No pain, no gain for big funds hunting the next Tesla

Fidelity Investments, BlackRock Inc, T. Rowe Price Group Inc and Scotland's Baillie Gifford are among the fund houses helping to bankroll the shift from fossil-fueled transportation with investments in one or more of 32 electric vehicle industry companies which they believe will be long-term winners in the electrification movement.

The risk to mom-and-pop investors in mutual funds is somewhat limited, because portfolio managers typically spread their bets across more than 100 companies in a wide array of sectors. "These big investors, they're like, 'You know what, I'm going to bet on red, black.' They basically take out one quarter of the roulette wheel and they start putting money around and then they refine it," said Tony Aquila, chief executive of and an early investor in EV startup Canoo.

Buying into a company via a SPAC can be riskier because SPACs have greater latitude than companies doing a traditional IPO to make growth projections that may not materialise.

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