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Autos

Auto startups backed by blank-check companies

(Reuters) - A number of auto-related startups have signed billion-dollar-plus deals to go public with special purpose acquisition companies, known as SPACs. [nL1N2H71DK]

In addition to Nikola NKLA.O, two more startups - lidar maker Velodyne VLDR.O and electric truck developer Hyliion HYLN.N - have gone public through reverse mergers with SPACs, while at least eight others are waiting in the wings.

Fisker Inc

Founded: 2016

Headquarters: Torrance, CA

Commercial partner: Magna International MG.TO

SPAC partner: Spartan Energy Acquisition Corp SPAQ.N

Product: Electric vehicles

Production start: Late 2022

2019 revenue: $0

Lordstown Motors

Founded: 2019

Headquarters: Lordstown, OH

Commercial partners: General Motors GM.N, Samsung SDI 005930.KS

SPAC partner: DiamondPeak Holdings Corp DPHCU.O

Product: Electric trucks

Production start: Late 2021

2019 revenue: $0

Canoo

Founded: 2018

Headquarters: Torrance, CA

Commercial partner: Hyundai 005380.KS

SPAC partner: Hennessy Capital Acquisition Corp HCACU.O

Product: Electric vehicles

Production start: Mid 2022

2019 revenue: $0

ChargePoint

Founded: 2007

Headquarters: Campbell, CA

Commercial partners: BMW BMWG.DE, Nissan 7201.T, Volkswagen VOWG_p.DE, General Motors

SPAC partner: Switchback Energy Acquisition Corp SBE.N

Service: Electric vehicle charging

Production start: In production

2019 revenue: $200 million

QuantumScape

Founded: 2010

Headquarters: San Jose, CA

Commercial partner: Volkswagen

SPAC partner: Kensington Capital Acquisition Corp KCAC.N

Product: Solid-state battery

Production start: 2024-2025

2019 revenue: $6.5 million

Romeo Power

Founded: 2016

Headquarters: Vernon, CA

Commercial partner: BorgWarner BWA.N

SPAC partner: RMG Acquisition Corp RMG.N

Product: Electric vehicle batteries

Production start: In production

2020 revenue: $11 million (fiscal year estimate)

Luminar

Founded: 2012

Headquarters: Orlando, FL

Commercial partners: Volvo Car, Toyota 7203.T, TuSimple, Nvidia NVDA.O

SPAC partner: Gores Metropoulos Inc GMHIU.O

Product: Lidar sensors

Production start: Late 2022

2019 revenue: $15 million

XL Fleet

Founded: 2009

Headquarters: Boston, MA

Commercial partners: Isuzu 7202.T, Enterprise

SPAC partner: Pivotal Investment Corp PIC.N

Product: Electric truck conversions

Production start: In production

2019 revenue: $7 million

Velodyne VLDR.O

Founded: 1983

Headquarters: San Jose, CA

Commercial partner: Ford Motor F.N

SPAC partner: Graf Industrial Corp

Product: Lidar sensors

Production start: In production

2019 revenue: $307 million

Hyliion HYLN.N

Founded: 2015

Headquarters: Austin, TX

Commercial partners: Toshiba 6502.T, Dana DAN.N, Faurecia EPED.PA

SPAC partner: Tortoise Acquisition Corp

Product: Electric trucks

Production start: 2021-2022

2019 revenue: $1 million

Source: Companies

Reporting by Paul Lienert in Detroit; Editing by David Clarke

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