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REUTERS/Alan FreedDETROIT (Reuters) - Lordstown Motors Corp’s president said on Tuesday the electric vehicle startup has “firm” and “binding” orders for the first two years of production of its pickup truck, a week after saying it had no binding orders for the vehicle, sending shares up 10%. “Currently we have enough orders for production for ‘21 and ‘22,” President Rich Schmidt said at an Automotive Press Association event in Detroit. “Those are firm orders we have for those two years.”“I don’t know the exact facts of the legal aspect of that, but they are basically binding orders that are committed here in the last two weeks, reconfirmed orders,” he added, when asked if they were binding orders. The Ohio company subsequently said the orders were not binding and on June 8, when it warned it was running out of cash, disclosed in a regulatory filing it had no binding orders or commitments from customers. The U.S. Securities and Exchange Commission (SEC) has asked the company for information related to the truck pre-orders.
Persons: Alan Freed DETROIT, Rich Schmidt, , , Lordstown’s, Lordstown, Steve Burns Organizations: General Motors, REUTERS, Motors, Automotive Press Association, Hindenburg Research, U.S . Securities, Exchange Commission, SEC Locations: Warren , Ohio, U.S, Detroit, Ohio
REUTERS/Rebecca Cook//File PhotoGeneral Motors Co (GM.N) will supply electric batteries and hydrogen fuel cell systems for rail supplier Wabtec Corp's (WAB.N) locomotives, in a move extending the No. Wabtec, based in Pittsburgh, is developing locomotives powered by electric batteries and hydrogen fuel cells in response to rail industry demand to eliminate carbon emissions. It has a test electric locomotive model and intends to build a second generation version, with deliveries starting in 2023. Under the nonbinding memorandum of understanding, GM will supply Ultium electric batteries and Hydrotec hydrogen fuel cell power cubes. "Wabtec's decision to deploy GM's Ultium battery and Hydrotec hydrogen fuel cell systems further validates our advanced technology," GM President Mark Reuss said.
Persons: Rebecca Cook, Rafael Santana, Mark Reuss, Ultium, Wabtec, GM's, Eric Gebhardt Organizations: General Motors, REUTERS, General Motors Co, Wabtec, automaker's, South Korea, LG Energy, Honda, BNSF Railway, Thomson Locations: Detroit , Michigan, U.S, Pittsburgh, South, Ohio, Tennessee, Brownstown , Michigan, California
A sign welcomes visitors to the General Motors Lordstown Complex, assembly plant in Warren, Ohio, U.S., November 26, 2018. REUTERS/Alan FreedDETROIT, June 15 (Reuters) - Lordstown Motors Corp's (RIDE.O) president said on Tuesday the electric vehicle startup has "firm" and "binding" orders for the first two years of production of its pickup truck, a week after saying it had no binding orders for the vehicle, sending shares up 10%. "Currently we have enough orders for production for '21 and '22," President Rich Schmidt said at an Automotive Press Association event in Detroit. "I don't know the exact facts of the legal aspect of that, but they are basically binding orders that are committed here in the last two weeks, reconfirmed orders," he added, when asked if they were binding orders. The Ohio company subsequently said the orders were not binding and on June 8, when it warned it was running out of cash, disclosed in a regulatory filing it had no binding orders or commitments from customers.
Persons: Alan Freed DETROIT, Rich Schmidt, Lordstown's, Lordstown, Steve Burns, Ben Klayman, Franklin Paul Organizations: General Motors, REUTERS, Motors, Automotive Press Association, Hindenburg Research, U.S . Securities, Exchange Commission, SEC, Franklin Paul Our, Thomson Locations: Warren , Ohio, U.S, Detroit, Ohio
Hyundai, GM serious about 'flying car' efforts
  + stars: | 2021-06-14 | by ( Ben Klayman | Joseph White | ) www.reuters.com + 0.00   time to read: +2 min
Other automakers developing flying cars either alone or with startups include Toyota Motor Corp, Daimler AG and China’s Geely Automobile Holdings. Morgan Stanley has estimated the total addressable market for urban air mobility could hit $1 trillion by 2040 and $9 trillion by 2050. In 2019, Hyundai, which has a dedicated Urban Air Mobility Division led by Jaiwon Shin, a former NASA engineer, pledged to invest about $1.5 billion in urban air mobility by 2025. Munoz said Hyundai sees its flying cars serving not only residential customers but also transporting commercial cargo. Hyundai does not want to sell flying cars as a simple transaction, but believes it can develop services around the vehicles, Munoz said.
Persons: Jonathan Ernst, Jose Munoz, Munoz, , ” Munoz, ” Pamela Fletcher, Morgan Stanley, Jaiwon Shin Organizations: DETROIT, Hyundai, Co, General Motors, South, North American, REUTERS, Reuters, Toyota Motor Corp, Daimler AG, China’s Geely Automobile Holdings, GM’s Global, , GM, Urban Air Mobility Division, NASA Locations: Detroit , Michigan, U.S, Hyundai North America
Burns is Lordstown's largest shareholder with a stake of more than 26%, according to Refinitiv data. Goldman Sachs, which advised the blank-check company that merged with Lordstown last fall and helped put together the deal's financing, declined to comment. After Hindenburg accused the company of misleading investors on the pre-orders, Lordstown said they were non-binding and has since said it has no binding orders. The company named lead independent director, Angela Strand, as executive chairwoman to oversee the firm's transition until the appointment of a permanent CEO. In March, Hindenburg disclosed it had taken a short position in Lordstown shares, saying the company had misled consumers and investors.
Persons: Steve Burns, Julio Rodriguez, Hindenburg, Burns, Lordstown, Goldman Sachs, Angela Strand, Strand, Joseph Spak, Becky Roof, Morgan Stanley, Adam Jonas, Nathan Anderson, , , don’t Organizations: Lordstown Motors Corp, Monday, Lordstown, Endurance, RBC Capital Markets, Ford Motor, Eastman Kodak, Nikola, SPACS, U.S . Securities, Exchange Commission, SEC, Hindenburg Research, Thomson Locations: Hudson's
REUTERS/Jonathan Ernst/File PhotoHyundai Motor Co (005380.KS) has accelerated efforts around developing "flying cars" and will offer services around those vehicles rather than just selling them, the South Korean automaker's chief operating officer told Reuters. Other automakers, including Toyota(7203.T), General Motors(GM.N), Daimler(DAIGn.DE) and Geely(0175.HK), are developing flying cars alone or with startups. In 2019, Hyundai, whose flying car unit is based in Washington, pledged to invest about $1.5 billion in urban air mobility by 2025. read moreMunoz told Reuters Hyundai sees its flying cars serving not only residential customers, but also transporting commercial cargo. Hyundai does not want to sell flying cars as a simple transaction, but believes it can develop services around the vehicles, Munoz said.
Persons: Jonathan Ernst, Jose Munoz, Hyundai's, Munoz, Morgan Stanley, it's Organizations: North American, REUTERS, Korean, Reuters, Hyundai, Air, Toyota, General Motors, Daimler, HK, Reuters Hyundai, Thomson Locations: Detroit , Michigan, U.S, Hyundai North America, Washington, United States
REUTERS/Rebecca Cook/File PhotoA former president of the United Auto Workers, Gary Jones, on Thursday was sentenced to 28 months in jail for embezzling union funds as part of a larger federal probe into corruption in the union. Jones, who pleaded guilty last June to charges he embezzled more than $1 million, appeared in U.S. District Court in Detroit on Thursday. On Thursday morning, Jones pleaded for mercy from Judge Paul Borman and again apologized to the union and its members. read moreThe UAW said Jones' sentencing brings to a close a "very dark chapter" in the union's history. Jones' predecessor as head of the UAW, Dennis Williams, pleaded guilty to embezzlement of union funds in September and was sentenced to 21 months in prison last month.
Persons: Gary Jones, Rebecca Cook, Jones, Judge Paul Borman, " Jones, Saima Mohsin, Dennis Williams Organizations: United Auto Workers, National Association of, Advancement for Colored, REUTERS, UAW, Internal Revenue Service, U.S, Eastern, Eastern District of Michigan Locations: Detroit , Michigan, U.S, Detroit, Corsicana , Texas, Eastern District, United States
FILE PHOTO: A 2021 Lordstown Motors Endurance truck is pictured at the White House in Washington D.C. behind former U.S. President Donald Trump and two Lordstown employees. On Wednesday, Lordstown officials had no immediate comment, but Burns has scheduled an appearance with the Automotive Press Association next Tuesday. When Lordstown announced the SPAC deal, it boasted its electric truck would be first to market to serve commercial fleet customers. After Hindenburg’s report, Lordstown said the orders were nonbinding and on Tuesday it said it had no binding purchase orders. General Motors Co, which invested $25 million in cash in Lordstown and another $50 million in in-kind contributions including the Ohio plant, declined to comment.
Persons: Donald Trump, Carlos Barria, Lordstown, Steve Burns, Burns, Lordstown’s, Hindenburg, Nathan Anderson, Joseph Spak, COVID, Ford, Hermes Kaufmann Organizations: DETROIT, Lordstown Motors Corp, Motors, White, Washington D.C, REUTERS, Endurance, Automotive Press Association, DiamondPeak Holdings, Hindenburg Research, U.S . Securities, Exchange Commission, SEC, RBC Capital Markets, U.S . Department of Energy, DOE, Energy, Ford Motor Co, Ford’s, Fidelity Management & Research Co, Wellington Management Co, Fund, BlackRock Inc, BlackRock, General Motors Co Locations: WASHINGTON, Washington, Washington , U.S, U.S, Ohio, Hindenburg, Lordstown
A 2021 Lordstown Motors Endurance truck is pictured at the White House in Washington D.C. behind former U.S. President Donald Trump and two Lordstown employees. Lordstown in a Wednesday statement reaffirmed it has "adequate capital to continue operations, meet supplier obligations and begin limited production," but will need to raise additional funds and was in talks to do that. read moreLordstown's situation has raised doubts about forecasts the company made on Aug. 3, 2020, when it announced its deal to go public through a reverse merger with special-purpose acquisition company (SPAC) DiamondPeak Holdings. When Lordstown announced the SPAC deal, it boasted its electric truck would be first to market to serve commercial fleet customers. Investors in the initial SPAC deal included Fidelity Management & Research Co, Wellington Management Co, Federated Hermes Kaufmann Small Cap Fund and BlackRock Inc (BLK.N).
Persons: Donald Trump, Carlos Barria, Lordstown, Steve Burns, Lordstown's, Burns, Hindenburg, Nathan Anderson, Joseph Spak, COVID, Ford, Hermes Kaufmann Organizations: Motors, White, Washington D.C, REUTERS, Lordstown Motors Corp, Endurance, DiamondPeak Holdings, Hindenburg Research, U.S . Securities, Exchange Commission, SEC, RBC Capital Markets, U.S . Department of Energy, DOE, Energy, Ford Motor, Ford's, Fidelity Management & Research Co, Wellington Management Co, Fund, BlackRock Inc, BlackRock, Thomson Locations: Washington, Washington , U.S, U.S, Ohio, Hindenburg
(Reuters) -U.S. electric truck maker Lordstown Motors Corp said on Tuesday there was “substantial doubt” about its ability to continue as a going concern in the next year because of problems funding the production of its vehicle, causing its shares to plummet. Lordstown, which went public last year through a reverse merger with a special-purpose acquisition company (SPAC), has struggled with the launch of its Endurance pickup truck. A Lordstown spokesman declined further comment, pointing to statements made by the company during its earnings call last month. Lordstown said on the call that its Endurance production this year would be half its prior expectations and it needed additional capital to execute its plans. Lordstown reported a first-quarter loss of $125 million, and said it had cash and cash equivalents of about $587 million.
Persons: Lordstown, Lordstown’s, COVID, Steve Burns, Burns, Mike Pence, Donald Trump, ” Pence, Trump’s, Trump Organizations: Reuters, Lordstown Motors Corp, General Motors Co, U.S . Securities, Exchange Commission, Hindenburg Research, SEC, SPAC DiamondPeak Holdings, GM, Locations: Ohio, Lordstown, Mahoning, United States
Ford to offer new Maverick compact pickup standard as hybrid
  + stars: | 2021-06-08 | by ( Ben Klayman | ) www.reuters.com + 0.00   time to read: +3 min
The Ford logo is seen at the North American International Auto Show in Detroit, Michigan, U.S., January 15, 2019. REUTERS/Brendan McDermid/File PhotoFord Motor Co (F.N) said on Tuesday its new Maverick compact pickup truck will have a gasoline-electric hybrid powertrain as standard equipment, a technology choice aimed at keeping the vehicle's starting price below $20,000. Ford and other global automakers are racing to shift their gas-powered lineups to all electric under pressure from regions like Europe and China to cut vehicle emissions. Ford said there are no current plans for an electric Maverick, although IHS Markit analyst Stephanie Brinley expects it could be added down the road as Ford develops dedicated EV platforms. The hybrid version will get 40 miles per gallon in the city and offer 191 horsepower, Ford said.
Persons: Brendan McDermid, Jim Baumbick, Ford, Joe Biden's, Donald Trump's, Stephanie Brinley, Brinley Organizations: North American, REUTERS, Ford, Motors Co, IHS, Toyota Motor Corp, Thomson Locations: Detroit , Michigan, U.S, Europe, China, Hermosillo , Mexico
Behold the new entry-level Ford vehicle - it's a truck
  + stars: | 2021-06-03 | by ( Ben Klayman | ) www.reuters.com + 0.00   time to read: +3 min
The Ford logo is pictured at the Ford Motor Co plant in Genk,Belgium December 17, 2014. Ford declined to comment on pricing or other details about the vehicle ahead of next week's reveal. Ford's current entry-level vehicle is the EcoSport SUV, which starts at just under $20,000. Dealers are excited they will have a low-cost vehicle to draw buyers into the Ford brand. "When they decided to get rid of the sedans, they made it very, very difficult for us to compete in that entry-level market," said Rhett Ricart, owner of Ricart Ford in Columbus, Ohio.
Persons: Francois Lenoir, Ford, Kelley, Maverick, Rhett Ricart, Ricart Ford, Sam Fiorani, Randy Parker Organizations: Ford Motor Co, REUTERS, Ford, U.S, AutoForecast Solutions, Cox Automotive, Hyundai Motor, Santa Cruz, Hyundai, AutoForecast, Bronco, Lincoln Corsair, Thomson Locations: Genk, Belgium, U.S, Hermosillo, Mexico, Columbus , Ohio, KS, Santa, Santa Cruz, Alabama
DETROIT (Reuters) - Auto data startup Wejo on Friday will announce plans to go public through a reverse merger with blank-check company Virtuoso Acquisition Corp in a deal that values the British company at $800 million including debt, people familiar with the plans said. The deal, to be announced after the stock market closes, will raise $330 million in proceeds for Wejo, said the sources, who asked not to be identified. They said that includes $230 million from Special-Purpose Acquisition Company (SPAC) Virtuoso and another $100 million referred to as Private Investment in Public Equity (PIPE). The $800 million enterprise value for Wejo implies an estimated $1.1 billion pro forma equity value, the sources said. On Feb. 1, Wejo’s Israeli rival Otonomo said it would go public in a SPAC merger with Software Acquisition Group Inc II.
Persons: Wejo, Peter Thiel, Richard Barlow, Tim Lee, Jeffrey Warshaw, SPACs, , Otonomo Organizations: DETROIT, Private Investment, Public Equity, Investors, General Motors Co, Palantir Technologies Inc, Reuters, Chief, SEC, GM, Hyundai Motor Co, Daimler, Software Locations: British, U.S, Wejo, Manchester
Auto data startup Wejo on Friday will announce plans to go public through a reverse merger with blank-check company Virtuoso Acquisition Corp (VOSO.O) in a deal that values the British company at $800 million including debt, people familiar with the plans said. They said that includes $230 million from Special-Purpose Acquisition Company (SPAC) Virtuoso and another $100 million referred to as Private Investment in Public Equity (PIPE). The $800 million enterprise value for Wejo implies an estimated $1.1 billion pro forma equity value, the sources said. The new company will trade under the symbol "WEJO" but the stock exchange has not been determined, the sources said. On Feb. 1, Wejo's Israeli rival Otonomo said it would go public in a SPAC merger with Software Acquisition Group Inc II.
Persons: Wejo, Peter Thiel, Richard Barlow, Tim Lee, Jeffrey Warshaw, SPACs, Otonomo Organizations: Auto, Acquisition, Private Investment, Public Equity, Investors, General Motors Co, Palantir Technologies, Reuters, Chief, SEC, GM, Hyundai Motor, Daimler, Software, Thomson Locations: British, U.S, Wejo, Manchester
Under a plan dubbed “Ford+” meant to have investors value it more like a technology company, the No. U.S. President Joe Biden has called for $174 billion to boost U.S. EV production, sales and infrastructure. Ford’s 2030 sales target would translate to more than 1.5 million EVs, based on last year’s sales. Farley expects Ford to cut battery costs by 40% by mid-decade. Ford confirmed it will develop two dedicated EV platforms, one for full-size trucks and SUVs, the other for cars and smaller SUVs.
Persons: Henry Ford, , Jim Farley, ” Ford, Joe Biden, Ford, Farley, John Lawler Organizations: DETROIT, Ford, Co, ” Ford, General Motors Co, Ford Pro, EV, South Korea’s SK Innovation, Tesla Inc, Oval, Apple, Google, Baidu, Reuters Locations: U.S, Europe, China, United States, Dearborn , Michigan, South
Under a plan dubbed "Ford+" meant to have investors value it more like a technology company, the No. U.S. President Joe Biden has called for $174 billion to boost U.S. EV production, sales and infrastructure. Ford's 2030 sales target would translate to more than 1.5 million EVs, based on last year's sales. Farley expects Ford to cut battery costs by 40% by mid-decade. Ford confirmed it will develop two dedicated EV platforms, one for full-size trucks and SUVs, the other for cars and smaller SUVs.
Persons: Wolfgang Rattay, Henry Ford, Jim Farley, Ford, Joe Biden, Farley, Reuters Ford Organizations: REUTERS, Ford, General Motors Co, GM, Ford Pro, EV, South Korea's SK Innovation, Tesla Inc, Reuters, Thomson Locations: Frankfurt, Germany, U.S, Europe, China, United States, Dearborn , Michigan, South
FILE PHOTO: Visitors check on a Ford Mustang Mach-E electric vehicle displayed at a launch event in Shanghai, China April 13, 2021. The dedicated platforms will give Ford common architectures — including shared chassis components, electric motors and battery packs — on which to base many of its future electric vehicles. VW and GM each will have at least two dedicated EV platforms, on which many of their future vehicles will be based. Ford earlier this year introduced the Mustang Mach-E, an electric crossover built on a new dedicated platform with the internal designation GE, the sources said. Ford could also use the new TE1 platform for electric versions of the Lincoln Navigator and Ford Expedition SUVs, the sources said.
Persons: Ford’s, Ford, Jim Farley, Sam Fiorani, Fiorani Organizations: DETROIT, Ford, General Motors Co, Volkswagen AG, Tesla Inc, REUTERS, Yilei, Korea’s SK Innovation, VW, GM, GE, Lincoln, AutoForecast Solutions, Lincoln Navigator, Ford Expedition Locations: Shanghai, China, U.S, Americas, Europe, United States
The dedicated platforms will give Ford common architectures — including shared chassis components, electric motors and battery packs — on which to base many of its future electric vehicles. VW and GM each will have at least two dedicated EV platforms, on which many of their future vehicles will be based. VW launched the first of its all-new electric vehicles, the ID.3, last year in Europe, while GM will begin building its new Hummer EV pickup later this year in the United States. Ford earlier this year introduced the Mustang Mach-E, an electric crossover built on a new dedicated platform with the internal designation GE, the sources said. Ford could also use the new TE1 platform for electric versions of the Lincoln Navigator and Ford Expedition SUVs, the sources said.
Persons: Ford's, Ford, Jim Farley, Sam Fiorani, Fiorani Organizations: Ford Motor, General Motors Co, Volkswagen AG, Tesla Inc, Korea's SK Innovation, Ford, VW, GM, GE, Lincoln, AutoForecast Solutions, Lincoln Navigator, Ford Expedition, Thomson Locations: U.S, Americas, Europe, China, United States
DETROIT (Reuters) -Lordstown Motors Corp on Monday said 2021 production of its Endurance truck will be half of prior expectations and that the electric vehicle startup needs additional capital to execute its plans, sending shares down 9.6% in after-hours trading. FILE PHOTO: Lordstown Motors Corp's Endurance pickup truck is seen at the company's plant in Lordstown, Ohio, June 25, 2020. “We believe we have several opportunities to raise capital in various forms and have begun those discussions.”Lordstown said Endurance production this year will be limited and would be “at best 50%” of the company’s prior expectations. Earlier this month, Lordstown said it would restate its 2020 financial results, citing recent SEC guidance on accounting by SPACs. The Ohio-based company said in January it had received more than 100,000 nonbinding production reservations from commercial fleets for its trucks.
Persons: Steve Burns, ” Lordstown, COVID, Lordstown, Burns, Hindenburg, Ford Organizations: DETROIT, Lordstown Motors Corp, Motors, Lordstown Motors, REUTERS, U.S, U.S . Energy Department, Advanced Technology Vehicles Manufacturing, Tesla Inc, Ford Motor Co, Nissan Motor Co Ltd, Hindenburg Research, U.S . Securities, Exchange Commission, DiamondPeak Holdings, SEC, Refinitiv Locations: Lordstown , Ohio, The Ohio, , retool, SPACs
Lordstown Motors says 2021 production will be half of expectations
  + stars: | 2021-05-24 | by ( Ben Klayman | ) www.reuters.com + 0.00   time to read: +3 min
DETROIT (Reuters) -Lordstown Motors Corp said on Monday that 2021 production of its Endurance truck will be half of prior expectations and that the electric vehicle startup needs additional capital to execute its plans, sending shares down 9.5% in after-hours trading. FILE PHOTO: Lordstown Motors Corp's Endurance pickup truck is seen at the company's plant in Lordstown, Ohio, June 25, 2020. Lordstown Motors/via REUTERS“Capital may limit our ability to make as many vehicles as we would like,” Chief Executive Steve Burns said on a conference call. Burns said Endurance production this year will be limited and would be “at best 50%” of the company’s prior expectations of 2,200 trucks. The Ohio-based company said in January it had received more than 100,000 nonbinding production reservations from commercial fleets for its trucks.
Persons: Steve Burns, Burns, COVID, Lordstown, Hindenburg, Ford Organizations: DETROIT, Lordstown Motors Corp, Motors, Lordstown Motors, REUTERS, General Motors Co, U.S, U.S . Energy Department, Advanced Technology Vehicles Manufacturing, Tesla Inc, Ford Motor Co, Nissan Motor Co Ltd, Hindenburg Research, U.S . Securities, Exchange Commission, DiamondPeak Holdings, Refinitiv Locations: Lordstown , Ohio, Lordstown, The Ohio, , retool, Ohio
Auto data startup Wejo in talks with Virtuoso on SPAC merger - sources
  + stars: | 2021-05-21 | by ( Ben Klayman | Anirban Sen | ) www.reuters.com sentiment -1.00   time to read: +2 min
(Reuters) - Wejo is in talks to go public through a reverse merger with blank-check company Virtuoso Acquisition Corp in a deal that would value the British connected car data start-up at more than $1 billion, two people familiar with the matter said. The deal has not closed and terms could still change, according to the sources, who asked not to be identified. The sides also have not closed a deal to raise funding from investors to support the deal, the sources said. Officials with Virtuoso and Wejo, which is backed by General Motors Co, could not immediately be reached to comment. On Feb. 1, Wejo’s Israeli rival Otonomo said it would go public in a SPAC merger with Software Acquisition Group Inc II.
Persons: SPACs, Richard Barlow, Wejo, Otonomo Organizations: Reuters, Private Investment, Public Equity, General Motors Co, Bloomberg, SEC, GM, Hyundai Motor Co, Daimler, Citigroup, Chief, Software Locations: British
Wejo is in talks to go public through a reverse merger with blank-check company Virtuoso Acquisition Corp (VOSO.O) in a deal that would value the British connected car data start-up at more than $1 billion, two people familiar with the matter said. The deal has not closed and terms could still change, according to the sources, who asked not to be identified. The sides also have not closed a deal to raise funding from investors to support the deal, the sources said. Officials with Virtuoso and Wejo, which is backed by General Motors Co(GM.N), could not immediately be reached to comment. On Feb. 1, Wejo's Israeli rival Otonomo said it would go public in a SPAC merger with Software Acquisition Group Inc II (SAII.O).
Persons: Wejo, SPACs, Richard Barlow, Otonomo Organizations: Acquisition, Private Investment, Public Equity, General Motors Co, Bloomberg, Reuters, SEC, GM, Hyundai Motor, Daimler, Citigroup, Chief, Software, Inc, Thomson Locations: British
REUTERS/Anushree FadnavisFord Motor Co (F.N) and South Korean battery maker SK Innovation (096770.KS) on Thursday announced they will form a battery joint venture in North America to support the No. Reuters on Wednesday reported plans for the joint venture. That target would equal two jointly owned plants, the locations for which have not been identified, Ford North American Chief Operating Officer Lisa Drake said on a call with reporters. read moreThe United Auto Workers, which represents Ford's U.S. hourly workers, said on Thursday the automaker has a "moral obligation" to make sure the battery plant jobs are good-paying union jobs. Drake said that will be determined by the joint venture.
Persons: Ford, Lisa Drake, Hau, BEV, Tang, Yoosuk Kim, Joe Biden, Biden, Drake Organizations: Ford Aspire, REUTERS, Ford Motor, SK Innovation, Thursday, Reuters, Ford North American, Ford, SK Innovation's, LG Energy, LG Chem Ltd, U.S, Volkswagen AG, Ford EV, United Auto Workers, Thomson Locations: New Delhi, India, Korean, North America, Europe, China, American, Georgia, Michigan
The race to find the next Tesla is on but the search is turning up plenty of clunkers as well as potential superstars. Of the four big fund managers, T. Rowe Price has not invested in any of the EV-related SPACs. The big houses also parcel out their key investments across a number of their funds. Fidelity, for instance, distributes its Tesla investments to more than 100 of its mutual funds. A new route for institutional investors, which have seen both traditional investment opportunities and returns dwindle as the number of public companies has shrunk, is the PIPE, or private investment in public equities (PIPE).
Persons: Tesla, Rowe Price, Scotland’s Baillie Gifford, , Evangelos Simoudis, ChargePoint, Baillie Gifford, Elliot Mattingly, Tony Aquila, , Aquila, PitchBook, Price, Joe Fath, ” Fath, Lilium, Warren Buffett, Baillie Gifford’s, Brian Lum, Lum Organizations: Fidelity Investments, BlackRock Inc, Rowe Price Group Inc, Reuters, EV, , Motors, BlackRock, Fidelity, Toyota, General Motors, Tesla, Rowe Price Growth Stock Fund Locations: Vegas, Baltimore
Of the four big fund managers, T. Rowe Price has not invested in any of the EV-related SPACs. The big houses also parcel out their key investments across a number of their funds. Fidelity, for instance, distributes its Tesla investments to more than 100 of its mutual funds. General Motors (GM.N), Tesla and Chinese electric carmaker Nio (NIO.N) rank second, third and fourth, respectively, fund disclosures show. Fath is a board observer at Rivian where T. Rowe Price has led the last three private investment rounds.
Persons: Rowe Price, Scotland's Baillie Gifford, Tesla, Evangelos Simoudis, Baillie Gifford, Elliot Mattingly, Tony Aquila, Aquila, PitchBook, Price, Joe Fath, Fath, Lilium, Warren Buffett, Baillie Gifford's, Brian Lum, , Lum Organizations: Fidelity Investments, BlackRock Inc, Rowe Price Group Inc, Reuters, EV, , Motors, BlackRock, Fidelity, Automotive, Toyota, General Motors, Rowe Price Growth Stock Fund, Thomson Locations: Vegas, Baltimore
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