Here comes Smith Electric:

The company has very limited customer base of only eight companies, and “the loss of any of these customers could materially harm our business.”

The SEC filing contained other damaging revelations. The firm said that its truck’s lithium-ion battery cells “have been observed to catch fire or vent smoke and flames,” and their warranty reserves may be insufficient to cover future warranty claims.

The company’s top management has limited or no experience in the automobile or truck business. Hansel previously led Evo Medical Solutions, which sold portable oxygen concentrators.

But other than that, it was a great bet, Secretary Chu.