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Search resuls for: "Canoo"


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☆ Electric vehicle makers burning cash, slammed by sky-high costs
  + stars: | 2022-11-14 | by ( Akash Sriram | ) www.reuters.com   time to read: +5 min
[1/2] A Canoo Lifestyle Vehicle is displayed during the 2021 LA Auto Show in Los Angeles, California, U.S. November, 17, 2021. Quarterly reports from electric vehicle (EV) makers from the past two weeks show them struggling to hit delivery targets and rapidly burning through cash. At the end of September, it had $6.8 million in cash and equivalents, down sharply from $415 million a year earlier. Still, higher output would ultimately reduce the cost per car and limiting production can threaten the path to profitability, analysts said. Rivian, backed by Amazon.com (AMZN.O) and Ford Motor (F.N), had $13.8 billion cash on hand at the end of September.
☆ 4 auto experts share their takeaways from 3rd-quarter woes at Rivian, Lucid, and Canoo — and what they expect for the end of 2022
  + stars: | 2022-11-10 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com   time to read: +7 min
The electric-vehicle startups Rivian, Lucid, and Canoo released third-quarter results this week. Rivian and Lucid each made progress toward their production goals for the year and steadily increased customer deliveries. Canoo has yet to make any production vehicles. After it closed the gap in the second quarter, Rivian's pace of deliveries again fell behind production by 779 vehicles. Lucid underwent some changes in the third quarter following a rough second quarter.
☆ Stocks making the biggest moves after hours: Bumble, Rivian, Dutch Bros, FICO and more
  + stars: | 2022-11-09 | by ( Alex Harring | ) www.cnbc.com   time to read: +2 min
Bumble – The dating app company plummeted 15% after it reported third-quarter revenue below Wall Street's expectations, according to StreetAccount. FICO – Shares of the analytics company jumped 10% after it beat StreetAccount's expectation for per-share earnings and revenue when reporting fourth-quarter earnings after the bell. ZipRecruiter – The stock popped nearly 15% after the job marketplace beat StreetAccount's estimates for third-quarter per-share earnings and revenue. Dutch Bros – Shares of the coffee chain added 5% after Dutch Bros posted beats on the top and bottom lines, according to Refinitiv. Canoo – The stock added 3.4% after the electric vehicle company posted smaller per-share earnings and adjusted EBITDA losses than expected, according to StreetAccount.
☆ Canoo to build battery manufacturing facility in Oklahoma
  + stars: | 2022-11-02 | by ( ) www.reuters.com   time to read: +1 min
Nov 2 (Reuters) - Electric vehicle startup Canoo Inc (GOEV.O) said on Wednesday it would build a battery manufacturing facility at Pryor in Oklahoma with a capacity of 320 Megawatt hours production. The company's Pryor facility will make proprietary battery modules, energy management system and thermal control technology, CEO and Chairman Tony Aquila said. Canoo added it will be the first electric vehicle company to produce battery modules using hydro-power from the Grand River Dam Authority. The company's new battery manufacturing facility will be in the same industrial park as its future "MegaMicro" factory, Canoo said. Canoo last year announced Panasonic Holdings Corp (6752.T), which also supplies battery cells to Tesla Inc (TSLA.O), will be its provider for manufacturing battery packs.
☆ Insiders say morale 'sucks' at electric-vehicle startups like Rivian and Lucid — and it could be a death blow for struggling Tesla wannabes
  + stars: | 2022-10-01 | by ( Alexa St. John | ) www.businessinsider.com   time to read: +8 min
As EV startups face a storm of troubles, many employees say they're losing faith in the mission. "They kept saying, 'Tesla, Tesla, the next Tesla,'" a now former supervisor at the electric-vehicle startup said. Canoo has lost several key leaders, as have Xos, Lucid, and others. Some current and former startup workers said they had a continued appetite for industry opportunities. Are you a current or former EV startup employee?
☆ 2023 will be critical for Lucid's bid to one-up Tesla — and it will have to overcome its production constraints and a sinking stock price
  + stars: | 2022-05-05 | by ( Alexa St. John | ) www.businessinsider.com   time to read: +10 min
Based in Newark, California, EV startup Lucid Motors has been racing to up its production in 2022. Much like many other EV upstarts, Lucid's stock has dropped around 80% this year. Quality control may prove vital for any EV startup trying to outdo Tesla. He's determined to lead in the same space that's seen the rise and fall of other EV startups, such as Nikola, Lordstown, and Faraday Future. Churchill Capital IV soars 33% after report says the SPAC is nearing a deal to take EV-maker Lucid Motors publicAre you a current or former Lucid employee?
☆ Giants like Amazon, Walmart, and FedEx are desperate for electric delivery vans. Here are 7 hot names racing to win them over and lead in the projected $370 billion market.
  + stars: | 2022-02-14 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com   time to read: +10 min
Major players like Amazon, UPS, and FedEx are driving demand for electric delivery vehicles. Here's a look at seven new names tapping into the red-hot commercial electric-vehicle sector, according to industry experts. The Walmart order was especially noteworthy, as budding commercial electric-vehicle players race to win contracts with the world's largest e-commerce giants. RivianThe EV startup Rivian began turning heads in 2019 when Amazon announced it was ordering 100,000 of its electric delivery vans. Lightning eMotors recently struck a deal to electrify certain General Motors medium-duty truck platforms that can be used for buses, delivery trucks, and work trucks.
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