at less than 20% of their initial valuation. This underperformance of many emerging BEV players on the stock market raises question marks. Was the hype around EV startup stocks justified?

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EV Startups on the stock market - promise or downfall?
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Authors
Dr. Jan Burgard

Berylls Group CEO

Arthur Kipferler

Partner & MD UK

Malte Broxtermann

Partner

Björn Simon

Senior Consultant

Jakob Rüchardt

Consultant

Felix Sperl

Consultant

Moritz Nold

Consultant

Dr. Jan Burgard

Dr. Jan Burgard (1973) is CEO of Berylls Group, an international group of companies providing professional services to the automotive industry.

His responsibilities include accelerating the transformation of luxury and premium OEMs, with a particular focus on digitalization, big data, connectivity and artificial intelligence. Dr. Jan Burgard is also responsible for the implementation of digital products at Berylls and is a proven expert for the Chinese market.

Dr. Jan Burgard started his career at the investment bank MAN GROUP in New York. He developed a passion for the automotive industry during stopovers at an American consultancy and as manager at a German premium manufacturer. In October 2011, he became a founding partner of Berylls Strategy Advisors. The top management consultancy was the origin of today’s Group and continues to be the professional nucleus of the Group.

After studying business administration and economics, he earned his doctorate with a thesis on virtual product development in the automotive industry.

Arthur Kipferler

Arthur Kipferler (1963) started his career in 1989 at the Boston Consulting Group, where he consulted for 13 years in the automotive industry. After consulting, Arthur Kipferler held senior management positions at Toyota in Europe and the U.S. From 2013 to 2014, he was global head of the BMW Group’s Future Retail program. Subsequently, he had leading roles in strategy, corporate planning and transformation management at Jaguar Land Rover in Coventry, UK. Arthur Kipferler complements the expertise of the Berylls partner team in the fields of market & customer, technologies, sales, and digitalization, as well as in the development and implementation of corporate, product, and regional strategies.

Mechanical engineering, production engineering, at the Technical University of Munich (TUM); MBA in Strategy, Marketing and Organizational Behavior at INSEAD Business School, France.

Malte Broxtermann

Malte Broxtermann (1986) joined the Berylls team in 2014. After extensive experience as emergency medical technician, he has been working in consulting since 2012. He helps customer to leverage digital strategies & products across the entire automotive value chain. He is an expert in deploying machine learning-powered applications. As Partner at Berylls’ own unit for digital solutions, Berylls Digital Ventures, he focuses on scaling start-ups as part of our venturing practice.
Studied economics and international business at Maastricht University (Netherlands) and Queen’s University (Canada).