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Company News

FACTBOX-Auto startups backed by blank-check companies

Oct 22 (Reuters) - A number of auto-related startups have signed billion-dollar-plus deals to go public with special purpose acquisition companies, known as SPACs.

In addition to Nikola, two more startups - lidar maker Velodyne and electric truck developer Hyliion - 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 SPAC partner: Spartan Energy Acquisition Corp Product: Electric vehicles Production start: Late 2022 2019 revenue: $0 Lordstown Motors Founded: 2019 Headquarters: Lordstown, OH Commercial partners: General Motors, Samsung SDI SPAC partner: DiamondPeak Holdings Corp Product: Electric trucks Production start: Late 2021 2019 revenue: $0 Canoo Founded: 2018 Headquarters: Torrance, CA Commercial partner: Hyundai SPAC partner: Hennessy Capital Acquisition Corp Product: Electric vehicles Production start: Mid 2022 2019 revenue: $0 ChargePoint Founded: 2007 Headquarters: Campbell, CA Commercial partners: BMW, Nissan, Volkswagen , General Motors SPAC partner: Switchback Energy Acquisition Corp 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 Product: Solid-state battery Production start: 2024-2025 2019 revenue: $6.5 million Romeo Power Founded: 2016 Headquarters: Vernon, CA Commercial partner: BorgWarner SPAC partner: RMG Acquisition Corp 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, TuSimple, Nvidia SPAC partner: Gores Metropoulos Inc Product: Lidar sensors Production start: Late 2022 2019 revenue: $15 million XL Fleet Founded: 2009 Headquarters: Boston, MA Commercial partners: Isuzu, Enterprise SPAC partner: Pivotal Investment Corp Product: Electric truck conversions Production start: In production 2019 revenue: $7 million Velodyne Founded: 1983 Headquarters: San Jose, CA Commercial partner: Ford Motor SPAC partner: Graf Industrial Corp Product: Lidar sensors Production start: In production 2019 revenue: $307 million Hyliion Founded: 2015 Headquarters: Austin, TX Commercial partners: Toshiba, Dana, Faurecia 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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