Top related persons:
Top related locs:
Top related orgs:

Search resuls for: "General Motors Co"


25 mentions found


Vehicle manufacturers need to win over more rural Americans and Republicans, with the survey showing those groups express less enthusiasm than others for electric vehicles. Several automakers, including Ford Motor Co and General Motors Co, are planning to release all-electric trucks in the coming years. But no electric pickup truck is yet available, which means consumer attitudes about them are largely based on second-hand knowledge. A majority of 65% agreed that electric vehicles are the future of the auto industry, the poll showed. Nearly half of Americans - 46% - believe EVs are not worth the cost, the survey showed, with opinions again reflecting a political divide.
Persons: Linda Zhang, Rebecca Cook, Jim Richman, , ” Richman, EVs, , Darryll Harrison, Ford, Darren Palmer, Chris Sherman, ” Sherman Organizations: Reuters, REUTERS, Republicans, Ipsos, Rural, Ford Motor Co, General Motors Co, Ford, GM, Lightning, Ford’s North America EV Locations: Dearborn , Michigan, U.S, Austin , Texas, Ford’s, Paris , Texas, , United States
Vehicle manufacturers need to win over more rural Americans and Republicans, with the survey showing those groups express less enthusiasm than others for electric vehicles. But no electric pickup truck is yet available, which means consumer attitudes about them are largely based on second-hand knowledge. A majority of 65% agreed that electric vehicles are the future of the auto industry, the poll showed. Nearly half of Americans - 46% - believe EVs are not worth the cost, the survey showed, with opinions again reflecting a political divide. Sherman said he had so far received 10 reservations for the electric truck and that he fields up to 40 phone calls per day about it.
Persons: Linda Zhang, Rebecca Cook, Jim Richman, Richman, EVs, Darryll Harrison, Ford, Darren Palmer, Chris Sherman, Sherman, Tina Bellon, Paul Lienert, Joe White, Chris Kahn, Matthew Lewis Organizations: REUTERS, Reuters, Republicans, Ipsos, Rural, Ford Motor, General Motors Co, Ford, GM, Lightning, Ford's North America EV, Thomson Locations: Dearborn , Michigan, U.S, Austin , Texas, Ford's, Paris , Texas, United States, Detroit
GM's self-driving car unit Cruise to access $5 billion credit line
  + stars: | 2021-06-15 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: +1 min
FILE PHOTO: A Cruise self-driving car, which is owned by General Motors Corp, is seen outside the company’s headquarters in San Francisco where it does most of its testing, in California, U.S., September 26, 2018. REUTERS/Heather Somerville/File PhotoBERKELEY, California (Reuters) - General Motors Co’s majority owned Cruise self-driving car subsidiary said on Tuesday it would gain access to a multi-year $5 billion line of credit with GM’s finance arm to finance its purchase of Origin vehicles starting in early 2023. Self-driving startups are racing to build warchests, as developing and scaling up the technology is expensive and takes much time. This past month, General Motors began assembly of the first of about 100 pre-production Cruise Origin all-electric vehicles that will be built this summer for validation testing, Cruise said. Cruise is gearing up to start a commercial ride-sharing service in Dubai in 2023, while it has this year applied for permits needed to start charging for autonomous rides and delivery in San Francisco.
Persons: Heather Somerville, Dan Ammann, Cruise Organizations: General Motors Corp, REUTERS, General Motors, Cruise, Honda Locations: San Francisco, California, U.S, BERKELEY , California, Dubai
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
GM's self-driving car unit Cruise to access $5 bln credit line
  + stars: | 2021-06-15 | by ( ) www.reuters.com sentiment -0.99   time to read: +1 min
A Cruise self-driving car, which is owned by General Motors Corp, is seen outside the company’s headquarters in San Francisco where it does most of its testing, in California, U.S., September 26, 2018. REUTERS/Heather Somerville/File PhotoBERKELEY, California, June 15 (Reuters) - General Motors Co's (GM.N) majority owned Cruise self-driving car subsidiary said on Tuesday it would gain access to a multi-year $5 billion line of credit with GM's finance arm to finance its purchase of Origin vehicles starting in early 2023. Self-driving startups are racing to build warchests, as developing and scaling up the technology is expensive and takes much time. This past month, General Motors began assembly of the first of about 100 pre-production Cruise Origin all-electric vehicles that will be built this summer for validation testing, Cruise said. Reporting by Hyunjoo Jin; Editing by Edmund BlairOur Standards: The Thomson Reuters Trust Principles.
Persons: Heather Somerville, General Motors, Dan Ammann, Cruise, Hyunjoo Jin, Edmund Blair Organizations: General Motors Corp, REUTERS, General, Cruise, Honda, General Motors, Thomson Locations: San Francisco, California, U.S, BERKELEY, Dubai
But, those investments present challenges for chief financial officers overseeing companies’ capital spending plans. Companies often make these investments before new regulations are proposed or consumer choices change, adding to the difficulty of finding the right balance. Xcel Energy CFO Brian Van Abel. CenterPoint Energy CFO Jason Wells. Philip Morris CFO Emmanuel Babeau.
Persons: Brian Van Abel, Van Abel, Jason Wells, Michael Hart CenterPoint, CenterPoint, Wells, Ford, Biden, Gregg Lemos, Stein, , Sébastien Martel, Philip Morris, Emmanuel Babeau ., Philip Morris’s, , Emmanuel Babeau, Babeau, , Kristin Broughton, Mark Maurer Organizations: General Motors Co, Ford Motor Co, Xcel Energy Inc, CenterPoint Energy Inc, Companies, Chevron Corp, Exxon Mobil Corp, Xcel Energy, Energy, CenterPoint, , General Motors, GM, Ford, Bombardier Recreational Products Inc, BRP, Philip Morris International Inc, mark.maurer Locations: Minneapolis, Minnesota, Colorado, Houston, Indiana, California, Massachusetts, Kristin.Broughton
Volkswagen U.S. CEO meets with EPA administrator on EVs
  + stars: | 2021-06-10 | by ( David Shepardson | ) www.reuters.com + 0.00   time to read: +2 min
Scott Keogh, president and chief executive of Volkswagen Group of America, spoke with EPA Administrator Michael Regan and reaffirmed the company's support for an emissions deal with California. Regan has spoken with GM, Stellantis (STLA.MI) and Toyota Motor Corp (7203.T) executives this week as the EPA plans to announce a proposal to revise the Trump emissions rules. The Trump administration in 2020 finalized a rollback of vehicle emissions standards to require 1.5% annual increases in efficiency through 2026, well below the 5% yearly boosts in Obama era rules it discarded. The largest German automaker has embraced electric vehicles after it came under fire for diesel emissions cheating. Volkswagen said in March it expects half of its U.S. sales by 2030 to be EVs and is spending tens of billions on EVs.
Persons: Aly, Volkswagen, Biden, Scott Keogh, Michael Regan, Regan, Keogh, Trump Organizations: Shanghai Auto, REUTERS, Environmental Protection Agency, Volkswagen Group of America, Ford Motor, Honda Motor, Volkswagen, BMW, General Motors Co, Wednesday, GM, Toyota Motor Corp, Trump, Reuters, Biological, Justice Department, VW, Thomson Locations: Shanghai, China, California
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
Lordstown Motors Warning Highlights Cash Needs of EV Startups
  + stars: | 2021-06-09 | by ( Ben Foldy | ) www.wsj.com sentiment -1.00   time to read: +1 min
Lordstown Motors Corp.’s warning that it could run out of money comes less than a year after the startup raised more than $600 million in cash, highlighting the difficulties for startups trying to break into a capital-intensive business. The two-year-old firm, which is converting a former General Motors Co. factory to build electric pickup trucks, ended the first quarter with about $587 million. On Tuesday, it amended its annual filing with a going-concern warning, a signal to investors that it may not survive financially the next 12 months. Lordstown Motors stock tumbled 16% on Tuesday’s news and has had a volatile day Wednesday, falling as much as 21% before rising up to 15%. “This is a massively capital-intensive industry,” said Jeff Schuster, president of global forecasting at industry research firm LMC Automotive.
Persons: , Jeff Schuster Organizations: Lordstown Motors Corp, General Motors Co, Lordstown Motors, LMC Automotive,
Detroit Three automakers will continue to require facial coverings
  + stars: | 2021-06-09 | by ( David Shepardson | ) www.reuters.com sentiment -0.98   time to read: +1 min
REUTERS/Rebecca Cook/File PhotoDetroit’s Big Three automakers and the United Auto Workers (UAW) union said on Wednesday that workers will continue to be required to wear masks in workplaces. The UAW and the automakers said temperature screening upon entering facilities is expected to be phased out. The UAW and automakers continue to recommend autoworkers get vaccinated. Many U.S. employers are still requiring vaccinated workers to wear masks in workplaces. Toyota Motor Corp (7203.T) is among the automakers that has ended temperature checks and entry questionnaires at U.S. plants but it is continuing to require facial coverings.
Persons: Rebecca Cook, autoworkers, COVID Organizations: Warren, Assembly, REUTERS, United Auto Workers, UAW, General Motors Co, Ford Motor, Chrysler, Stellantis, U.S . Centers for Disease Control, Prevention, U.S, Volkswagen, Toyota Motor Corp, Honda Motor, Nissan Motor, Thomson Locations: Warren , Michigan, U.S
(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
Lordstown Motors Says It Doesn’t Have Cash to Start Commercial Production
  + stars: | 2021-06-08 | by ( Ben Foldy | ) www.wsj.com sentiment -1.00   time to read: +1 min
Electric-truck startup Lordstown Motors Corp. disclosed in a new regulatory filing Tuesday that it doesn’t have sufficient cash to start commercial production and has doubts about whether it can continue as a going concern through the end of the year. The warning comes as new challenges emerge for the two-year-old company that is trying to convert a former General Motors Co. plant in Ohio to produce electric pickup trucks. It has said its first model, the Endurance, will start production in September. Lordstown Motors Chief Executive Steve Burns said on a call with analysts in late May that the startup would need to raise more capital to hit its target of building 2,200 pickup trucks by year-end. Lordstown Motors raised $675 million from its reverse merger last fall, a deal that valued the aspiring truck maker at about $1.6 billion.
Persons: Steve Burns, didn’t Organizations: Lordstown Motors Corp, General Motors Co, Lordstown Motors Locations: Ohio
Lordstown Motors Amends Annual Filing With Going Concern Notice
  + stars: | 2021-06-08 | by ( Ben Foldy | ) www.wsj.com sentiment -1.00   time to read: +1 min
Electric-truck startup Lordstown Motors Corp. disclosed in a new regulatory filing Tuesday that it doesn’t have sufficient cash to start commercial production and has doubts about whether it can continue as a going concern through the end of the year. The company amended its annual report to include the going-concern notice, which can flag survival problems for businesses within the next 12 months. The warning comes as new challenges emerge for the two-year-old firm that is trying to convert a former General Motors Co. plant in Ohio to produce electric pickup trucks. It has said its first model, the Endurance, will start production in September. Lordstown raised $675 million from its reverse merger last fall, a deal that valued the aspiring truck maker at about $1.6 billion.
Persons: Steve Burns, Lordstown, didn’t Organizations: Lordstown Motors Corp, General Motors Co, Lordstown Motors Locations: Ohio
GM expands Onstar services beyond its vehicle owner base
  + stars: | 2021-06-07 | by ( Joseph White | ) www.reuters.com sentiment -0.99   time to read: +1 min
The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook//File PhotoGeneral Motors Co (GM.N) plans to offer subscriptions for its Onstar Guardian security services to anyone in the United States or Canada who wants to download a smartphone app, expanding beyond owners of GM vehicles in a step to generate recurring revenue. Onstar Guardian services, including roadside assistance and crash response dispatching, will be offered through an Apple or Android smartphone app to people who don't drive GM vehicles for $15 a month after a one-month trial, GM said. read moreOnstar is developing new insurance offers and a data analytics service for fleet operators. GM, in its announcement, did not say how much additional revenue it expects from offering Onstar Guardian beyond the GM vehicle owner population.
Persons: Rebecca Cook, Mary Barra Organizations: General Motors, REUTERS, General Motors Co, Guardian, Apple, GM, Onstar Guardian, Thomson Locations: Detroit , Michigan, U.S, United States, Canada, Onstar
The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. The original vote was led by the Miguel Trujillo Lopez union, an affiliate of the Confederation of Mexican Workers (CTM). A labor ministry report last month showed GM workers in Silao were on track to scrap the contract negotiated by CTM. The head of the Miguel Trujillo Lopez union did not reply to requests for comment. (This story corrects name of union on second reference to make it “Miguel Trujillo Lopez” instead of “Miguel Lopez Trujillo” in last paragraph)Our Standards: The Thomson Reuters Trust Principles.
Persons: Rebecca Cook, Biden, Katherine Tai, Miguel Trujillo Lopez, CTM, Carlos Aceves del Olmo, Luisa Maria Alcalde, “ Miguel Trujillo Lopez ”, “ Miguel Lopez Trujillo ” Organizations: General Motors, REUTERS, General Motors Co, GM, U.S, U.S . Trade Representative, of Mexican Workers, Labor, Labor Ministry, Thomson Locations: Detroit , Michigan, U.S, Mexico, Silao, United States, Canada
The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook/File PhotoGeneral Motors Co (GM.N) expects first-half 2021 financial results to be significantly better than forecast earlier as semiconductor chip deliveries pick up in the second quarter, the automaker said on Thursday. Shares of the company, which restarted operations only recently after factories had been idled due to a global semiconductor chips shortage, were up 3% before the bell. "The global semiconductor shortage remains complex and very fluid, but the speed, agility and commitment of our team... has helped us find creative ways," Phil Kienle, GM vice president North America Manufacturing and Labor Relations said. It had previously told investors it expected adjusted earnings before interest and taxes for the first half to be around $5.5 billion.
Persons: Rebecca Cook, Phil Kienle Organizations: General Motors, REUTERS, General Motors Co, Chevrolet Silverado, GMC Sierra, Chevrolet Colorado, GMC, North America Manufacturing, Labor Relations, Thomson Locations: Detroit , Michigan, U.S, Detroit
(Reuters) - U.S. stocks wavered on Thursday, with tech shares dragging on the S&P 500 and Nasdaq , as investors balanced concerns about inflation and the Federal Reserve reining in stimulus with relief about corporate tax hikes. FILE PHOTO: The New York Stock Exchange is pictured in the Manhattan borough of New York City, New York, U.S., April 16, 2021. The S&P 500 tech sector fell 0.6%. Overall, the S&P 500 is up roughly 12% for the year and within about 1% of its record high. The S&P 500 posted 38 new 52-week highs and no new lows; the Nasdaq Composite recorded 67 new highs and 27 new lows.
Persons: Carlo Allegri, Dow, Joe Biden, , , Gary Bradshaw, pare, Brad Neuman, Ford, advancers Organizations: Reuters, Nasdaq, Federal, New York Stock, REUTERS, Hodges Capital Management, Investors, Dow Jones, Tech, General Motors Co, AMC Entertainment Holdings, AMC, NYSE Locations: Manhattan, New York City , New York, U.S, Dallas, Alger, New York
The New York Stock Exchange is pictured in the Manhattan borough of New York City, New York, U.S., April 16, 2021. REUTERS/Carlo Allegri/File PhotoWall Street's main indexes droppedon Thursday, weighed down by high-growth technology stocks, as a raft of upbeat data indicated a strong economic rebound was underway, fanning fears of rising inflation. read moreISM's survey showed a measure of U.S. services industry activity increased to a record high in May. read moreThe strong data could force the Federal Reserve to pare back its crisis support sooner than expected, despite central bank officials' reassurances to the contrary. read moreDeclining issues outnumbered advancers for a 3.10-to-1 ratio on the NYSE and for a 2.89-to-1 ratio on the Nasdaq.
Persons: Carlo Allegri, pare, Jon Adams, Banks, Ford, advancers Organizations: New York Stock, REUTERS, Federal, BMO Global Asset Management, Apple Inc, Amazon.com Inc, Microsoft Corp, Dow, Dow Jones, Nasdaq, AMC Entertainment, Technology, General Motors Co, NYSE, Thomson Locations: Manhattan, New York City , New York, U.S, Chicago
The New York Stock Exchange is pictured in the Manhattan borough of New York City, New York, U.S., April 16, 2021. REUTERS/Carlo Allegri/File PhotoThe S&P 500 dipped on Thursday as a raft of upbeat data fanned fears of rising inflation, eclipsing reports that President Joe Biden has offered to scrap his proposed corporate tax hike. Apple Inc (AAPL.O), Amazon.com Inc (AMZN.O), Microsoft Corp (MSFT.O) and Alphabet (GOOGL.O) were among the biggest drags on the benchmark S&P 500 as the high-growth stocks, whose future cash flows are discounted when interest rates are higher, fell. read moreDeclining issues outnumbered advancers for a 1.73-to-1 ratio on the NYSE and for a 1.79-to-1 ratio on the Nasdaq. The S&P index recorded 30 new 52-week highs and no new low, while the Nasdaq recorded 55 new highs and 21 new lows.
Persons: Carlo Allegri, Joe Biden, Biden's, Rob Sechan, pare, Sean O’hara, Banks, Ford, advancers Organizations: New York Stock, REUTERS, Dow, Democratic, NewEdge, Federal, Bank of America, Apple Inc, Amazon.com Inc, Microsoft Corp, Dow Jones, Nasdaq, AMC Entertainment, Technology, General Motors Co, NYSE, Thomson Locations: Manhattan, New York City , New York, U.S, headwind
For the full year, GM said it expected pretax profits "at the higher end" of a $10 billion to $11 billion range. GM did not give a precise second quarter or full year forecast, beyond saying it was "optimistic" of hitting the full-year target. GM said "smaller volumes" of other vehicles that have been held back awaiting chips will also be shipped during June and July. However, GM said production at other factories in North America, Asia and South America will be curtailed through June and July. During the second half, GM said it expects semiconductor supplies to recover, allowing for increased production and shipments of vehicles.
Persons: Rebecca Cook Organizations: General Motors, REUTERS, General Motors Co, Detroit, GM, Ford Motor, Stellantis, Chevrolet Silverado, GMC Sierra, Silverado, Colorado, GMC, Thomson Locations: Detroit , Michigan, U.S, North America, New York, United States, China, Flint, Mich, Sierra, German, Mo, Asia, South America
Cruise urges Biden to back autonomous vehicle deployment boost
  + stars: | 2021-06-01 | by ( David Shepardson | ) www.reuters.com + 0.00   time to read: +3 min
The cap, Ammann wrote, "acts as a U.S.-only impediment to building these vehicles at scale in the United States." Senators John Thune and Gary Peters have been working for several years on efforts to ease restrictions on AVs. The NHTSA would need to certify self-driving vehicles exempted are at least as safe as human-driven ones. The auto industry, Alphabet Inc's Waymo (GOOGL.O) and others have been pushing for years to convince Congress to speed self-driving vehicle deployment. read moreIn October, Cruise said it planned to seek NHTSA approval to deploy a limited number of Cruise Origin vehicles without steering wheels or pedals.
Persons: Joe Biden, Cruise, Dan Ammann, Biden, Ammann, John Thune, Gary Peters, Thune, Peters Organizations: Cruise, General Motors Co, Reuters, China, National, Traffic, Administration, NHTSA, AV, GM, Honda, Thomson Locations: U.S, China, United States, California, San Francisco
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
E2open’s acquisition follows a string of tie-ups as logistics software specialists have sought to extend their reach across customers’ supply chains. The Logistics Report won’t publish Monday, May 31, the Memorial Day holiday. (NBC)ABOUT USPaul Page is editor of WSJ Logistics Report. Follow the WSJ Logistics Report team: @PaulPage, @jensmithWSJ and @CostasParis. Follow the WSJ Logistics Report on Twitter at @WSJLogistics.
Persons: Micah Maidenberg, Fran Horowitz, ” — Simeon Siegel, Jennifer Smith, Matt Grossman, Benjamin Katz, Katherine Tai, Andy Jassy, Jeff Bezos, Dow Jones, Paul Page Organizations: U.S, Abercrombie, Fitch Co, BMO Capital Markets, E2open Parent Holdings Inc, BluJay Solutions, SAP, Oracle Corp, Boeing Inc, Boeing, Republicans, . Trade, General Motors Co, Royal Dutch Shell PLC, Costco Wholesale Corp, Bayer AG, Walmart Inc, Inc, Walmart, Tesla, Financial, CNN, Sony Group Corp, Nikkei, Authority, News, Lloyd AG, Container Management, Pacific Rallway Ltd, Canadian National Railway Ltd, Kansas City Southern, Los Angeles International Airport, Logistics, Twitter Locations: Shanghai, Rotterdam, U.S, Connecticut, Malaysia, Nikkei Asia, Suez, Egypt, Long Beach, California, Ryder
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
U.S. consumers borrow more for longer to drive trucks and SUVs
  + stars: | 2021-05-27 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +2 min
REUTERS/Chris Helgren/File PhotoDETROIT (Reuters) - U.S. consumers borrowed more for longer in the first quarter of 2021 so they could drive more expensive trucks and sport utility vehicles, according to a new Experian study of auto credit market trends. At the same time, average credit scores for consumers who financed new and used vehicles are higher, and delinquency rates are lower, indicating a healthy auto credit market overall, the study found. Experian, an information services company, gathers data on consumer and business credit and generates credit scores, among other services. The share of consumers with sub-prime credit scores dropped to a new record low of just over 17%. More than 56% of new vehicles financed in the first three months of 2021 were SUVs, and another 17% were pickup trucks.
Persons: Chris Helgren, , Melinda Zabritski, Experian’s, Experian, ” Zabritski Organizations: General Motors Co, REUTERS, DETROIT, , Toyota Locations: Ingersoll , Ontario, Canada
Total: 25