One of the most well-known electric vehicle stocks in the world is Tesla Inc (NASDAQ: TSLA). The company could face competition from several EV startups that have gone public via SPAC.

A SPAC is making its debut with two former Tesla executives targeting the EV sector.

The SPAC Offering: Ascendant Mobility Acquisition Corp I is planning to sell 35 million units for $350 million. Each unit will include a common share and one-third of a warrant.

The company has not announced a ticker for units or common shares yet.

Related Link: 10 Top SPAC Picks For Investors To Consider In 2021

The Management Team: Ascendant Mobility Acquisition Corp I will be led by two former Tesla executives, Peter Bardenfleth-Hansen and Jochen Rudat, who will be co-CEOs. The duo worked for Tesla from 2009 to 2019 serving as some of the longest-tenured employees before they left. Both reported directly to Tesla CEO Elon Musk.

Bardenfleth-Hansen worked for Tesla for nearly 10 years and was one of the first hires in the Scandanavian region. He served as the director of Tesla’s EMEA business and worked in Japan on special assignment. The executive is also the chairman of Viggo and has served on the board of directors for Volta Trucks and Zaptec.

Rudat has more than 25 years of experience in the mobility sector. Before working for Tesla, Rudat worked at BMW Switzerland. Rudat joined Tesla in 2009 as one of the company’s first hires in Europe and was tasked with building the business in Europe from the ground up. Rudat was the winner of the Key Contributor Award at Tesla.

The management team also includes David Gomber, who is an executive and entrepreneur, as president. Gomber has launched several SPACs including Ascendant Digital Acquisition Corp (NYSE: ACND). Jennifer Dungs, who previously worked at Ford Motor Company (NYSE: F) and Porsche, will serve as a director for this SPAC.

Bardenfleth-Hansen and Rudat reported directly to Musk during their tenures at Tesla and collectively had more than 300 employees report to them. The duo is viewed as thought leaders across the mobility sector, and are frequent industry speakers and advisors to numerous leading-edge private companies in the sector.

EV Target: The SPAC is targeting the EV sector. The market for EVs is expected to grow from 2.5 million units in 2020 globally to 31.1 million units by 2030, compounded annual growth of 29%, according to the filing.

Areas such as batteries, LiDAR, robo-taxis and autonomous vehicles were listed in the filing.

The company stated its growth strategy will be to find a company in the sectors of EVs energy storage and distribution and enabling mobility technology.

(Photo by Michael Fousert on Unsplash)

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