FT News Briefing EV market capitalisations go bonkers
Nov 18, 2021
US President Biden is pushing for an investigation into potential oil company misconduct as gas prices soar. The euro is hitting lows amid diverging central bank policies. Rivian's market cap is now greater than VW's, reflecting wild investor enthusiasm for electric vehicles. There's an ongoing discussion on the surreal valuations of EV startups compared to traditional automakers. Meanwhile, the Staples Center is officially rebranded as Crypto.com Arena, sparking amusing reactions in the community.
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Biden Probes Oil Companies
- President Biden asked the FTC to investigate potential illegal conduct by oil companies amid rising gas prices.
- He points to increasing profits and decreasing costs for oil companies while consumer prices continue to rise.
Euro's Decline
- The Euro fell to a 16-month low against the dollar due to diverging monetary policies.
- Markets expect the ECB to maintain loose policy while the US and UK are likely to raise interest rates.
EV Market Cap Surge
- Electric vehicle (EV) startups with no sales or profits are achieving higher market caps than established automakers.
- This suggests that investors are betting on the future potential of EVs rather than current performance.