USA – Earlier this year, light-duty electric truck builder, Atlis Motor Vehicles of Mesa, Arizona, rebranded to Nxu Inc in order to pivot its business from electric truck manufacturing to electric vehicle charging systems. This came at a time when the company was in financial collapse. To put this into perspective, on the day of writing this article, NXU stock was trading at USD 0.18 a share, a far cry from the USD 75.01 stock price valuation the company (Atlis Motor Vehicles) carried one year ago. In a statement, the company announced that Nxu Inc had become a recently registered company based in Delaware, USA and was now trading on the Nasdaq under the symbol “NXUI”.

The company’s finances had been a concern for quite some time, with chronic production delays spooking investors, whilst the company burnt through cash reserves at an alarming rate. In late 2022 Atlis raised USD 10 million from a promissory note to essentially cover day-to-day expenses. Alarm bells began ringing across Wall Street as investors began selling shares to cut losses: This once-treasured American startup, which raised USD 25 million after closing its IPO in early 2020, had to act fast in order to stay alive. Annie Pratt, the Nxu President, is hoping this rebranding can “generate value for our shareholders”.