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June 27 (Reuters) - U.S. stock indexes rebounded on Tuesday from a recent losing streak as upbeat economic data soothed investor worries about an imminent recession triggered by the Federal Reserve's aggressive interest rate hikes. While the economic data was encouraging, Rhys Williams, chief strategist at Spouting Rock Asset Management, said the market also rose on seasonal factors. "You'd a bad week in the stock market last week and a bad day on Monday. According to preliminary data, the S&P 500 (.SPX) gained 49.25 points, or 1.14%, to end at 4,378.07 points, while the Nasdaq Composite (.IXIC) gained 219.71 points, or 1.65%, to 13,555.49. Signs of U.S. economic resilience also boosted the Dow Transports index (.DJT) and small-cap Russell 2000 index (.RUT).

Persons: Rhys Williams, It's, Williams, Russell, Jerome Powell's, hawkish, Dow, Sinéad Carew, Sruthi Shankar, Johann M, Terence Gabriel, Shinjini Ganguli, Richard Chang Organizations: Federal, Management, Dow, Nasdaq, Dow Jones, Dow Transports, Traders, bps, European Central Bank, Microsoft Corp, Apple Inc, Amazon.com Inc, Tesla Inc, Nvidia Corp, Inc, Citigroup, Nvidia, Walgreens Boots Alliance, CVS Health Corp, Rite Aid Corp, Lordstown Motors Corp, U.S, Thomson Locations: Sintra , Portugal, U.S, New York, Bengaluru

☆ Stocks making the biggest moves midday: Lordstown Motors, Walgreens Boots Alliance, Delta and more
▼ + stars: | 2023-06-27 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

Walgreens also reported adjusted earnings per share for its fiscal third quarter of $1, missing a Refinitiv forecast of $1.07. Roblox — The gaming platform popped 5.8% after Bank of America reiterated its buy rating, saying the stock is a leader in the Metaverse category. Meta Platforms — The big technology stock added 2% after Citi reiterated its buy rating. Frontier Communications — Shares rose 4.1% on the back of Wolfe Research initiating coverage of the stock at outperform. Saia — The transportation stock rose 6.7% on the back of Evercore ISI upgrade to outperform from in line.

Persons: Steve Burns, Lordstown, Generac, Aaron Jadgfeld, Kellogg — Kellogg, Goldman Sachs, Oppenheimer, Wolfe, Wells, Wells Fargo, Saia, Northcoast, Cars.com, Jesse Pound, Michelle Fox Organizations: Lordstown Motors Corp, Lordstown Motors, Walgreens, Delta Air Lines, Equity Investment, Bloomberg News, Investment, Royal, Bank of America, Citi, Nike, Frontier Communications, Wolfe Research, Energy, JPMorgan, Unity Software, ISI Locations: Lordstown , Ohio, U.S, Brookfield, Royal Caribbean, Texas

☆ Lordstown Motors Warns of Bankruptcy if Unable to Resolve Foxconn Dispute
▼ + stars: | 2023-05-01 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

Photo composite: George DownsFoxconn Technology Group, the world’s biggest contract manufacturer for electronics, is trying to back out of an investment deal with Lordstown Motors Corp., raising the prospect the electric-truck startup could seek bankruptcy protection. On Monday, Lordstown Motors said it received a notice from Foxconn asserting it had breached the terms of its deal by allowing its stock price to fall below $1 a share for too long, putting it out of compliance with the Nasdaq listing rules.

☆ Lordstown Motors resumes production, deliveries after snafu
▼ + stars: | 2023-04-18 | by ( ) www.reuters.com time to read: +1 min

April 18 (Reuters) - Electric-vehicle company Lordstown Motors Corp (RIDE.O) said on Tuesday production and deliveries of its Endurance electric pick-up truck resumed this month after a pause in February to address quality issues. EV startups have been struggling with dwindling cash balances and production challenges as access to capital tightens amid rising U.S. interest rates to tame inflation. Ohio-based Lordstown, whose shares were trading 1% higher premarket, also said it has struck a deal under which Amerit Fleet Solutions will provide service and maintenance for its fleet customers. In January, the EV company forecast production would slow through its first quarter due to supply-chain constraints, particularly with respect to the availability of hub motor components. Reporting by Akash Sriram in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Nikola tumbles to record low on $100 million stock sale
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

March 31 (Reuters) - Shares of Nikola Corp (NKLA.O) hit a record low on Friday after the electric-truck maker said it plans to sell shares and raise $100 million, amid high production costs. Nikola said late Thursday it will sell about 29.9 million shares in public offering and 59.4 million shares to hedge fund Antara Capital L.P., an existing holder of the company's convertible bonds. Nikola fell to $1.15 per share after offering shares to raise capital"Despite the $100 million cash injection, management still has a lot of work to do to balance cash burn against its existing cash," said BTIG analyst Gregory Lewis, and downgraded the stock to "neutral" from "buy". The company said it has $123 million in cash and $85 million in restricted cash as of March 28. Last year, the company had said it might sell shares to raise up to $400 million.

☆ Lordstown Motors loss widens on steep costs, delivery delays
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +2 min

[1/2] Workers tend to an unfinished Lordstown Motors Endurance electric pick-up truck on the assembly line at Foxconn's electric vehicle production facility in Lordstown, Ohio, U.S. November 30, 2022. REUTERS/Quinn Glabicki/File PhotoMarch 6 (Reuters) - Lordstown Motors Corp (RIDE.O) on Monday posted a bigger loss for the fourth quarter, as the electric-vehicle (EV) maker struggled with production costs and missed its delivery target for the Endurance pickup truck. However, Lordstown suspended production last month due to performance and quality issues with some components and reported sales of only six vehicles. Net loss for the quarter ended Dec. 31 stood at $102.3 million, compared with $81.2 million a year earlier. The company had cash, cash equivalents and short-term investments of $221.7 million as of Dec. 31, up from $203.5 million in the preceding quarter.

☆ Lordstown Motors Recalls Endurance EV Pickup Truck
▼ + stars: | 2023-02-23 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

An unfinished Endurance pickup on an electric-vehicle assembly line in Lordstown, Ohio. Electric-vehicle startup Lordstown Motors Corp. issued a recall and halted production of its Endurance pickup truck, only months after starting to make the vehicle. Lordstown Motors said Thursday that the recall affects 19 vehicles that are either held by customers or being used internally at the company. The company said it issued the voluntary recall to address an electrical-connection issue that could lead to a loss of propulsion while driving.

☆ EV maker Nikola misses quarterly revenue estimates on weak deliveries
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

Companies Nikola Corp FollowFeb 23 (Reuters) - Nikola Corp's (NKLA.O) fourth-quarter revenue missed Wall Street expectations on Thursday as the electric truck maker delivered fewer vehicles to dealers than it produced. The EV maker produced 133 trucks and delivered 20 vehicles to dealerships. It expects to deliver between 250 and 350 Tre battery electric trucks this year and at least 125 fuel-cell electric trucks in the fourth quarter. Nikola reported revenue of $6.6 million for the quarter ended Dec. 31, below analysts' estimates of $32.1 million, according to IBES data from Refinitiv. Net loss stood at $222.1 million for the quarter ended Dec. 31, compared with a loss of $158.9 million a year earlier.

☆ Electric-truck maker Lordstown pauses production, deliveries
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

Feb 23 (Reuters) - Lordstown Motors Corp (RIDE.O) will temporarily stop production and deliveries of its pickup truck Endurance, of which it has only made 31 units for sale, the electric-vehicle maker said, citing performance and quality issues with some components. Lordstown had set a target to deliver 50 vehicles in 2022 and more in 2023 out of the planned first batch of 500 units when commercial production started in September. The company did not make it clear when it would resume production and deliveries. Investor Foxconn (2317.TW), which also manufactures the Endurance trucks, did not immediately respond to a Reuters request for comment. Vehicles waiting for shipment and in process at the manufacturing plant will also be fixed, the company added.

☆ Nvidia, Foxconn to build autonomous vehicle platforms
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

[1/2] A woman walks past the logo of Foxconn outside a company's building, in New Taipe City, Taiwan December 22, 2022. REUTERS/Annabelle Chih/File PhotoJan 3 (Reuters) - Chipmaker Nvidia Corp (NVDA.O) and electronics manufacturer Foxconn (2317.TW) announced a partnership on Tuesday to develop autonomous vehicle platforms. Taiwanese contract manufacturer Foxconn said it will manufacture electronic control units (ECUs) for cars based on Nvidia's DRIVE Orin chip made specifically for computing in connected and autonomous vehicles. The ECUs will serve the global automotive market, Foxconn said. Foxconn, which operates a vehicle manufacturing facility in Ohio, said its vehicles will contain ECUs based on DRIVE Orin and Nvidia's DRIVE Hyperion sensors for autonomous driving.

☆ Foxconn electric vehicle alliance plans boxy three-seater
▼ + stars: | 2022-11-08 | by ( Sarah Wu | ) www.reuters.com time to read: +2 min

TAIPEI, Nov 8 (Reuters) - Foxconn-led (2317.TW) electric vehicle consortium MIH announced plans on Tuesday for its first car, a boxy single row three-seater which it hopes will be popular with one-child families in Asia. Betting on strong demand in Asian markets for smaller electric cars, MIH Consortium plans to build its first car, which it calls Project X, in 2023 and start mass production the following year, though no customers have been confirmed, the company said. "Build your own vehicle with Project X," Cheng said, referring to the car's modular design. MIH is eyeing not only Taiwan, but also India, Thailand, Indonesia and Japan as prospective markets for the three-seater. "The American market tends towards large cars," Cheng told reporters, adding that this model would suit a single-child family.

☆ Foxconn ramps up EV push with stake in U.S. truck maker Lordstown
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Carlos Garcia Rawlins/File PhotoNov 8 (Reuters) - Foxconn, the world's biggest contract electronics maker, has extended its drive into electric vehicle (EV) business with a deal to take a near-20% stake in loss-making U.S. electric truck maker Lordstown Motors Corp (RIDE.O) for up to $170 million. It said on Tuesday the latest deal would deepen Lordstown's ties with Foxconn's EV development platform MIH, or Mobility in Harmony. Lordstown Chief Executive Officer Edward Hightower, speaking via video at an MIH event in Taipei, said the truck maker and Foxconn were eyeing production for other original equipment manufacturers, or OEMs, as well. Foxconn shares traded up 0.5% on Tuesday. Lordstown CEO Hightower said the vehicle maker aims to deliver the first Endurance trucks to customers in the current quarter.

☆ Foxconn to become biggest shareholder in Lordstown Motors with up to $170 mln investment
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +2 min

Nov 7 (Reuters) - Lordstown Motors Corp (RIDE.O) said on Monday it had entered into a deal under which Foxconn Ventures Pte Ltd, an affiliate of Foxconn (2317.TW), would invest up to $170 million in the electric vehicle maker, that would make the Taiwanese contract manufacturer its largest shareholder. Foxconn will purchase 12.9 million shares on or after Nov. 22 and an additional 26 million shares that will propel Foxconn's holdings to 19.3% of Lordstown's common stock and all of its preferred stock, surpassing founder Stephen Burn's stake of 17.2%, according to Refinitiv. Foxconn started manufacturing Lordstown's Endurance pickup trucks in September after buying the U.S. company's Ohio facility. The deal was prompted by the need to clinch funds essential for the start of production of Endurance. Lordstown expects to limit production of the Endurance through 2023 or longer to minimize losses, until it is able to cut its materials cost.

☆ Foxconn to become Lordstown's biggest shareholder
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: 1 min

Nov 7 (Reuters) - Lordstown Motors Corp (RIDE.O) said on Monday that Foxconn Ventures Pte Ltd will buy some of the electric vehicle maker's shares in two rounds, that would make the Taiwanese contract manufacturer its largest shareholder. Reporting by Mehnaz Yasmin in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Foxconn Plans to Invest $170 Million in EV Truck Maker Lordstown Motors
▼ + stars: | 2022-11-07 | by ( Sean Mclain | ) www.wsj.com time to read: 1 min

Foxconn Technology Group, the world’s biggest contract manufacturer for electronics, is deepening its investment in Lordstown Motors Corp., a once-troubled EV startup that recently began building its first all-electric pickup truck at a former General Motors Co. plant in Ohio. The two companies said Monday that Taipei-based Foxconn plans to spend $170 million to buy both common stock and newly created preferred shares, providing Lordstown Motors with a fresh injection of capital as it works to increase production of its debut model, the Endurance.

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