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☆ How a New York short-seller took on one of the world's richest people, wiped out $150 billion in market value, and barely made any money
▼ + stars: | 2024-07-06 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +10 min

Read previewNate Anderson, the chief mind behind activist short-seller Hindenburg Research, has had an eventful past 18 months. AdvertisementDetailed below is the considerable back-and-forth that's taken place since Hindenburg's initial shot across the bow of Adani Group. It cited "numerous examples"of those companies funneling money through private companies owned by Adani, before cash was set to Adani's listed public companies. AdvertisementThe short-seller's investigation also found Adani's private and public companies to have "numerous" undisclosed transactions with other parties, the researchers found, which violates regulatory laws in India. Conflict over Hindenburg's short-selling arrangementIndian regulators have raised specific questions about the structure of Hindenburg's short bet on Adani Group.

Persons: —, Nate Anderson, Gautam Adani, Hindenburg, it's, Anderson, Gautam, Hindenburg's, Adani, SEC —, Kingdon, who's, he's, Nikola, Carl Icahn Organizations: Service, Hindenburg, Business, Group, Adani, Adani Group, Hindenburg Research, The Securities, Exchange Board, SEC, Kingdon Capital Management, Regulators, Lordstown Motors, Icahn Enterprises, New York Times, Times, charlatans Locations: India, Manhattan, Adani, New York

☆ Fisker files for bankruptcy protection in wave of EV startups, moment of déjà vu for its founder
▼ + stars: | 2024-06-18 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

Henrik Fisker stands with the Fisker Ocean electric vehicle after its unveiling at the Manhattan Beach Pier ahead of the Los Angeles Auto Show and AutoMobilityLA in Manhattan Beach, California. The new filing comes after the Fisker company failed to secure an investment from a big automaker to keep afloat. The automaker, unlike most of its peers, contracted a third-party manufacturer to build the Fisker Ocean crossover. Déjà vuFor Henrik Fisker, a renowned automotive designer credited with designing the BMW Z8 and Aston Martin DB9, it's déjà vu. His first namesake company – Fisker Automotive – filed for bankruptcy protection in 2013, shortly after he left the company.

Persons: Henrik Fisker, Patrick T, Fallon, Fisker, Nikola, Faraday, It's, Henrik Fisker's, Tesla, Sam Abuelsamid, Magna, Abuelsamid, Geeta Gupta, Gupta, Stephanie Valdez Streaty, Aston Martin, – Organizations: Manhattan, Los Angeles Auto, AFP, Getty, Lordstown Motors, Guidehouse, Software, U.S, Canadian, Apple, Adobe, SAP America, Manpower, Systems, CNBC, Cox Automotive, Fisker, Inc, BMW Z8, Aston, Aston Martin DB9, China's Wanxiang Locations: Manhattan Beach , California, EVs, U.S, North America, Europe

☆ SEC to vote today on tough new rules for blank-check 'SPAC' companies
▼ + stars: | 2024-01-24 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

"Functionally, the SPAC target IPO is being used as an alternative means to conduct an IPO," Gensler said in a March 2022 statement on the proposed regulations. SPACs: Much more disclosures will be requiredThe new rules will: 1) Expand disclosure requirements regarding SPAC sponsors, SPAC sponsor compensation, conflicts of interest, dilution, and the target company. After a blank-check SPAC goes public, it will usually announce within two years the acquisition of a target company, which is known as a de-SPAC transaction. It would, for example, make the target company legally liable for any statement made about future results by assuming responsibility for disclosures. The SPAC market has already collapsed2020 and 2021 were record years for SPAC IPO filing.

Persons: Gary Gensler, Tom Williams, Gensler, He's, Forbes Organizations: Financial, Securities and Exchange Commission, Cq, Inc, Getty, The Securities, Exchange Commission, SEC, IPOs, Bloomberg, Lordstown Motors Locations: Rayburn, SPACs

☆ Elon Musk hypes Tesla Cybertruck at deliveries event in Austin
▼ + stars: | 2023-11-30 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +2 min

At that event, Musk boasted, "It will be the biggest product launch of anything by far on Earth this year." At the event in Austin, Musk said the Cybertruck's hard steel body was bulletproof, and that its windows were "rock proof." Tesla first unveiled the Cybertruck — with its angular and unpainted hard steel body — in November 2019. The covid pandemic and other factors contributed to a two-year delay however, and Tesla only began early Cybertruck production in July this year. The U.S. electric pickup truck market has not expanded as quickly as some thought when the Cybertruck was initially revealed.

Persons: Elon Musk, Musk, Tesla, Rivian, CNBC's Mike Wayland Organizations: Ford, General Motors, Lordstown Motors, GM, CNBC PRO Locations: New York, Austin, U.S

☆ Management of bankrupt Volta Trucks seeking buyer - source
▼ + stars: | 2023-10-19 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

A Volta Zero electric truck is seen during the 2023 Munich Auto Show IAA Mobility, in Munich, Germany, September 6, 2023. REUTERS/Angelika Warmuth Acquire Licensing RightsCompanies Volta Trucks AB FollowLONDON, Oct 19 (Reuters) - The management of bankrupt electric truck maker Volta Trucks is urgently seeking a buyer to take the company out of administration and help it complete the ramp-up to mass production, a source familiar with the issue told Reuters. The startup had picked a factory in Austria to make its trucks and had been working toward mass production. Representatives of executives at Alvarez & Marsal Europe (A&M), who have been appointed as bankruptcy administrators for Volta Trucks' UK operations, could not be reached for comment. A few, including EV parts supplier Proterra and electric pickup truck maker Lordstown Motors, have begun bankruptcy proceedings.

Persons: Angelika Warmuth, Nick Carey Organizations: REUTERS, Volta, Reuters, Volta Trucks, Management, Alvarez, Marsal Europe, EV, Lordstown Motors, Thomson Locations: Munich, Germany, Sweden, United Kingdom, Austria

☆ Lordstown Motors ex-CEO approved to buy company assets for $10 mln
▼ + stars: | 2023-10-18 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

Lordstown Motors logo and decreasing stock graph are seen in this illustration taken, May 2, 2023. REUTERS/Dado Ruvic/File Photo Acquire Licensing RightsNEW YORK, Oct 18 (Reuters) - Electric vehicle company Lordstown Motors received U.S. bankruptcy court approval Wednesday to sell its manufacturing assets to a new company affiliated with its founder and former CEO Stephen Burns for $10.2 million. LAS Capital, majority-owned by Burns, will acquire Lordstown's intellectual property, business records, and machinery including assembly lines for electric vehicle motors and batteries. The sale does not include any rights to pursue legal claims against Lordstown's directors, officers or equity owners, which will remain with the bankrupt company, Lordstown Motors' attorney David Turetsky said at the court hearing. Several investor groups have already brought claims against Lordstown and its directors, alleging that the electric truck startup misled consumers and investors about its ability to ramp up electric vehicle production.

Persons: Dado, Stephen Burns, Burns, Mary Walrath, David Turetsky, Apple's, Jennifer Madden, Madden, Foxconn, Lordstown, Lordstown's, Julio Rodriguez, Dietrich Knauth, Alexia Garamfalvi, David Evans Organizations: REUTERS, Lordstown Motors, LAS Capital, Lordstown, Hai Precision Industry, LAS, U.S . Department of Transportation, Foxconn, Capital, Thomson Locations: Wilmington , Delaware, Delaware, Taiwan's, Lordstown, Ohio

☆ Taiwan’s Foxconn to build ‘AI factories’ with Nvidia
▼ + stars: | 2023-10-18 | by ( Eric Cheung | ) edition.cnn.com time to read: +5 min

Taipei CNN —Taiwan’s Foxconn says it plans to build artificial intelligence (AI) data factories with technology from American chip giant Nvidia, as the electronics maker ramps up efforts to become a major global player in electric car manufacturing. Foxconn Chairman Young Liu and Nvidia CEO Jensen Huang jointly announced the plans on Wednesday in Taipei. The duo said the new facilities using Nvidia’s chips and software will enable Foxconn to better utilize AI in its electric vehicles (EV). Nearly 14 million electric cars will be sold in 2023, it projected. REUTERS/Ann Wang Ann Wang/ReutersDuring last year’s tech day, Liu told reporters that the company hoped to build 5% of the world’s electric cars by 2025.

Persons: Taipei CNN — Taiwan’s Foxconn, Young Liu, Jensen Huang, ” Huang, “, ” Liu, Foxconn, ”, Kylie Huang, Ann Wang Ann Wang, Liu, Chiang Shang, TSMC, Jun Seki, Bill Russo, Automobility, Tesla, ‘ I’m, ’, ” Hanna Ziady Organizations: Taipei CNN, Nvidia, Foxconn, Global, International Energy Agency, Hai Technology Group, Daiwa, Tech, REUTERS, Reuters, Lordstown Motors, General Motors, EV, Nissan Motor, Infineon Technologies Locations: Taipei, Taiwan, Kaohsiung, EVs, Ohio, Chiang, German, Shanghai

☆ Lordstown Motors, the Troubled EV Startup, to Sell Assets to Ex-CEO
▼ + stars: | 2023-09-30 | by ( Sean Mclain | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones, 763f3ac1

☆ Trump claims to be pro-worker. His record says he’s anti-union
▼ + stars: | 2023-09-27 | by ( Chris Isidore | ) edition.cnn.com time to read: +8 min

New York CNN —Donald Trump arrives in Michigan Wednesday with a lot more support among blue collar union members than a lot of Republican presidential candidates before him. The Trump Supreme Court also issued a devasting ruling against public sector unions, which represent almost as many union members as found at private businesses. The state gained 1,800 auto jobs from February 2021, Biden’s first month in office, through February of this year. And Trump urged UAW members to stop paying their union dues. They’re predominantly anti-abortion,” said Brian Pannebecker, a staunch Trump supporter and president of Auto Workers for Trump.

Persons: Donald Trump, “ He’s, ”, Cathy Creighton, Clinton, he’s, Biden, Neil Gorsuch, Trump, Mary Barra, Biden’s, Crooked Joe Biden, they’re, they’ve, You’re, Shawn Fain, Fain, ” Fain, “, “ It’s, Jason Miller, autoworkers, Wheaton, EVs, ” Wheaton, Todd Vachon, Brian Pannebecker, – CNN’s Kristen Holmes, Alayna Treene, Daniel Strauss Organizations: New, New York CNN, National Labor Relations Board, Cornell University’s, Industrial and Labor Relations, Biden NLRB, Trump Supreme, Trump, GM, Lordstown Motors, North American Free Trade, Bureau of Labor Statistics, UAW, United Auto Workers, General Motors, Ford, Drake Enterprises, Labor, Crooked, Biden, Michigan, CNN, Trump Trump’s, ” Trump, Rutgers University, Auto Workers Locations: New York, Michigan, Buffalo , New York, Lordstown , Ohio, Youngstown, Mexico, Macomb County, Detroit, China, Buffalo . Wheaton

☆ UAW leader condemns Trump ahead of Michigan visit during union strike
▼ + stars: | 2023-09-27 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

United Auto Workers (UAW) President, Shawn Fain addresses picketing UAW members at a General Motors Service Parts Operations plant in Belleville, Michigan, on September 26, 2023, as US President Joe Biden joined the workers. "President Trump will be in Michigan talking with union workers and ensuring American jobs are protected. "Our focus right now is 100% on getting a great agreement for our members," Fain told CNN. Former U.S. President Donald Trump gestures during a rally in Warren, Michigan, U.S., October 1, 2022. But UAW members have previously attended and participated in Trump's events in Michigan.

Persons: Shawn Fain, Joe Biden, Jim Watson, Donald Trump, Trump's, Fain, Trump, Crooked Joe Biden, Steven Cheung, Biden, Joe, there's, Hilary Clinton, Melania, Michael Fabian, Rich Schmidt, Carlos Barria Organizations: United Auto Workers, UAW, General Motors Service, Operations, Afp, Getty, DETROIT, Republican, Drake Enterprises, CNN, Trump, Biden, General Motors, Ford Motor, Former U.S, Chery, Reutersm, EVs, GOP, Trump's, Democratic, Lordstown Motors, White Locations: Belleville , Michigan, Michigan, Detroit, Warren , Michigan, U.S, Dieu, Macomb County , Michigan, Ohio, Washington , U.S

☆ MacroMavens' Stephanie Pomboy sounds the alarm on corporate bankruptcies, warning it could herald financial catastrophe
▼ + stars: | 2023-09-12 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

Economist Stephanie Pomboy has warned of the economic risks signaled by rising corporate bankruptcies in the US. First-half US corporate bankruptcies surged to the highest level since 2010, per S&P data. "It's really something, listening to johnny-come-latelys parroting my talking points on corporate bankruptcies (which none of them saw coming 6 mo's ago). If they did, they'd be calling for a fiscal & monetary response that makes 2008-9 look like peanuts," Pomboy wrote. This is not the first time Pomboy has raised concerns of looming economic and market risks in 2023.

Persons: Stephanie Pomboy, Mavens, they'd, Pomboy Organizations: Service, P Global Market Intelligence, Valley, Bed, Lordstown Motors, Mediamath Holdings, Federal Reserve Locations: Wall, Silicon

☆ Two neighboring Ohio factories - one new, one closed - could tell the future of US auto industry
▼ + stars: | 2023-09-09 | by ( Chris Isidore | ) edition.cnn.com time to read: +8 min

The Lordstown plant opened in 1966; GM closed it just months before its contract with the UAW expired in 2019. The former GM plant in Lordstown, Ohio. The Ultium plant, just over a third of the size of the closed Lordstown plant, started building batteries last August. Justin Brown’s father worked at the Lordstown plant for nearly nearly 50 years; Brown, for 10 years. Some Ultium workers said they took the lower-paying job with the expectation that they would someday make GM-level pay.

Persons: Lordstown, ”, David Green, Foxconn, Fisker, Chris Isidore, isn’t, Eric Manaro, “, EVs, Ultium, autoworkers, “ It’s, Justin Brown’s, Brown, “ I’m, George Goranitis, it’s Organizations: Ohio CNN, Lordstown Assembly, Pentagon, Motors, United Auto Workers, GM, UAW, EV, Lordstown Motors, CNN, Ohio Turnpike, ”, LG, Ultium, Ford, “, General Motors, Big Locations: Lordstown, Ohio, It’d, Indiana, Lordstown , Ohio, Missouri, Spring Hill , Tennessee, Spring, Ultium

☆ Tesla's Shanghai factory hits 2 mln car production milestone
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: 1 min

Charged category · September 5, 2023Bankrupt electric vehicle manufacturer Lordstown Motors has proposed to pay nothing for Taiwan's Foxconn's preferred equity shares, saying it will prioritize other shareholders if an ongoing sales effort generates enough cash to repay other debts.

Persons: Taiwan's Foxconn's Organizations: Lordstown Motors

☆ Bankrupt Lordstown Motors proposes zero payment for Foxconn shares
▼ + stars: | 2023-09-05 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

Lordstown Motors and Foxconn logos are seen in this illustration taken, May 2, 2023. Even if the sale generates enough money for a shareholder payout, Lordstown proposed to pay nothing to the 300,000 preferred equity shares held by its estranged former business partner Foxconn. Lordstown alleged that Foxconn purchased only $30 million of the $100 million in preferred equity shares contemplated by the disputed investment agreement. Foxconn also purchased $22.7 million of Lordstown's common shares, owning about 8.4% of the company's equity, according to court documents. Foxconn had asked a U.S. bankruptcy judge to dismiss Lordstown's bankruptcy, a request that the judge denied on Aug. 28.

Persons: Dado Ruvic, Taiwan's Foxconn's, Lordstown, Karma, Foxconn, Dietrich Knauth, Alexia Garamfalvi, Timothy Gardner Organizations: Lordstown Motors, REUTERS, Lordstown's, Hai Precision Industry, Thomson Locations: Ohio, Delaware, Lordstown's

☆ Lordstown hopeful to find buyer for all or some parts of business - Bloomberg News
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

Lordstown Motors and Foxconn logo is seen in this illustration taken, May 2, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsAug 28 (Reuters) - Lordstown Motors is formulating a debt repayment plan and is hopeful that it will find buyers in Chapter 11 for all or parts of its business, Bloomberg News reported, citing the electric truck manufacturer's attorney Thomas Lauria. Judge Mary Walrath refused to dismiss Lordstown's bankruptcy petition. Several investor groups have also brought claims against Lordstown, alleging that the Lordstown misled consumers and investors. Lordstown and Foxconn did not immediately respond to Reuters' request for comment on the ruling.

Persons: Dado Ruvic, Thomas Lauria, Taiwan's Foxconn, Lauria, Judge Mary Walrath, Lordstown's, Foxconn, Lordstown, Kanjyik Ghosh, Jahnavi, Rashmi Organizations: Lordstown Motors, REUTERS, Lordstown, Bloomberg News, Bloomberg, Hai Precision Industry, U.S . Securities, Exchange Commission, Reuters, Thomson Locations: U.S, Bengaluru

☆ Bankrupt Lordstown Motors reaches $40 million settlement with Karma Automotive
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +1 min

Lordstown Motors and Foxconn logo is seen in this illustration taken, May 2, 2023. REUTERS/Dado Ruvic/Illustration/File PhotoAug 15 (Reuters) - Lordstown Motors said on Tuesday it had reached a $40-million settlement with Karma Automotive over a 2020 lawsuit in which the now-bankrupt electric vehicle firm was accused of stealing proprietary technology. The settlement, placed with the bankruptcy court for approval, involves $5 million to be paid as royalty for the use of Karma's intellectual property, which Lordstown was accused of having misappropriated. That case was scheduled for trial in September before being placed on hold by Lordstown's bankruptcy. In case the settlement is not approved and the case goes to trial, Lordstown will continue to defend against Karma's claims, the filing added.

Persons: Dado Ruvic, Lordstown, Karma, Taiwan's Foxconn, Karma's, Yuvraj Malik, Shweta Agarwal Organizations: Lordstown Motors, REUTERS, Karma Automotive, Thomson Locations: . California, Bengaluru

☆ EV firm Proterra files for Chapter 11 bankruptcy protection
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Bing Guan/file photoAug 7 (Reuters) - Electric-vehicle parts supplier Proterra (PTRA.O) filed for Chapter 11 bankruptcy protection on Monday, making it the latest company to go belly up in an industry grappling with supply chain constraints, slowing demand and a funding drought. The move comes weeks after Lordstown Motors filed for bankruptcy protection and put itself up for sale after failing to resolve a dispute over a promised investment from Foxconn. The company had a market value of $362 million as of last close. In January 2021, Proterra was valued at $1.6 billion, including debt, in a merger deal with a blank-check firm. Proterra, which makes electric buses as well as battery packs, said it intends to continue to operate in the ordinary course of business.

Persons: Bing Guan, Lordstown Motors, Proterra, Gareth Joyce, Manya Saini, Anil D'Silva Organizations: City Transportation Department, REUTERS, Proterra, Lordstown, Thomson Locations: Los Angeles , California, U.S, Foxconn, South Carolina, Bengaluru

REUTERS/Brendan McDermid/File photoAug 4 (Reuters) - Nikola (NKLA.O) on Friday named its fourth CEO in as many years as the electric truck maker navigates a host of challenges including dwindling cash reserves, lingering supply chain snags and a pivot to hydrogen fuel cell technology. The Tre battery-electric trucks maker forecast third-quarter revenue of $18 million to $28 million, compared with estimates of $34.5 million, according to Visible Alpha. Nikola's investors approved a proposal that will allow the truck maker to issue more shares to raise funds. Milton stepped down as CEO in 2020 after short-seller Hindenburg issued a scathing report that labeled Nikola a "fraud." Separately, Nikola reported a narrower second-quarter loss as lower production of its Tre battery-electric trucks in the April-June period helped keep costs in check.

Persons: Stephen Girsky, Brendan McDermid, Nikola, Michael Lohscheller, Trevor Milton, Milton, Hindenburg, Romeo Power, Akash Sriram, Anil D'Silva Organizations: VectolQ, Reuters, of Autonomous Vehicles, REUTERS, General Motors, EV, Lordstown Motors, Thomson Locations: New York City, U.S, Phoenix , Arizona, Bengaluru

The squeeze has already claimed its first casualty in electric truck maker Lordstown Motors (RIDEQ.PK), which filed for bankruptcy in June. Companies including Lucid (LCID.O) and Nikola (NKLA.O) are likely to report another quarter of steep cash burn, as they continue to struggle with production and demand. Nikola, which reiterated a going-concern warning in May, is expected to report a 15% decline in revenue and widening losses on Friday. Its shares have rallied nearly 40% this year as the company attempts to reduce its cash burn with layoffs and the liquidation of a recently acquired battery business. But the company missed its production target in the quarter due to a parts shortage.

Persons: Thomas Peter, Tesla, Nikola, Thomas Hayes, Hayes, Needham, Chris Pierce, Akash Sriram, Sayantani Ghosh, Devika Organizations: REUTERS, Ford, Lordstown, Rivian, Visible Alpha, Saudi Arabia's Public Investment Fund, Thomson Locations: Beijing, China, Bengaluru

☆ Lordstown Motors stalls on the road to a quick bankruptcy sale
▼ + stars: | 2023-07-27 | by ( Dietrich Knauth | ) www.reuters.com time to read: +2 min

[1/2] A Lordstown Motors Endurance electric pick-up truck is seen on display at Foxconn's electric vehicle production facility in Lordstown, Ohio, U.S. November 30, 2022. REUTERS/Quinn Glabicki/File PhotoNEW YORK, July 27 (Reuters) - Bankrupt Lordstown Motors (RIDEQ.PK) must face trial over a rival carmaker's claim that Lordstown vehicles include stolen technology, a U.S. judge ruled Thursday, dealing a blow to the company's hopes for a quick bankruptcy sale. California-based Karma Automotive sued Lordstown in 2020 for allegedly poaching its employees and stealing technology used in vehicle infotainment systems. "The California court ... should decide those issues." Walrath allowed Karma to proceed to trial on its claims against Lordstown, overruling bankruptcy protections that typically pause lawsuits against bankrupt companies.

Persons: Quinn Glabicki, Mary Walrath, Walrath, Lordstown, Karma, Lordstown's, Foxconn, Dietrich Knauth, Bill Berkrot Organizations: REUTERS, Lordstown Motors, U.S, Karma Automotive, Lordstown, Thomson Locations: Lordstown , Ohio, U.S, Ohio, Wilmington , Delaware, California, . California

☆ Faraday Future interim CFO resigns, firm to restate certain financial reports
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

July 11 (Reuters) - Faraday Future Intelligent Electric (FFIE.O) said on Tuesday its interim finance chief has resigned and the company will restate its financial statements for 2022 and the quarter ended March 2023 after it uncovered some errors, highlighting continued turmoil at the electric vehicle firm. The company, which had raised going-concern doubts last year, appointed outsider Jonathan Maroko as its new interim chief financial officer, effective July 24. Faraday Future also said its annual report for 2022, quarters ending September 2022 and March 2023 "should no longer be relied upon" due to certain errors. The company will file restated financial statements and the move will not affect its vehicle delivery timeline, it added. Last month the company secured $90 million funding commitment from existing investors and had in May announced plans to raise $100 million in debt.

Persons: Jonathan Maroko, Yun Han, Faraday, Tesla, Yuvraj Malik, Shailesh Organizations: FF, Lordstown Motors, Thomson Locations: Bengaluru

☆ Fisker misses second-quarter production target due to parts shortage
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

July 7 (Reuters) - Fisker (FSR.N) missed its production target for the second quarter due to shortage of components, the electric vehicle startup disclosed on Friday, sending its shares down 2% in premarket trading. The California-based company produced 1,022 units of its Ocean SUV in the quarter ended June, lower than 1,400-1,700 vehicles it had projected. Fisker, which will report its second-quarter earnings on August 4, produced 55 vehicles in the March quarter. The production figures come as some EV firms face dwindling cash reserves, pressured by high costs related to production ramp-ups and inflation. Last month, Lordstown Motors filed for bankruptcy protection, while Electric Last Mile Solutions filed the same last year.

Persons: ramping, Fisker, Tesla, Yuvraj Malik, Savio D'Souza, Arun Koyyur Organizations: Lordstown Motors, Solutions, Rivian, Thomson Locations: California, United States, Bengaluru

☆ SVB, BBBY, Lordstown lead list of US bankruptcies as companies fold up at the fastest pace since 2010
▼ + stars: | 2023-07-07 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

First-half US corporate bankruptcies surged to the highest level since 2010, data from S&P Global Market Intelligence shows. Almost 3,000 firms folded up in the last six months, a 68% jump from a year earlier, according to Epiq Bankruptcy. American businesses have come under increased stress after the Federal Reserve raised interest rates aggressively. Total company failures for the period surged 68% from a year earlier to almost 3,000, according to data provider Epiq Bankruptcy. Rising corporate bankruptcies are a worrying sign for the wider US economy, which is already under strain from the effects of the Fed's aggressive interest rate hikes.

Persons: —, David Rosenberg, Morgan Stanley, Mike Wilson, Gregg Morin Organizations: P Global Market Intelligence, Federal Reserve, Service, Valley, Bed, Lordstown Motors, Mediamath Holdings, Epiq, Business Development

☆ Arrival, Nikola signal more pain for EV startups
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

July 3 (Reuters) - Arrival SA will terminate plans to merge with a blank-check firm and Nikola Corp will offload its newly acquired battery unit, the companies said on Monday, amplifying concerns over the struggles electric vehicle (EV) startups face in building scale. Meanwhile, Nikola Corp (NKLA.O) will liquidate the assets of Romeo Power, an EV battery maker it acquired less than a year ago, to energize the business. In contrast, electric vehicle behemoth Tesla (TSLA.O) and California-based Rivian Automotive (RIVN.O) beat market estimates for second-quarter deliveries. Arrival had in April bet that the second reverse merger would release $283 million of cash held in trust before redemptions. The EV startup in May reported a 37% slump in cash and cash equivalent at the end of the first three months of the year, from the preceding quarter.

Persons: Nikola Corp, Romeo Power, Tesla, Van, Akash Sriram, Sriraj Organizations: Nikola Corp, Kensington Capital, Corp, Romeo, EV, CIIG Merger Corp, United Parcel Service, Thomson Locations: British, Kensington, California, Charlotte , North Carolina, Bengaluru

☆ EV truck maker Nikola to pull the plug on battery supplier Romeo
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

July 3 (Reuters) - Nikola Corp (NKLA.O) will start liquidating the assets of battery maker Romeo Power, the electric truck maker said on Monday, less than a year after buying it. Nikola in August agreed to buy Romeo Power for about $144 million in stock, as it looked to jump-start efforts to make battery packs. "Nikola is discontinuing its operations with Romeo Power and has commenced a proceeding under the California Assignment for the Benefit of Creditors (ABC) statutory scheme," a company spokesperson said in a statement on Monday. In contrast, market leader Tesla (TSLA.O) topped market expectations for second-quarter deliveries, after price cuts and U.S. federal credits helped make its electric vehicles more affordable. Romeo Power is one of the battery suppliers for Nikola's prototype electric trucks along with LG Energy Solution (373220.KS) and Proterra Inc (PTRA.O).

Persons: Nikola Corp, Romeo Power, Nikola, Romeo, Tesla, Power, Nathan Gomes, Akash Sriram, Sriraj Organizations: Nikola, EV, Lordstown Motors, LG Energy, Proterra Inc, Thomson Locations: California, Bengaluru

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