Finance

North America Battery Market Values Improving, but Remain Below Asia and Still Recovering Over Medium Term

Many of the SPAC companies have either shut down Nikola, Fisker, Canoo, Lion Electric, Proterra), been acquired as distressed assets LiCycle) or pivoted Freyr.

The SPAC survivors had strong 1-year stock performance in 2025 based on sharpened sales focus AI, military) and technical progress, although they are still 4080% below their highs in 2022.

BESS companies generally performed well on surging demand. Critical minerals also improved, partially on the expectations of rising BESS demand.

EVs had a mixed year as the established players BYD, Tesla) faced slowing EV sales and intensifying competition in some markets, but achieved global expansion into new markets.

SPAC-listed EVs and charging share prices continued to struggle.

Indian EVs 2-wheelers) showed a large divergence in performance reflecting different IPO pricing strategies and business execution.

Source: Yahoo Finance as of Jan 13, 2026

Extracted from the PDF; charts and images may read imperfectly.