That's not near the valuations some of the EV car makers, including Rivian Automotive and Lucid Group, have seen after recent market debuts, but it points to a fundamental challenge legacy companies, long leaders in their market, face as the world changes and mega trends such as energy transition and electrification become more central to investing. Across multiple sectors, climate change is leading to calls for a rethinking of how iconic companies are structured. Royal Dutch Shell recently came under activist investor pressure to consider spinning off its renewable energy business.