Hyliion
- 🦄Became a unicorn2020
- 📈Peak valuation$1.6 Billion ’20
- 💔Became a Unitard2022
- 💸Last valuation~$835M
How it happened
Hyliion aimed to electrify long-haul trucking with hybrid and electric powertrains, and went public in October 2020 by merging with the SPAC Tortoise Acquisition Corp at a valuation of about $1.6B. Amid the EV-stock frenzy its shares spiked to $58.66, but it struggled to bring a product to market at scale. The stock collapsed more than 90% — touching $0.54 in late 2023 — and Hyliion abandoned its electric-truck powertrain to bet on the KARNO, a fuel-agnostic generator. Glassdoor reviews from the pivot describe the powertrain shutdown as abrupt: employees recounted a roughly 80% workforce cut that landed suddenly, capping years of shifting priorities and unclear direction.
Employee accounts paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗. See our methodology.
Source: FreightWaves / CNBC / MarketScreener (~$1.6B valuation via Tortoise Acquisition Corp SPAC, Oct 2020; shares spiked to $58.66 then fell to $0.54 by Nov 2023)
