February 25, 2021

Day: February 1, 2021

Here’s a rule of thumb for investors looking for the next Tesla: Wait for the futuristic vehicles pictured in company presentations to hit the road.

Electric-vehicle startups are racing onto the stock market through special-purpose acquisition companies or SPACs. The latest is Faraday Future, which after years of financial troubles has finally bagged a deal to get its first luxury EV to launch next year. Shares in

Property Solutions Acquisition Corp.

PSAC 19.57%

, the blank-check company acquiring Faraday, have risen 42% since the announcement Thursday.

The happy couple join at least a dozen other EV ventures and SPACs that

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