TheChek News Flow

Tech is upbeat about more companies going public this year, thanks in part to a new presidential administration that has promised to ease regulations and embrace industries like crypto and AI.

But there were already early signs of bullishness — especially in fintech — thanks to the wildly successful 2024 IPO of ServiceTitan, a SaaS platform for the trades.

TechCrunch has compiled a chronological list of companies that have either announced that they plan to go public this year or have been reported to have confidentially filed for a 2025 IPO. And we’ve also included those that filed as far back as 2023 and could finally go public this year.

The confidential filing process allows companies to submit their registration documents to regulators without making them public. But companies can delay or even withdraw their filings, depending on market conditions.

eToro: The Israel-based trading platform filed confidentially in January 2025, reportedly seeking a $5 billion valuation.

Voyager Technologies: The space and defense tech startup confidentially filed in January 2025 and will likely be valued between $2 billion and $3 billion, the Wall Street Journal reported. The company, based in Denver, sells a wide variety of defense– and space-based solutions, from propulsion technologies to airlocks.

Karman Holdings: Another space and defense startup, Karman confidentially filed to go public in January 2025 and aims to raise up to $100 million in an IPO, it announced. The company, which specializes in missile technology, is based in Huntington Beach, California, and could be valued at $3 billion or more, Bloomberg reported.

Chime: The digital bank confidentially filed to IPO in December 2024 and is looking to go public in 2025. The company, which is based in San Francisco, was last valued at $25 billion in 2021.

Klarna: The Swedish buy now, pay later (BNPL) fintech confidentially filed in November 2024 for an IPO that’s been a long time in the making, paving the way for it to go public sometime in the first half of 2025. Klarna’s valuation rose to $14.6 billion in 2024.

Genesys: The AI cloud startup announced its confidential filing in October 2024. The company is based in Menlo Park, California, and was most recently valued at $21 billion in 2021, it said in a press release at the time. The company is eyeing a 2025 IPO that could raise as much as $2 billion, Bloomberg previously reported.

Clario: The clinical trial software provider confidentially filed in June 2024 seeking a $10 billion valuation. The company, based in Philadelphia, is looking to go public in 2025, Bloomberg reported.

Cerebras: The chip startup that aims to compete with Nvidia confidentially filed to IPO in August 2024, it announced. The company is based in Sunnyvale and is reportedly aiming to roughly double its current $4 billion valuation. The startup’s plans are facing potential delays due to concerns from U.S. regulators about its close ties to G42, a UAE investor and its main customer, Reuters reported. Fun fact: OpenAI once considered buying Cerebras around 2017.

Circle: The New York-based stablecoin provider filed confidentially in January 2024. While the exact timing remains unclear, in October 2024, Circle CEO Jeremy Allaire told Bloomberg it remained “very committed” to going public despite prior delays. President Trump’s embrace of crypto and promise to end government crackdowns on the industry could bolster its chances. The company’s valuation is around $5 billion according to stock that’s been trading on the secondary market, Coindesk reported.

Harry’s: The New York-based consumer company, which makes razors and other personal care items for men, has confidentially filed to go public, Reuters reported in March 2024, citing sources that the firm was nearing $1 billion in revenue and is profitable. The firm was last valued at $1.7 billion in 2021.

Omada Health: The San Francisco-based diabetes startup confidentially filed in the summer of 2024, Business Insider reported, amid hopes of a warmer IPO market in 2025. It was last valued at $1 billion in 2022.

Shein: The fast-fashion giant confidentially filed to IPO in the U.S. in 2023, but its hopes were dashed over congressional scrutiny of its supply chain and labor practices. It reportedly filed confidentially to IPO in the U.K. in 2024 and is still seeking to IPO as of 2025, although its U.K. foray is also meeting resistance from lawmakers there. Shein, headquartered in Singapore and with operations in China, was last valued at $45 billion in 2024, dropping from a $100 billion valuation in 2022.

General Atlantic: The San Francisco-based growth equity investor, which has backed firms like Facebook and Airbnb, confidentially filed to go public in 2023, Bloomberg reported. The firm has $96 billion in assets under management following its acquisition of U.K. PE firm Actis, according to a January 2024 announcement. There’s been no public updates on General Atlantic’s IPO plans since its 2023 filing, though.

Oyo: The SoftBank-backed Indian hotel aggregator confidentially filed in India in March 2023, Reuters reported, after a prior attempt fell through. While that attempt didn’t pan out, either, the company is reportedly planning to file again in the first quarter of 2025. Oyo hit a $3.8 billion valuation in 2024.

While the year started out hot for large megaround deals, it has slowed considerably. Just three startups raised nine-figure rounds this week and you barely needed a round of $60 million to make this list.

1. Helion Energy, $425M, energy: Fusion startup Helion Energy locked up a $425 million Series F — valuing the company at $5.4 billion — as the company looks to commercialize its fusion technology. The round included participation from investors including Lightspeed Venture Partners, SoftBank Vision Fund 2 and Sam Altman. The Everett, Washington-based startup has now raised more than $1 billion. In November 2021, Helion closed a $500 million Series E. The new round further illustrates investors’ appetite for new energy sources as power needs increase due to AI and other advances. In 2023, Helion announced a power purchase agreement with Microsoft to deliver electricity from its fusion plant starting in 2028, and a customer agreement with Nucor to develop a power plant in the 2030s. Helion has just started operating its seventh generation prototype, Polaris, which is expected to demonstrate the first electricity produced from fusion. The company’s new round is the second-largest in the fusion sector since the start of last year, per Crunchbase data. Last October, Pacific Fusion, a startup attempting to create a nuclear fusion-based energy source, raised more than $900 million in a Series A led by General Catalyst.

2. ElevenLabs, $180M, artificial intelligence: Voice AI startup ElevenLabs raised a $180 million round led by Iconiq Growth and Andreessen Horowitz at a $3.3 billion valuation. The raise comes about a year after the startup locked up an $80 million Series B at a unicorn valuation. The Brooklyn-based company allows creators, enterprises and others to use AI software to replicate voices in dozens of languages. Founded in 2022, ElevenLabs has raised $281 million, per Crunchbase.

3. Openly, $123M, insurance: The most expensive purchase most people will ever make is their home, so it matters who insures it. Openly provides independent insurance agents with a platform that offers coverage to homeowners and streamlines processes, improves risk underwriting and helps with claims. The Boston-based insurtech startup raised $123 million in equity financing led by Eden Global Partners this week, and another $70 million in debt. In 2023, the company raised a $100 million Series D, also led by Eden Global Partners. Founded in 2017, the company has raised nearly $431 million, per Crunchbase.

4. Atalanta Therapeutics, $97M, biotech: Boston-based Atalanta Therapeutics, a biotechnology using RNA interference for the treatment of neurological diseases, completed a $97 million Series B co-led by EQT Life Sciences and Sanofi Ventures. The company will use the cash to support clinical trials of its experimental RNAi therapies for KCNT1-related epilepsy and Huntington’s disease. Founded in 2018, the company has raised $207 million, per Crunchbase.

5. (tied) Mercor, $75M, human resources: San Francisco-based recruiting startup Mercor raised a $75 million round led by Felicis that values the company at a $2 billion valuation, per a report. The company started the process in December and the final total could still increase. Founded in 2023, the company has raised nearly $109 million, per Crunchbase.

5. (tied) Veir, $75M, power grid: Woburn, Massachusetts-based Veir, a developer of superconducting platforms for AI-driven data centers and utilities, closed a $75 million Series B led by Munich Re Ventures. Founded in 2019, the company has raised nearly $112 million, per Crunchbase.

7. Castelion, $70M, defense: Castelion, a defense manufacturer developing long-range hypersonic strike weapons, raised a $100 million Series A in a mix of debt and equity. The El Segundo, California-based startup creates what it calls “affordable, mass-produced hypersonic long-range strike weapons” that serve as a “non-nuclear deterrent.” The Series A — which includes $30 million in venture debt from Silicon Valley Bank — was led by Lightspeed Venture Partners. Defense tech has garnered major headlines in the past several months after massive raises by the likes of Anduril Industries and artificial intelligence defense software developer Helsing. Just late last year, defense and critical infrastructure tech startup Chaos Industries raised $145 million in a Series B. Already this year, Firehawk Aerospace raised a $60 million Series C and Onebrief locked up a $50 million Series B.

8. (tied) Helicore Biopharma, $65M, biotech: South San Francisco-based Helicore Biopharma, a biopharmaceutical startup focused on the treatment of obesity and related conditions, emerged from stealth mode with $65 million in a Series A co-led by OrbiMed and Versant Ventures.

8. (tied) Smart Wires, $65M, electronics: Durham, North Carolina-based Smart Wires, a company that develops solutions for a more reliable and affordable power grid, raised $65 million in a new investment that included participation from BP Energy Partners. Founded in 2010, the company has raised $248 million, per Crunchbase.

10. Rad AI, $60M, health care: San Francisco-based Rad AI, an artificial intelligence-enhanced radiology firm, reportedly locked up a $60 million round led by Transformation Capital that values the company at $525 million. Founded in 2018, Rad AI has raised more than $140 million, per the company.

The largest deal outside the U.S. came from the Iberian Peninsula.

Don your shimmering suit and kick up your heels, it’s time to celebrate America’s New Golden Age—or so says President Donald Trump. What could possibly go wrong? Well, not to take away your punch bowl prematurely, but a recession, for one thing.

What? The “R” word? Pshaw! No one’s made mention of that dreary economic relic in eons—or at least since November. Recessions, so the starry-eyed say, belong to a bygone era, not this epoch of cheap energy, unbridled growth, and AI-hegemonical American exceptionalism. (Ah, maybe let’s hold off on that last one.)

Snarkiness aside, my point is that just when rose-colored glasses are tinting the world most vividly is when all can come undone. In fact, at this moment of great economic expectations—and yes, much of it, as per usual in the U.S. of A., is warranted—there are still all manner of nagging worries, any one of which could explode into fury.

Consider sentiment itself. You may be aware that few, nay, basically no economists are predicting a recession right now. That’s in sharp contrast to just 24 months ago, when any dismal scientist worth her or his slide rule was calling for a contraction.

In fact, the average probability that a recession will occur within the next 12 months, according to 70 or so economists polled by The Wall Street Journal’s Economic Forecasting Survey, has been declining for the past 10 quarters, from a 63% chance in the third quarter of 2022 to just 22% today. This move is even more significant when you consider that rarely do economists rate the possibility of a recession at more than 90% or less than 10%.

Other analyses mirror the Journal’s. Bankrate, in its latest quarterly Economic Indicator Survey, reports that “economists put the odds of a recession by the end of 2025 at just 26%, a new series low [going back to the first quarter of 2022].” And some 91% of respondents to the latest National Association of Business Economics survey from a week ago assigned a probability of 50% or less to the U.S. entering a recession over the next 12 months.

So yes, the same cohort that is issuing the all-clear sign today was braying oh so recently, quarter after quarter, that a contraction was nigh—which struck some of us been-around-the-blockers as suspect. In June 2022, I wrote, “I’ve covered the markets and the economy for four decades, and I can’t recall a time when more people—or at least prognosticators, economists, and bankers—were more certain that an economic downturn was imminent….Does it mean that a recession won’t occur?”

In fact, it didn’t.

In June 2023, I revisited the topic and said flat out that there would be no recession that year. I was “ridiculing the most widely predicted economic event in modern history—which seems pretty certain not to happen.”

In fact, it didn’t.

Now the script has been flipped.

The fact that so many economists were wrong before doesn’t necessarily mean they are wrong again and that a recession is imminent. So, let’s examine some real-life proximate risks and check in with the few wild-duck economists who aren’t irrationally exuberantly inclined.

Amy Crews Cutts, for one, an independent consulting economist with Primerica. Invoking former Defense Secretary Donald Rumsfeld’s ”unknown and known knowns,” she sees a greater than 50% chance of a recession in the next 12 months.

“There’s always unknown risks,” she says, “say, if North Korea were to bomb Russia. But we have known risks, and chief among them is Trump’s trade policy. If he enacts tariffs rapidly, across large swaths of our import economy, we will see people involved in [international] trade being laid off and companies going belly up instantaneously.”

“I think that the Trump administration is using tariffs as a negotiating tool, and they’re not going to be as bad as many think, but there is a risk of overdoing it,” says Eugenio Alemán, an economist at Raymond James who, while positive on the U.S. economy, sees a 40% risk of recession this year, one of the highest in the WSJ survey. Alemán notes that we could slip into an escalating and retaliatory trade war, similar to what he says exacerbated the Great Depression of the 1930s. That, and overdoing mass deportation, which could diminish economic activity, worry Alemán.

“We need landscapers, people in kitchens, and people to clean [hotels], and that source of labor comes largely from the undocumented pool,” says Cutts. “We also need engineers and well-trained people. If we curtail all legal and undocumented immigration, we put pressure on wages, which is inflationary. We make it hard for companies to grow because they can’t get the labor they need.”

Cutts also points to Primerica’s Household Budget Index, which tracks the purchasing power of middle-income families. “You ask about the probability of recession. Well, taking into account [higher costs] of necessities, [families] are just barely above where they were in January 2019,” she says. “Some 70% of families surveyed say their income is not keeping up with inflation.” These numbers, Cutts suggests, make Americans susceptible to an economic shock and could cause a recession.

Food inflation is still persistent, specifically the price of eggs, which underlines another potential ticking economic bugaboo. “Avian flu is not going away,” Cutts says. “The solution seems to be to kill all the birds. So, farmers are wiping out their flocks, but it seems like that’s not working—and it’s spreading to livestock.”

What about the stock market, Big Tech stocks like Nvidia, in particular, getting deep-sixed this past week by DeepSeek, the Chinese upstart that apparently produces a cheaper form of artificial intelligence? “The expectations on the AI sector and the rate of growth are concerning and might be a bubble,” says Alemán. “This could trigger animal spirits in the wrong direction. I don’t think this has the ability to bring down the U.S. economy, but it starts to scratch the surface.”

It’s also worth noting that DeepSeek calls into question the mind-boggling capital expenditures that Big Tech has been pouring into AI. My colleague Adam Levine notes that Amazon.com, Microsoft, Alphabet’s Google, and Meta Platforms “have combined for $343 billion in capital expenditures largely for building out AI data centers,” with the promise of tens of billions more going forward. If this megaspend turns out to be mostly for naught, well, it certainly won’t boost economic growth.

Speaking of spending, the CEO of a boldface-name private-equity group whom I lunched with this past week expressed concern over the federal deficit, which is expected to climb from $1.9 trillion this year to $2.7 trillion by 2035, according to the Congressional Budget Office’s economic outlook. It’s easy to imagine the Treasury needing to fund that debt with higher bond yields, which would be inflationary—and potentially recessionary.

Monetarist economist Steve Hanke of Johns Hopkins University notes a significant contraction in money supply, which he says has historically been recessionary, though he acknowledges that his theories have fallen out of fashion. “[Federal Reserve Chair Jerome] Powell has been adamant that the changes in the quantity of money don’t have any material effect on economic activity or inflation, which is complete nonsense,” Hanke says. Less money makes for less economic activity, he argues, which he says will engender an economic slowdown this year.

For now, at least, recessionary talk comes from outliers, and any number of Americans are content to celebrate the moment. A recent New York Times article on what the president’s supporters want for the future of America included a photograph and quote from one Robert Shinkle, from the Ohio Department of Development administrative staff in Sugarcreek Township, Ohio. Shinkle, resplendent in a shimmering suit, said, “We expect that Trump will usher in a new golden era for America. That’s why we’re dressed the way we are. This is the beginning of the Roaring ’20s 2.0.”

Let me pose the question again: What could possibly go wrong?

Stocks of companies in the power-generation business got short-circuited this past week in the wake of the DeepSeek imbroglio. The thinking is that if the Chinese AI start-up’s low-cost model proliferates, tech companies won’t need massive amounts of power for their data centers. But at least one CEO close to the action is unperturbed.

“It shouldn’t really have affected us because of the significant orders we already have,” says Ian Edwards, CEO of AtkinsRéalis Group, a Montreal-based company that maintains, restarts, and builds nuclear power plants. Yes, his stock has dropped 7.6% this past week, but Edwards says the DeepSeek news won’t affect the need for nuclear power. “We’re going to move to electric vehicles, and manufacturing wants to go electric,” he says. “Eighty percent of the world’s electrical energy is now fossil fuel. Most countries are looking to get to net zero by 2050.”

Only 20% of AtkinsRéalis’ revenue comes from the nuke business. The majority is derived from managing and advising on large construction projects. But it’s the nuclear piece of the company that has Wall Street lit up.

“Our nuclear business grew 35% last year,” he says, some three times its engineering services business, benefiting from the so-called nuclear renaissance, which has the company refurbishing or in discussions to restart or build new nuke plants in Canada, Argentina, Romania, and South Korea. Even with the dip this past week, AtkinsRéalis stock is up 171%, versus 36% for the S&P 500 index over the past three years.

Before that rebirth, AtkinsRéalis’ nuke business, now called Candu Energy, which it bought from the Canadian government in 2011 for a pittance of $15 million in that country’s currency, was a moribund enterprise engaged in maintenance and decommissioning. Today, Edwards says, it has a C$4 billion backlog of orders.

Like the nuclear power business, AtkinsRéalis, formerly named SNC-Lavalin, went through its own dark period. From the 1990s into the 2000s, the company was scarred by a series of scandals and litigation. And so, Edwards, who became CEO in 2019, had a major maintenance and refurbishment of the internal kind to sort through. Now, investors are counting on the company and the nuclear business to continue to rebound.

The urge to merge is back—and Biden administration appointee Lina Khan, the former chair of the Federal Trade Commission, is gone.

“Everybody is sick and tired of the government interfering in private commerce,” says Roy Behren, the manager of the Merger Fund. “We saw an extremely activist Federal Trade Commission led by an inexperienced academic, and she has forestalled many transactions that were announced.”

While the Khan FTC insisted it was protecting the public from monopolistic practices, merger arbitrage managers like Behren are celebrating Khan’s departure and the Trump administration’s replacement of her with the more merger-friendly Andrew Ferguson.

Less regulation and a dealmaker as president should improve returns, as the likelihood has increased of more merger deals being approved more quickly and ultimately closing.

Both the number and speed of regulatory approvals are relevant. “The big risk with merger arb is time,” says manager Scott Johnson of the NexPoint Merger Arbitrage fund. “If the definitive merger agreement tells me I’m going to get $20 at closing, how long it takes for that deal to close determines what my return is. If the stock is trading at [$19.50] and the deal closes in four months, I make an 8% IRR [annualized internal rate of return]. But if the deal closes in eight months, I make a 4% IRR.”

One way Khan delayed mergers was to issue what are called “second requests” for more information about proposed deals to see if they were anticompetitive, even when Johnson and other arbitragers believed they weren’t. These deals would eventually close but take longer to do so. Johnson points to waste-disposal company Waste Management’s $7.2 billion acquisition of Stericycle in November as an example. “Stericycle does only medical waste. Waste Management’s not in medical waste,” he says. “There was no overlap in their businesses.”

He calls this FTC strategy “regulatory tourism” in the private sector. Regulators “just go in and do a second request and prolong the deal for no other reason than to make boards and CEOs think twice about getting involved in a merger,” he says. Such requests, he believes, will largely disappear now.

The improved outlook for merger funds comes at a good time, as the bond market has become increasingly volatile in an uncertain interest-rate environment. Because of their low volatility and returns that aren’t correlated with the stock market, merger funds can be used as a bond fund substitute. Whether the stock or bond markets rise or fall, merger funds’ returns move independently, being based solely on whether proposed deals close.

Yet investors must understand the nuances of arbitrage strategies. Morningstar includes merger funds in its “event driven” fund category, but not every corporate event is a merger. The category’s best performer in the past five years, the Camelot Event-Driven fund, does a lot more than merger arb.

“We’ll invest in mergers, distressed situations, activist situations, and then special situations such as spinoffs or company breakups,” says the fund’s co-manager, Paul Hoffmeister. “We allocate to those different substrategies based on how we see the risk/reward profile in them.”

Camelot co-manager Thomas Kirchner sums up the common theme for each investment. “It’s a change in the corporate structure where you’re reorganizing the company—whether that’s a merger, breakup, or bankruptcy—and that unlocks some kind of hidden value,” he says.

While Kirchner and Hoffmeister argue that there will be better merger opportunities going forward, as of Dec. 31, Camelot had only 14% of its assets allocated to merger arb plays. Some 32% was allocated to activist situations, when a large shareholder of a company is trying to force its management to unlock value, often by selling assets.

The Camelot team will often piggyback on powerful activist hedge funds’ investments. One such power broker they follow is Starboard Value, which recently began to pressure Kenvue, a healthcare spinoff from Johnson & Johnson, to address its lagging share price. Such bets can produce higher returns than merger arb, but with more volatility and unpredictability, as activists don’t always win their fights.

Camelot’s standard deviation—a volatility measure—has been 8.1% in the past three years, compared with NexPoint Merger Arbitrage’s 1.9% and the Merger Fund’s 2.6%. That’s a lot less than the S&P 500 index’s 17.4%, yet Camelot might make a better equity substitute than a bond one.

While the merger outlook has improved, there are still a few risk factors to consider in the more lenient Trump administration, such as to technology sector mergers. Concern over the influence of the largest social-media, search, and e-commerce platforms crosses political parties. “Gail Slater, who’s going to head the antitrust division at the Department of Justice, is pro mergers,” says NexPoint’s Johnson. “What she is against, as is Andrew Ferguson, is Big Tech. They’re going to continue going after Big Tech.”

The other risk is to cross-border mergers, as the new administration is hostile to foreign influences on American business. “It depends on the industry and country,” says manager Daniel Lancz of First Trust Merger Arbitrage, another solid, low-risk merger fund. China and its influence on the U.S. tech sector is a particular concern. “When you start getting into certain industries that have sensitivity, whether it be to national security or just the general advancement or misuse of technology for the advancement of another country over the United States, I think those are going to be the type of transactions that probably warrant more caution,” he says.

Even so, the sailing for merger funds should be smoother going forward than for rockier bond funds.

Don’t look now, but Volkswagen stock is on a tear. German equities in general are outperforming their country’s dismal economic statistics.

Shares in VW, the global auto industry’s sick man, surged 20% in the past two months. Germany’s leading stock index, the DAX 40

DAX, is up 10% over the same period, while the S&P 500 is about even.

Volkswagen’s rally may run out of gas, or charge. Germany’s looks like it has legs.

VW, whose nine million vehicles a year include Audis, Porsches, and Skodas, plus the namesake brand, has two basic problems: cost and product. Average margins run 2%, while management is targeting 6%, says Stephen Reitman, who covers European autos for Bernstein Research.

CEO Oliver Blume settled for half a loaf at best on costs in a tangle with unions late last year. Instead of the unprecedented German plant closures he had threatened, he wrested a 10% cut in head count—by 2030.

“VW was essentially priced for bankruptcy,” says Michael Field, European equity strategist at Morningstar. “But I can’t say this is the end of their troubles.”

The big test for product will come in 2026, when VW tries to play catch-up in electric vehicles with four models priced below 25,000 euros ($26,028), says Germany-based industry analyst Matthias Schmidt.

Leading Chinese producer BYD may be faster off the mark, with its factory in Hungary starting budget EV production later this year.

The key to understanding other German stocks is that DAX 40 companies reap 80% of their revenue outside of Germany, says Maximilian Uleer, head of European equity at Deutsche Bank. In that context, investors are anticipating tailwinds.

Economic growth in Europe and globally is poised to accelerate, a little, this year. The European Central Bank keeps cutting interest rates while the U.S. Federal Reserve pauses. The ECB shaved 25 basis points, to 2.75%, on Jan. 30. Power prices, which buffeted German industry after Russia’s 2002 invasion of Ukraine, are back near prewar levels.

Germany is relatively shielded from President Donald Trump’s tariff threats, with just 10% of its exports bound for the U.S., adds Carsten Brzeski, global head of macro at ING Research. Volkswagen and other big names already manufacture extensively within the U.S.

That all should translate into an 11% jump in earnings for DAX constituents this year, after a 9% decline in 2024, Deutsche Bank predicts. Industrial companies will rebound from a negative 10% to 20% gains, Deutsche estimates.

Morningstar’s Field is scouring for value in names that remain traumatized by post-2022 events—like chemical giant Bayer, which has lost 60% of its value since the war in Ukraine started, and utility RWE, which is down by a quarter.

Brzeski fears national trauma ahead from German elections looming on Feb. 23. The center-right Christian Democratic Union looks poised to be top vote-getter. Less predictable is whether the far-right Alternative for Germany, or AfD, will win enough votes to force the CDU into a torturous three-way coalition with the Social Democrats and Greens.

The AfD exceeding its current polling around 20% would deliver a sentiment shock that could hurt German companies no matter where they do business. At best, “the risk of another divided, muddle-through government has increased over the past few weeks,” Brzeski says.

At VW, Blume will have to wield a sharper budget ax, score big with those four new EV models, or both. Otherwise, Field says, “his job may be open a year from now.”