Why This Former GM Executive Launched a SPAC Aimed at Transportation and Sustainability Sectors

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Barry Engle, who formerly served in senior executive roles at General Motors created and is leading his own SPAC, Qell.

Qell aims to "focus its search for a target in the next-generation mobility, transportation and sustainable industrial technology sectors, but may pursue a target in any stage of its corporate evolution or in any industry, sector or geographic location"

This SPAC comes as Tesla has a record year, filled with various positive headlines, and a stock split and the stock itself is up 744% in the past year. 

And then there are other competitors in the electric vehicle space, like Nikola, which announced a potential deal with GM and was also the focus of allegations of fraud from short-seller Hundburg Research. In the past three months, Nikola is down around 54%.

Engle joined TheStreet to discuss why now was the right time to launch this SPAC, the kinds of companies he's eyeing, the rise of Tesla and more in the interview above.

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