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Ford-backed battery maker Solid Power to go public via $1.2 billion SPAC deal
  + stars: | 2021-06-15 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
(Reuters) -Solid Power Inc, an electric-vehicle battery maker backed by Ford Motor Co and BMW, said on Tuesday it would go public by merging with a blank-check firm in a deal that values the combined entity at around $1.2 billion. A string of electric-vehicle makers including Lucid Motors, Fisker Inc and Nikola Corp went public through SPAC mergers or have announced plans for the same over the past year. Volkswagen AG-backed battery maker QuantumScape Corp went public through a blank-check merger in a $3.3 billion deal in 2020. The transaction is expected to close in the fourth quarter, after which Solid Power would be listed on the Nasdaq under the new ticker symbol “SLDP”. Stifel, Nicolaus & Co Inc is serving as a financial adviser to Solid Power, while Citigroup Global Markets Inc and J.P. Morgan Securities LLC advised DCRC.
Persons: Neuberger Berman, SPACs, Nikola Corp, QuantumScape Corp, Stifel, DCRC Organizations: Reuters, Power Inc, Ford Motor Co, BMW, Decarbonization, Koch, Riverstone Energy, Van Eck Associates Corporation, Ford, Lucid Motors, Fisker Inc, Nikola, Volkswagen AG, QuantumScape, Nasdaq, Inc, Citigroup Global Markets Inc, Morgan Securities
(Reuters) - The S&P 500 and Nasdaq unofficially finished at record highs on Monday as most traders focused on this week’s Federal Reserve meeting and not on adding to existing positions. While the Fed has reassured that any spike in inflation would be transitory, policymakers could begin discussing the tapering of bond buying at the Tuesday-Wednesday meeting. Materials and financials dragged on the S&P 500 on Monday, while technology and consumer discretionary were in positive territory. Unofficially, the Dow Jones Industrial Average fell 85.52 points, or 0.25%, to 34,394.08, the S&P 500 gained 7.76 points, or 0.18%, to 4,255.2 and the Nasdaq Composite added 104.72 points, or 0.74%, to 14,174.14. The news weighed on special purpose acquisition companies that are trying to merge with electric-vehicle manufacturers, as Lordstown Motors did.
Persons: Carlo Allegri, , Mark Stoeckle, Funds ., financials, Steve Burns, Julio Rodriguez, Tesla, Elon Musk Organizations: Reuters, Nasdaq, Reserve, New York Stock Exchange, REUTERS, Carlo Allegri Investors, Fed, Funds, Dow Jones, Lordstown Motors Corp, Lordstown, Churchill Capital Corp IV, Lucid Motors, Transition Corp Locations: Manhattan, New York City , New York, U.S, , Wyoming
REUTERS/Brendan McDermid/File PhotoThe S&P 500 and Nasdaq eked out record high finishes on Monday, despite most traders being focused on this week’s Federal Reserve meeting and not on adding to existing positions. While the Fed has reassured that any spike in inflation would be transitory, policymakers could begin discussing the tapering of bond buying at the Tuesday-Wednesday meeting. The S&P benchmark (.SPX) has climbed 13.1% this year, while the Dow (.DJI) and the Nasdaq (.IXIC) have risen 12.7% and 9.2%, respectively. "There are a lot of bad companies, but there are some good companies in these SPACs that are going to be good opportunities at some point. The S&P 500 posted 35 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 130 new highs and 24 new lows.
Persons: Brendan McDermid, Mark Stoeckle, Funds ., Steve Burns, Julio Rodriguez, Tesla, Elon Musk Organizations: New York Stock Exchange, REUTERS, Nasdaq, Reserve, Fed, Dow, Dow Jones, Funds, Lordstown Motors Corp, Lordstown, Churchill Capital Corp, Lucid Motors, Transition Corp, Thomson Locations: New York City, U.S, , Wyoming, Proterra
A Tesla logo on a Model S is photographed inside of a Tesla dealership in New York, U.S., April 29, 2016. "The Model S has not been changing a lot in terms of looks over the past almost decade. Musk canceled another variant, Model S Plaid+, which would have had a 33% higher driving range than the Model S Plaid and used advanced battery technology, known as 4680 cells. "The Model S Plaid is definitely intended to help reduce the migration of current Tesla owners out of Tesla," said Ed Kim, vice president at consultancy AutoPacific. Musk has called the Model S Plaid "the fastest accelerating car ever."
Persons: Lucas Jackson, Elon Musk, Tesla, Jessica Caldwell, Edmunds, Ed Kim Organizations: REUTERS, Tesla, Porsche, Mercedes, Benz, Lucid Motors, Plaid, Twitter, Model, Thomson Locations: New York, U.S, Fremont , California
A Tesla logo on a Model S is photographed inside of a Tesla dealership in New York, U.S., April 29, 2016. The launch of the Model S Plaid, which has already been showcased online, has faced delay and some controversy over an expected airplane-style yoke steering wheel. Musk canceled another variant, Model S Plaid+, which would have had a 33% higher driving range than the Model S Plaid and used advanced battery technology, known as 4680 cells. "The Model S Plaid is definitely intended to help reduce the migration of current Tesla owners out of Tesla," said Ed Kim, vice president at consultancy AutoPacific. Musk has called the Model S Plaid "the fastest accelerating car ever."
Persons: Lucas Jackson, Elon Musk, Musk, Tesla, Jessica Caldwell, Ed Kim Organizations: REUTERS, Tesla, Porsche, Mercedes, Benz, Lucid Motors, Tesla's U.S, Volvo, Model, Plaid, Edmunds, Thomson Locations: New York, U.S, Fremont , California
Northvolt logo is pictured in the Northvolt office in Stockholm, Sweden June 14, 2018. REUTERS/Esha Vaish/File PhotoLithium-ion battery maker Northvolt has raised $2.75 billion in equity to expand capacity at the factory it is building in northern Sweden to meet increasing demand for electric cars. The latest fundraising values Northvolt at $11.75 billion, a source familiar with the matter said. Battery makers are scrambling to keep up with demand as carmakers switch to electric in order to reduce planet-warming carbon emissions. Northvolt plans to start production later this year at its factory in the city of Skelleftea.
Persons: Esha, Northvolt, Goldman Sachs, Peter Carlsson, TESLA, Carlsson Organizations: REUTERS, OMERS, Volkswagen, Reuters, IHS, Lucid Motors, LG Chem, BMW, Scania, Thomson Locations: Stockholm, Sweden, Europe, Skelleftea, 40GWh, Swedish, Germany
Companies producing everything from steel to electric cars are planning and building new plants in Southwest states, far from historical hubs of American industry in the Midwest and Southeast. The lure is open land, local tax breaks and a growing supply of tech-savvy workers. The Southwest, comprising Arizona, New Mexico, Texas and Oklahoma, increased its manufacturing output more than any other region in the U.S. in the four years through 2020, according to an analysis by The Wall Street Journal of data from the Bureau of Economic Analysis. Executives say the region’s growing population makes for plenty of available labor, and its lower cost of living is a draw for new talent. “There was only one logical conclusion.”
Persons: , , Peter Rawlinson Organizations: Wall, Bureau of Labor Statistics, Lucid Motors Inc Locations: Southwest, Midwest, Arizona , New Mexico , Texas, Oklahoma, U.S, Nevada, Arizona
Investors are becoming less enthusiastic about EV startups that merged with SPACs. Earlier this year, experts predicted that the surge in electric-vehicle startups going public through mergers with special-purpose acquisition companies, or SPACs, was creating a bubble. It may, though, mark a decline from the peak of investor enthusiasm for SPACs and EV startups. EV companies fall into the "growth" bucket. Big Auto's looking betterAs they begin to doubt EV startups, investors may be changing their tune on the established automakers they were less enthusiastic about in 2020, Hussain said.
Persons: they'll, Nikola, VectoIQ, Canoo, they're, Asad Hussain, Fisker, Avinash Rugoobur, Raymond James, Pavel Molchanov, Molchanov, Boon Sim, Hussain, Ford, EVs, Ford's, Michael Cogley Organizations: SPACs, EV, General Motors, Ford, Lordstown, Securities, Exchange Commission, Churchill Capital Group IV, Lucid Motors, Vanguard, Artius Capital Partners, Giants, Volkswagen, GM Locations: Europe
4 Trends Fueling the Electric Car Startup Golden Age
  + stars: | 2021-05-25 | by ( Jerry Hirsch | ) www.businessinsider.com + 0.00   time to read: +9 min
Until, that is, Tesla Motors swapped an electric powertrain for the gas engine and built itself from an upstart into the world's most valuable automaker. Rivian, Lucid Motors, Fisker, Bollinger Motors, Faraday Future, Lordstown Motors, and Workhorse Group are all already building electric vehicles or plan to launch production over the next year or so. They're betting on ushering in a golden age for automotive startups, thanks to a combination of factors that end a century of Big Auto dominance. Apple is researching electric car technology and has reached out to potential partners such as Hyundai, according to the South Korean automaker. Nearly every analyst agreed that despite the favorable environment, many automotive startups will still fail.
Persons: Tucker, Frazer, Avanti, aren't, Gary Silberg, Herbert Diess, Ford, Jim Farley, Silberg, General Motors, Rivian, Faraday, Brett Smith, Smith, Henrik Fisker, Aston Martin, Fisker, They've, Simon Sproule, Sam Abuelsamid, Tesla Organizations: EV, DeLorean, Kaiser, Tesla Motors, Lucid Motors, Fisker, Bollinger Motors, Faraday, Lordstown Motors, KPMG, Volkswagen, Detroit Free Press, General, Motors, MediaNews, Getty, Apple, Hyundai, South Korean, Center for Automotive Research, Lordstown, BMW Designworks USA, Bollinger, Magna International Inc, Big Auto, Guidehouse, Natural Resources Defense Council Locations: American, Los Angeles, SPACs, Ann Arbor , Michigan, California, Texas
Churchill Capital Corp. IV stock fell dramatically after its 300% ascent earlier this year. Hedge funds like Blackstone and BlueCrest sold their stakes entirely, while Coatue bought shares. The Michael Klein-backed Churchill Capital Corp. IV, once a darling of the SPAC market, encapsulates its recent crash back down to earth in the past two months. Dozens of hedge funds and money managers have pumped millions into SPACs thanks to a structure that essentially sets a floor price for shares. Churchill Capital Corp. IV was no exception, with names like Millennium, Citadel, and Blackstone comprising its investor base as of the end of last year.
Persons: BlueCrest, Coatue, Michael Klein Organizations: Churchill Capital Corp, Lucid, Blackstone, New York Stock Exchange, Lucid Motors, Citadel, Sculptor Capital
Arizona has rapidly become an epicenter for electric vehicle and self-driving tech, and it's now the site of three big new semiconductor factories as the U.S. struggles to increase production during the global chip shortage. The Arizona Commerce Authority says it helped 634 companies relocate or expand in Arizona between 2015 and 2020. Big names include Intel, Taiwan Semiconductor Manufacturing Co. and electric vehicle companies Lucid Motors, ElectraMeccanica, Nikola and Atlis Motor Vehicles. Watch the video to hear from Gov. Doug Ducey, big companies, and Arizonans about why the tech boom is happening and how it's changing the state.
Persons: it's, Nikola, Doug Ducey Organizations: Arizona Commerce Authority, Intel, Taiwan Semiconductor Manufacturing Co, Lucid Motors, ElectraMeccanica, Atlis, Vehicles, Phoenix, Gov Locations: Arizona, U.S, State
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow Arizona became a hotbed of electric vehicle and microchip manufacturingArizona has rapidly become an epicenter for electric vehicle and self-driving tech, and it's now the site of three big new semiconductor factories as the U.S. struggles to increase production during the global chip shortage. In 2020, Phoenix attracted more residents than any other U.S. city for the fourth year in a row. CNBC asked Gov. Doug Ducey, Arizonans, and big companies like Intel and Lucid Motors why the tech boom is happening and how it's changing the state.
Persons: it's, Doug Ducey Organizations: Phoenix, CNBC, Intel, Lucid Motors Locations: Arizona, U.S
Lucid Motors CEO on going public, revenue projections
  + stars: | 2021-05-11 | by ( ) www.cnbc.com sentiment -0.84   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLucid Motors CEO on going public, revenue projectionsCNBC's "TechCheck" team discusses electric vehicles and the outlook for the sector with Lucid Motors CEO Peter Rawlison.
Persons: Peter Rawlison Organizations: Lucid Motors
The analyst sees robust demand in China driving the electric vehicle maker higher. Ives also said the global semiconductor chip shortage will only be a temporary setback. Tesla could roar higher in 2021 as demand looks strong so far and the global semiconductor chip shortage will only be a temporary setback for the EV giant. But Ives said that Tesla remains the leader in the market, and underlying consumer demand looks robust in China and Europe. The analyst estimated that Tesla appears to be able to comfortably exceed 200,000 delivery units in the second quarter, even factoring in the chip shortage.
Persons: Wedbush's Dan Ives, Ives, Tesla, Elon Musk, Nikola Organizations: Tesla, SNL, Lucid Motors, Ford, Volkswagen, EV, Lordstown Motors Locations: China, Europe
Tesla competitors Lucid Motors, Ford, and Volkswagen advertised during CEO Elon Musk's "SNL" gig. Lucid used the hashtag "#Firstto500," saying its EV will have more range than Tesla's top model. Lucid Motors, Ford, and Volkswagen each advertised their electric vehicles during the NBC broadcast, according to multiple reports. Volkswagen advertised its VW ID.4, while Ford advertised its Mustang Mach-E, according to USA Today. Insider reached out to Tesla, Lucid Motors, Ford, and Volkswagen for comment.
Persons: Elon Musk's, Lucid, Musk, Elon Musk, I've, it's, We're, Tesla Organizations: Lucid Motors, Ford, Volkswagen, NBC, VW, USA, Fox Business, CNET, Tesla, Motors
The art of the SPAC: from sublime to ridiculous
  + stars: | 2021-05-06 | by ( ) www.reuters.com + 0.00   time to read: +3 min
More than 300 U.S. special-purpose acquisition companies have listed already in 2021, according to Refinitiv, outpacing previous records at this stage in a calendar year by more than 10-fold. Breakingviews has written about blank-check companies since the SPAC equivalent of the Renaissance – the mid-2000s. SPAC artists, known as sponsors, and their early investor patrons are super-eager to find corporate targets as soon as possible after their own initial public offerings make them flush with cash. The U.S. Securities and Exchange Commission is just beginning to up its game in authenticating SPAC deals. - In the same period, SPACs have completed 130 mergers worth almost $290 billion, versus 12 deals worth almost $8 billion last year.
Persons: Matthew Weber, Chris Helgren, Breakingviews, Serena Williams –, authenticating SPAC, Jeff Koons Organizations: REUTERS, Nikola, Lucid Motors, U.S . Securities, Exchange Commission, authenticating Locations: Refinitiv
Lucid Motors appoints former Waymo executive as CFO
  + stars: | 2021-05-05 | by ( Reuters Staff | ) www.reuters.com + 0.95   time to read: 1 min
FILE PHOTO: The Lucid Air speed test car is displayed at the 2017 New York International Auto Show in New York City, U.S. April 13, 2017. REUTERS/Andrew Kelly(Reuters) - Luxury electric vehicle maker Lucid Motors said on Wednesday it has named Sherry House, a former executive from Alphabet Inc’s self-driving unit Waymo, as its chief financial officer. The announcement comes at a time Lucid is planning to go public by merging with a blank check company, a move that indicated a market capitalization of $56 billion. House, who was the treasurer and head of investor relations in Waymo, will also help Lucid to transition to a publicly traded company and launch its first luxury sedan, Lucid Air, according to the company.
Persons: Andrew Kelly, Sherry House Organizations: New York, Auto, REUTERS, Reuters, Lucid Locations: New York City, U.S, Waymo
A 2017 lawsuit shows how Lordstown Motors banked some pre-orders for its upcoming pickup truck. Lordstown Motors has been commissioning pre-orders for yearsThe idea for Lordstown Motors originated at Workhorse Group. A Lordstown spokesperson would not confirm whether signatures gathered by Workhorse Group in 2016 are part of that total. During his time at the company, Esfeld was paid commissions for 3,050 vehicle pre-orders, from companies including Duke Energy and American Electric Power. Workhorse Group, Lordstown Motors, and Climb2Glory did not respond to requests for comment from Insider.
Persons: Lordstown, Michael Ramsey, Lordstown's, Tesla, Ramsey, Steve Burns, Burns, Jeffrey Esfeld, Esfeld, Ryder, Nick Carey, Climb2Glory, I've, Asad Hussain, Nikola, Elon Musk, Hussain, Trevor Milton, Mark Matousek Organizations: Endurance, Lordstown, Hindenburg Research, EVs, EV, Lordstown Motors, Lucid, Duke Energy, American Electric Power, Amazon, Rivian, Lordstown's, Lucid Motors, Hindenburg, Securities and Exchange Commission Locations: Lordstown
The Resolution Copper exploratory mine shaft 10 facility and rehabilitated Magma Mine shaft 9 in Superior, Arizona, U.S., March 30, 2021. “It would absolutely devastate us if this mine doesn’t open.”In halting the project, Biden reversed a decision by predecessor Donald Trump that would have given Rio land for the mine. The ongoing fight pits conservationists and Native Americans against local officials and residents who support its economic benefits. The Arizona dispute centers on Oak Flat Campground, which some Apache consider home to deities known as Ga’an. Biden is expected to decide later this spring on whether to give Rio the land for the mine.
Persons: Darrin Lewis, Caitlin O'Hara Rio, Joe Biden, Lewis, , Biden, Donald Trump, Obama, Rio, Wendsler Nosie, San Carlos Apache, Nosie, Vicky Peacey, Mila Besich, “ We’re, Nikola Corp, That’s, Besich, Steve Estatico, “ Rio’s, ” Besich, Terry Rambler, Bold Baatar, ” Baatar, San Carlos Apache’s, Alvena Bush, Henry Munoz Organizations: Tinto Plc, REUTERS, Lewis’s, Lumber, Apache, San Carlos Apache, Apaches, Democrat Biden, Republican, , Democrat, Mining, McMoRan Inc, BHP Group Plc, Magma, BHP, Tesla Inc, Nikola, Lucid Motors, San, Rio, U.S ., Reuters, U.S . Forest Service Locations: Arizona, Superior , Arizona, U.S, Rio, San Carlos, Australia, United Kingdom, Superior, Freeport, Superior’s
Goldman Sachs Profit Rises Sharply on Strong Trading, Dealmaking
  + stars: | 2021-04-14 | by ( Peter Rudegeair | ) www.wsj.com + 0.96   time to read: +1 min
Goldman Sachs Group Inc. reported sharply higher profits for the first quarter, benefiting from a turbocharged market and an economic recovery. Goldman posted a quarterly profit of $6.84 billion, or $18.60 a share, on revenue of $17.7 billion. The first three months of 2021 were a frenetic period for banks’ capital markets and trading arms. Trading revenue rose 47% from a year ago to $7.6 billion. Shares in Goldman have risen 24% since the start of 2021 and hit an all-time high of $348.81 last month.
Persons: Goldman, FactSet Organizations: Goldman Sachs, Inc, Social Finance Inc, Lucid Motors, Goldman
A white-hot SPAC market and regulatory scrutiny might make some potential investors think twice. The white-hot SPAC market got even hotter earlier this week on news that Softbank-backed Grab is merging with Altimeter Growth Corp. in a record-setting $39.6 billion deal. "There are going to be some great companies that go public through the SPAC market. It might be a great company, it might be the next Tesla, but it just wasn't at that point in time worth $60 a share." So what should SPAC investors do?
Persons: Mike Murphy, SPACs, Murphy, It's, it's, Churchill Capital IV, IV, Churchill IV Organizations: SPAC Research, Rosecliff Ventures, Murphy's Rosecliff Venture Management, SEC, Apple, Churchill Capital, Lucid Motors, Churchill, Retail, that's Locations: SPACs
Breakingviews - Capital Calls - Autonomous trucks hit the IPO road
  + stars: | 2021-04-07 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
A partially self driving Uber semi truck at the Mcity autonomous vehicle testing facility in Ann Arbor Michigan, U.S., September 12, 2017. Lately, every startup with an eye on the automotive future seems to have sold itself to a blank-check company. TuSimple, an autonomous trucking startup, is on a different road: It filed on Wednesday to raise around $1 billion in an old-school initial public offering. Maybe TuSimple wants to give itself a sterner test. Or maybe its focus on autonomous driving for fossil-fuel powered trucks, rather than trendy electric ones, forced it in that direction.
Persons: Joseph White, Nikola, TuSimple, SPACs, Lauren Silva Laughlin Organizations: REUTERS, Joseph White NEW, Reuters, Lucid Motors Locations: Ann Arbor Michigan, U.S
WeWork takes SPAC route to go public in $9 billion deal
  + stars: | 2021-03-26 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +2 min
FILE PHOTO: A man walks out of a WeWork space in the Manhattan borough of New York City, New York, U.S., October 4, 2019. REUTERS/Carlo Allegri(Reuters) - WeWork has agreed to go public through a merger with blank-check firm BowX Acquisition Corp, in a deal that values it at $9 billion, the office-sharing startup said on Friday. WeWork will fetch $1.3 billion in cash from the latest deal, including $800 million in private investment from Insight Partners, funds managed by Starwood Capital Group, Fidelity Management and others, the Journal reported. A SPAC is a shell firm that uses proceeds from a public listing to buy a private firm and WeWork is the latest in a slew of high-profile companies that have taken this route to the markets. Tesla Inc’s rival Lucid Motors and Richard Branson-led Virgin Galactic Holdings Inc too have chosen SPAC mergers over traditional IPOs.
Persons: Carlo Allegri, WeWork, Adam Neumann’s, Goldman Sachs, Richard Branson Organizations: REUTERS, BowX, SoftBank Group, Reuters, Insight Partners, Starwood Capital Group, Fidelity Management, Lucid Motors, Virgin Galactic Holdings Inc Locations: Manhattan, New York City , New York, U.S, United States
When the Lucid Air luxury sedan EV hits the market in 2022, it's expected to break records. Exterior of the Lucid Air sedan, which debuted Sept. 9, 2020 as the company's first production vehicle. A design sketch of the Lucid Air from the team led by vice president of design Derek Jenkins. Source: Lucid MotorsWhat inspired you to join an electric car start-up after over 20 years of working for traditional automakers? Derek Jenkins vice president of design, Lucid MotorsWhy Lucid?
Persons: it's, Derek Jenkins, Jenkins, He'd, Peter Rawlinson, Lucid, Churchill Capital IV, Churchill, Peter [ Rawlinson, Lucid's, Tesla, , there's, You've, I've, There's, James Bond Organizations: Audi, Volkswagen, Mazda, Mazda North, Formula, Churchill Capital, CNBC, E, Lucid, VW, Art, National Motor Museum, Motors Locations: Mazda North America, California, Arizona, Orange County, Newport Beach
Hedge funds have made $40 million wagering against three of his SPACs amid soaring short interest. IPOF has seen short interest soar 5,202% or $15 million. Short interest on IPOE, which announced a deal to merge with online lender Social Finance, bounced 4,981% or $343 million during the same period, the S3 Partners data shows. Hedge funds have been some of the largest SPAC IPO investors during the blank-check company boom because of the low-risk and high-return attributes of SPACs. While big institutional investors and hedge funds can get access to the $10 shares, retail investors have to buy shares in the market.
Persons: Chamath Palihapitiya, , Ihor Dusaniwsky, haven't, IPOF, IPOE, Palihapitiya, IPOs, SPACs, Opendoor, Patrick O'Shaughnessy's, it's, Michael Klein, Shorting SPACs, shorting SPACs, Julian Klymochko, there's, Klymochko Organizations: Wall, Capital Hedosophia Holdings Corp, Social Capital Hedosophia Holdings Corp, Social, Partners, Social Finance, S3 Partners, IPOF, Social Capital, Research, Facebook, Virgin Galactic, Clover Health, SEC, Churchill, Citigroup, EV, Lucid Motors, SPAC Research, Hindenburg Research, US Justice Department, IPOE
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