Nikola Motor
> Headquarters: Phoenix Arizona
> Years in business: 2014-
> Current status: 1-yr stock performance (NASDAQ: NKLA): -66%
Despite beating revenue expectations in the third quarter reported in November 2022, Nikola Motor lowered production guidance. The better-than-expected revenue was due to producing 75 heavy EV trucks in the third quarter, of which 63 were delivered to dealers. Still, the company produced about a third of what it had previously said it would and had to recall in September 2022 all 93 Tre BEVs because of a seat belt defect. Other problems plaguing the company include the founder being found guilty of fraud in October 2022.
Rauch and Lang
> Headquarters: Cleveland, OH
> Years in business: 1905-1932
> Current status: Defunct
Rauch and Lang was one of the first electric car manufacturers. Between 1905 and 1932, it manufactured cars like the Stanhope, a coupe powered by a 40-cell battery priced at $2,250. Unfortunately, Rauch and Lang could not compete with less expensive, mass-produced gas-powered cars.
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Studebaker
> Headquarters: South Bend, IN
> Years in business: 1852-1966
> Current status: Produced the Studebaker Electric from 1902-1911
Studebaker Corp. was launched in 1852 and was a leading supplier of horse-drawn wagons to the U.S. Army during the Civil War. In 1902, it began manufacturing an electric car, though production only lasted nine years. By the mid-1950s, Studebaker merged with automaker Packard, but could not compete with the Big Three car makers. It closed its factories in March 1966 after 114 years in business.
