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January 2016 concept car (Bizuayehu Tesfaye/AP)

Two years ago, a Chinese-backed company called Faraday Future surfaced in California with a billion dollars, stole two executives from Tesla and one from SpaceX, and at once was a challenger for dominance in the fashionable end of electric cars. It showed off outlandishly designed concept cars (like that above), and even matched Tesla by negotiating a tax-incentivized deal to build an enormous factory in Nevada.

All this has fallen apart with a Shanghai court's decision last week to freeze the assets of Faraday's main backer, Jia Yueting, and Faraday's abandonment of the plan to build a plant in Nevada, per Fortune. Tesla, meanwhile, is barreling ahead with the first customer deliveries of its mainstream-priced Model 3 later this month.

Why it matters: You are witnessing the downhill side of a free-for-all that built into an apex last year in electric cars and advanced batteries. Now, companies are falling by the wayside, and the strongest pushing forward. Yet we are only at the beginning of the curve of finding out whether mainstream buyers will buy large numbers of electrics.

Go deeper

House passes sweeping election and anti-corruption bill

Photo: Win McNamee via Getty Images

The House voted 220-210Wednesday to pass Democrats' expansive election and anti-corruption bill.

Why it matters: Expanding voting access has been a top priority for Democrats for years, but the House passage of the For the People Act (H.R. 1) comes as states across the country consider legislation to rollback voting access in the aftermath of former President Trump's loss.

Updated 1 hour ago - Politics & Policy

House passes George Floyd Justice in Policing Act

Photo: Stephen Maturen via Getty Images

The House voted 220 to 212 on Wednesday evening to pass a policing bill named for George Floyd, the Black man whose death in Minneapolis last year led to nationwide protests against police brutality and racial injustice.

Why it matters: The legislation overhauls qualified immunity for police officers, bans chokeholds at the federal level, prohibits no-knock warrants in federal drug cases and outlaws racial profiling.

3 hours ago - Politics & Policy

Senate Republicans plan to exact pain before COVID relief vote

Sen. Ron Johnson. Photo: Stefani Reynolds/Bloomberg via Getty Images

Republicans are demanding a full, 600-page bill reading — and painful, multi-hour "vote-a-rama" — as Democrats forge ahead with their plan to pass President Biden's $1.9 trillion COVID-19 relief package.

Why it matters: The procedural war is aimed at forcing Democrats to defend several parts the GOP considers unnecessary and partisan. While the process won't substantially impact the final version of the mammoth bill, it'll provide plenty of ammunition for future campaign messaging.