![]() While investors big and small piled in, baldfaced bounders and stock-market swindlers competed with well-meaning but misguided venturers for the money. ![]() The majority, overhyped and undercapitalized, were headed for failure. But many of the key building blocks of internally combusted automotive history-from wishful thinking to deceit and fraud-remain as the brave new electric world arrives.Īt the turn of the 20th century, hopeful makers of the newfangled automobile sprang up seemingly by the thousands. The mighty success of Elon Musk’s Tesla has many fantasizing that the automobile industry’s future will be different and more high-toned than its often sordid past. True believers always imagine that a new technology will lead to an explosion of human creativity, corporate transparency, and personal freedom.
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