Reuters
No pain, no gain for big funds hunting the next Tesla
The race to find the next Tesla is on but the search is turning up plenty of clunkers as well as potential superstars. Fidelity Investments, BlackRock Inc, T. Rowe Price Group Inc and Scotland’s Baillie Gifford are among the fund houses helping to bankroll the shift from fossil-fueled transportation with investments in one or more of 32 electric vehicle industry companies which they believe will be long-term winners in the electrification movement. In just three weeks, from late April to mid-May, the combined value of those 32 companies has slid more than $200 billion to $810 billion, according to data compiled by Reuters and investor website Pitchbook, with Tesla, the world’s most valuable automaker, accounting for three-quarters of the drop.