My takeaways:
1 - Too much too fast with too much government money being handed out like free candy with no intelligent thought or oversight.
2 - The land grab incentive for EV charging stations has only added fuel to the fire. Why should any of those now going defunct EV charging companies bother to focus on maintenance or uptime when they've already been paid? How about incentivizing usage and uptime? That would have been, and can still be a game changer. Imagine chargers going into locations where they are needed (sufficient demand to justify the deployment) and used (because they just work all the time).
Any EV industry lobbyists out there? Let's inject some common business sense into the government incentive (cash handout) programs by incentivizing usage and uptime.
3 - Companies who treat this space like a business vs. making money from handouts are succeeding.
I know I've heard a hundred times how Tesla took, and still takes, government money, but they are succeeding because they know how to run a business.
4 - 1M + EV's might be a drop in the bucket to the overall car market, but it still presents a fabulous business opportunity.
5 - The shakeout was, and will continue to be, inevitable, but the winners will definitely come out on top. This consolidation is a perfectly normal part of the business cycle (see the telecom industry), so we might as well embrace it. Don't panic.
Bottom line - Companies who treat the EV ecosystem like a business that needs to earn a profit will continue to succeed. Those that don't will, and should, fail.
What other lessons can the surviving and thriving EV companies apply to stay profitable?
Re-inventing private capital markets
6mo3 million customers a year is solid. Congrats on the investment.