Three years ago, in May 2021, I published an overview of the EV investment landscape (New Electric Vehicle Investment Roadmap) highlighting the exceptional and most likely unrealistic valuations and revenue forecasts of more than 15 EV start-ups that recently had gone public, mainly through SPACs. These companies had no assets besides the cash they raised, little unique technology, and no manufacturing capability. Yet they were valued at billions of dollars. At the time, many of these went public through SPACs and were permitted to publish unfounded projections to justify these lofty valuations.