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☆ These 4 stocks report quarterly results next week. Here's what we hope to see
▼ + stars: | 2023-11-04 | by ( Zev Fima | ) www.cnbc.com time to read: +11 min

The major averages rebounded strongly this week as quarterly earnings came in largely better than expected and interest rates fell on softer economic data. The Dow Jones Industrial Average rose more than 5% for its best week since October 2022. The big theme next week is earnings and the four portfolio companies delivering their quarterly results. Here's the full rundown of all the important domestic data in the week ahead as we consider a number areas of our portfolio for trades next week. ET: Treasury budget statement for October (See here for a full list of the stocks in Jim Cramer's Charitable Trust.)

Persons: FactSet, we'll, Hulu —, Krystal, Horton, Zimmer, LEV, Armour, Ralph Lauren Corporation, CRON, Patterson, Walt Disney, MARA, Ginkgo, FREYR Battery, FREY, Arcelor Mittal, Wynn, Jim Cramer's, Jim Cramer, Jim Organizations: Dow Jones, Nasdaq, ISM, Services, Coterra Energy, Emerson Electric, Wall, National Instruments, Disney, Hulu, CNBC, Comcast, ESPN —, Wynn Resorts, WYNN, Asia that's, Wynn, Wynn's, Wynn Interactive, United, Brookfield Asset Management, Axsome Therapeutics, Network Corporation, Krystal Biotech, Ceragon Networks, Kosmos Energy Ltd, TreeHouse Foods Inc, Air Lease Corporation, Inc, Eversource Energy, Fennec Pharmaceuticals Inc, Graham Corporation, Aereas Inteligentes, Hilton, Energy, Realty Income Corp, Semiconductors, Vertex Pharmaceuticals Inc, Clover Health, Contura Energy, Diamondback Energy, FS KKR Capital Corp, Celanese Corp, Eos Energy Enterprises, Goodyear Tire & Rubber Company, WEN, Pall Corp, TransMedics, Emerson, Uber Technologies, Holdings, Melco Resorts, Entertainment, Zimmer Biomet Holdings, ACM Research, Lion Electric Company, Emerson Electric Co, Vertex Energy, Waters Corp, Air Products & Chemicals, Esperion Therapeutics, Fidelity National Information Services Inc, Bowlero Corp, Hotels, KKR, Co, Devon Energy Corp, Occidental Petroleum Corp, Dutch Bros Inc, Gilead Sciences, ContextLogic Inc, Akamai Technologies, Viatris Inc, Technologies, Corsair, Enovix Corporation, eBay, EBAY, DaVita Inc, Pan American Silver Corp, Roblox Corporation, Fisker Inc, Warner Bros ., Nuvei Corporation, Farms, Akebia Therapeutics, Biogen Inc, 3D Systems Corporation, Gray Television Inc, BlackSky Technology Inc, Cronos, EVgo Inc, Lumentum Holdings Inc, Nexstar Media Group, UTI Energy, Starwood Property Trust, AMC Entertainment Holdings, Marathon Digital Holdings, IonQ Inc, Digital Turbine, Virgin Galactic Holdings , Inc, Arm Holdings plc, ARM, Ginkgo Bioworks Holdings, Suncor Energy, AppLovin Corporation, B2Gold Corp, Luminar Technologies, MGM Resorts International, MGM, Bloom Energy Corporation, Li Auto Inc, Oatly, Kopin Corp, Fiverr International, YETI Holdings, YPF S.A, Ship Lease, Himax Technologies Inc, Dickinson, CommScope Holding, RBC, Agile Therapeutics, Apyx Medical Corporation, Grab Holdings, Hawaiian Electric Industries, Profire Energy, Flags Inc, Stereotaxis Inc, TransDigm, US Foods Holding Corp, Utz Brands, Valvoline Inc, Weibo Corporation, Wix.com Ltd, Trade, Petroleo Brasileiro SA Petrobras, Growth, Aurora Cannabis Inc, Navitas Semiconductor Corp, Archer Aviation Inc, Semiconductor, Energy Fuels Corp, Illumina Inc, Spike Investment Corp, Algonquin Power & Utilities Corp, AngloGold, Central Puerto S.A, Hudson Global, AirSculpt Technologies, Partners, Soho House, Jim Cramer's Charitable, Handout, Getty Locations: U.S, Macao, Asia, China, Las, Singapore, Wynn's Vegas, Boston, United Arab Emirates, Gilead, VVV, Central, Soho

☆ Lucid cuts prices of electric sedans for limited time amid EV price wars
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +2 min

A Lucid Air electric vehicle is displayed in Scottsdale, Arizona, U.S., September 27, 2021. Lucid slashed the price of its Air Touring model to $87,500 from $95,000 and the more powerful Grand Touring by $10,000 to $115,600. Tesla has cut the prices of its Model S premium sedan, Lucid Air's closest competitor, to $74,990. Lucid had previously cut prices for its cars in August as the company burned through cash as it ramped up production in a tough economy. The price cut offer will be valid till Nov 30, the company said.

Persons: Hyunjoo Jin, Elon, Lucid, Tesla, Zaheer Kachwala, Tasim Zahid Organizations: REUTERS, Cox Automotive, Saudi Arabia's Public Investment Fund, Thomson Locations: Scottsdale , Arizona, U.S, Newark , California, Bengaluru

☆ Davos in the Desert: Jamie Dimon and other bankers visit Saudi Arabia as Israel-Hamas war rages
▼ + stars: | 2023-10-24 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

Dubbed “Davos in the Desert,” the annual Future Investment Initiative (FII) will welcome about 6,000 participants from more than 90 countries over the next three days. Since the Hamas assault on October 7, Israel has widened its offensive against the Palestinian militant group and other regional enemies. Saudi Arabia’s crown prince Mohammad bin Salman, denied any personal involvement in Khashoggi’s murder but later confirmed it was carried out by Saudi officials. Bin Salman chairs the Public Investment Fund. “Very few people” had canceled plans to attend the conference, according to Richard Attias, the CEO of the FII Institute, the event’s organizer.

Persons: Jamie Dimon, Citigroup’s Jane Fraser, Defense Lloyd Austin, Larry Fink, Goldman Sachs, David Solomon, Noel Quinn, Ray Dalio, Stephen Schwarzman, Harvey Schwartz, Blackstone, Carlyle, “ We’re, it’s, ”, Fraser, Fink, “, Karen E, WeWork, Slack, Jamal Khashoggi, Saudi Arabia’s, Mohammad bin Salman, Bin Salman, bin Salman, Masayoshi, Richard Attias, Young, — Winston Lo, Michelle Toh Organizations: London CNN, “, Future Investment Initiative, Defense, Palestinian, Israel Defense Forces, West Bank, HSBC, Citigroup, Saudi, Public Investment Fund, Columbia University’s Center, Global Energy, CNN, Reliance Retail, Softbank’s Vision, Future Investment, FII Institute, Young of Columbia University Locations: Saudi Arabia, Israel, “ Davos, Gaza, Lebanon, Riyadh, Ukraine, Europe, United States, Washington, Russia, Saudi, Istanbul, Kingdom, Hong Kong

☆ Fisker adjusts prices as EV market sees signs of demand slowdown
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 23 (Reuters) - Fisker (FSR.N) cut prices of its high-end Ocean Extreme SUV on Monday, while raising prices on two lower-priced variants, as the firm grapples with a slowdown in electric-vehicle demand and a price war started by dominant player Tesla (TSLA.O). The Ocean Extreme will now be about 11% cheaper in the U.S. at $61,499, while its Canada price has been reduced by approximately the same percentage to C$79,799 ($58,166.78). The starting price of the Tesla Model Y in the United States is $48,490. "It is essential Fisker responds to competitive realities in the rapidly growing EV market," CEO Henrik Fisker said. EV startups have borne the brunt of a price war started by Tesla to solidify its foothold in the competitive market in the face of rising borrowing costs and sticky inflation.

Persons: Brendan McDermid, Tesla, Henrik Fisker, Fisker, Arsheeya, Krishna Chandra Organizations: New York Stock Exchange, REUTERS, Tesla, EV, Air, Thomson Locations: New York City, U.S, Canada, United States, Bengaluru

The world's most valuable automaker was set to lose nearly $50 billion in market value, based on premarket share movements. The comments marked a change in tone from Tesla CEO Musk, who had said his company was "recession-resilient" last year. The EV maker missed revenue estimates on Wednesday by the most in more than three years despite hefty price cuts. Reuters GraphicsOverall, 10 analysts cut their price targets on the stock, pushing the median view to $260, according to LSEG data. Tesla shares fell 6.1% at $227.96 in premarket trading.

Persons: Tyrone Siu, Elon, Tesla, Musk, Canaccord, Bernstein, Toni Sacconaghi, Craig Irwin, Aditya Soni, Akash Sriram, Shounak Dasgupta, Anil D'Silva Organizations: Tesla, REUTERS, Ford Motor, General Motors, Reuters Graphics, Ford, Roth Capital, Reuters, Thomson Locations: Taipei, Taiwan, Bengaluru

[1/4] Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China January 7, 2020. To prevent demand from waning, market leader Tesla, with industry-leading profit margins, has been the first and most aggressive in slashing prices, forcing others to follow suit and squeezing margins. "If interest rates remain high ... it's that much harder for people to buy the car. They simply can't afford it," Musk said, adding he would "accelerate" expansion of the Mexico factory if interest rates come down. That is not expected in the United States until June 2024, based on current market estimates , with recent robust economic data suggesting the central bank might leave interest rates higher for longer.

Persons: Aly, Elon Musk, Musk, Tesla, Ford, Tom Narayan, Narayan, Abhirup Roy, Ben Klayman, Jamie Freed Organizations: REUTERS, FRANCISCO, Wednesday, General Motors, Ford, EV, GM, Chevrolet Silverado, GMC, Air, RBC Capital Markets, Reuters, Thomson Locations: China, Shanghai, Mexico, Michigan, Detroit, U.S, United States, San Francisco

☆ EV maker Lucid's deliveries rise as special lower price aids demand
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] A Lucid Air electric vehicle is displayed in Scottsdale, Arizona, U.S., September 27, 2021. REUTERS/Hyunjoo Jin/File Photo Acquire Licensing RightsOct 17 (Reuters) - Lucid Group (LCID.O) posted a nearly 4% rise in third-quarter deliveries on Tuesday compared to the prior three months, benefiting from a special lower price to promote the sale of its Air luxury electric sedan. The loss-making startup also said more than 700 additional vehicles were in transit to its new plant in Saudi Arabia for final assembly. They have lost more than a fifth of their value this year over concerns that EV startups will bear the brunt of Tesla's price war. Reporting by Jaspreet Singh and Akash Sriram in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Hyunjoo Jin, Garrett Nelson, Lucid, Jaspreet Singh, Akash Sriram, Shilpi Majumdar Organizations: REUTERS, Saudi Arabia's Public Investment Fund, Reuters, Thomson Locations: Scottsdale , Arizona, U.S, United States, Saudi Arabia, Bengaluru

Investors hiked their short bets on a handful of electric vehicle and charging companies during the second half of September, according to FactSet data. CNBC Pro used FactSet data to screen for stocks with the most short interest as of Sept. 29. A handful of other electric vehicle and charging stocks also saw a jump in short interest during the period. Short interest in Lucid Group , for example, increased 7.5% to 218 million shares, while short interest in EVgo rose 5% to 25 million shares. Other names that saw elevated levels of short interest included Beyond Meat , SunPower , Sunnova Energy and WeWork .

Persons: Novavax Organizations: CNBC, New York Stock Exchange, Nasdaq, Fisker, Lucid, Air, Sunnova Energy Locations: Fisker Inc, EVgo

☆ Lucid launches cheaper Air Pure electric sedan to boost demand
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +2 min

A Lucid Air electric vehicle is displayed at a shopping mall in Scottsdale, Arizona, U.S., September 27, 2021. REUTERS/Hyunjoo Jin/File Photo Acquire Licensing RightsOct 5 (Reuters) - Luxury electric-vehicle maker Lucid Group (LCID.O) on Thursday launched a cheaper, rear-wheel drive version of the Air Pure sedan starting at $77,400, as it looks to stoke demand. The new Lucid model, however, is more expensive than the world's most valuable automaker Tesla's (TSLA.O) Model S luxury sedan, which starts at about $75,000. The cheaper electric sedan will offer a range of 410 miles on a full charge and will be available immediately, Lucid said. The EV maker opened its first overseas production factory last month in Saudi Arabia and the Saudi government has agreed to buy up to 100,000 Lucid vehicles over the next decade.

Persons: Hyunjoo Jin, Tesla, Lucid, Akash Sriram, Arun Koyyur Organizations: REUTERS, Air, stoke, Sapphire, Saudi Arabia's Public Investment Fund, Saudi, Thomson Locations: Scottsdale , Arizona, U.S, Saudi Arabia, Newark , California, Bengaluru

☆ SPAC shell games will keep hiding the ball
▼ + stars: | 2023-10-05 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +9 min

It’s more or less how another 216 companies backed into public markets in 2021, according to SPAC Research. They’re on track to miss the mark by more than 40%, delivering only about $55 billion, according to recent forecasts compiled by LSEG. The electric-vehicle industry, for one, was a serial SPAC user whose exuberance sputtered badly. Dressing them up as acquisitions of private firms by listed shell companies enables the participants to play by looser rules. SPAC investors buy shares in the empty vessel before its sponsor and takeover target agree on a valuation.

Persons: Vishal Garg, Better’s, Breakingviews, SPACs, ”, Joel Rubinstein, Donald Trump’s, Spruce, Woodruff Sawyer, Gary Gensler, Ellis, Gensler, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, & Finance, Research, LSEG, Polestar Automotive, White, The Securities, Exchange Commission, XL Fleet, SEC, Reuters Graphics Reuters, Case, Kirkland, U.S . Securities, Financial Services, Thomson

☆ Lucid opens first international EV factory in Saudi Arabia
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSept 27 (Reuters) - Electric-vehicle maker Lucid Group (LCID.O) said on Wednesday it had opened its first international manufacturing plant in Saudi Arabia's Jeddah city, under a deal designed to further the Middle Eastern country's electrification push. Lucid announced plans for the Jeddah factory last year and said the kingdom had signed an agreement to buy up to 100,000 vehicles from the company over 10 years. In 2022, the kingdom launched its first EV brand Ceer and announced $6 billion in investments for a steel plate mill complex and an EV battery metals plant. Industry leader Tesla (TSLA.O) is also reportedly in early discussions to set up a manufacturing plant in Saudi Arabia. Lucid's other manufacturing plant is in Arizona, United States.

Persons: Andrew Kelly, Lucid, Tesla, Yuvraj Malik, Devika Organizations: Nasdaq, Lucid Motors, Churchill Capital Corp, REUTERS, Industry, King Abdullah Economic City, Saudi's Public Investment Fund, EV, Thomson Locations: New York City , New York, U.S, Saudi Arabia's Jeddah, Jeddah, China, United States, Saudi Arabia, King Abdullah, Arizona, Bengaluru

☆ Tesla, Saudi Arabia in early talks for EV factory - WSJ
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

The logo of car manufacturer Tesla is seen at a dealership in London, Britain, May 14, 2021. One of the proposals the kingdom is considering involves extending financing to commodities trader Trafigura for a flailing Congo cobalt and copper project, which could help provide a Tesla factory with supplies, the WSJ report said. Tesla did not immediately respond to Reuters requests for comment, while Saudi Arabia's sovereign fund, the Public Investment Fund, declined to comment. Musk said in May Tesla would probably pick a location for a new factory by the end of 2023. Tesla has a goal to sell 20 million vehicles a year by 2030, up from around 1.3 million in 2022.

Persons: Matthew Childs, Tayyip Erdogan, Tesla, Elon Musk, Benjamin Netanyahu, Musk, Samrhitha Arunasalam, Arpan Varghese, Arun Koyyur Organizations: REUTERS, U.S, Tesla, Wall Street, Democratic, Lucid, Public Investment Fund, Thomson Locations: London, Britain, Saudi Arabia, Turkey, California, Democratic Republic of Congo, Congo, Saudi, Mexico, Nuevo Leon, Bengaluru, Rachna, Dubai

☆ Arm’s shares seen as a shoo-in for Nasdaq 100, though S&P 500 unlikely
▼ + stars: | 2023-09-15 | by ( Suzanne Mcgee And Lewis Krauskopf | ) www.reuters.com time to read: +4 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNEW YORK, Sept 15 (Reuters) - Newly publicly traded company Arm Holdings is poised to be added to popular indexes such as the tech-heavy Nasdaq 100, although inclusion in the S&P 500 is unlikely, analysts said. Shares of the British chip designer closed up 24.7% in their Nasdaq debut on Thursday, giving it a market value of $65 billion. “The Nasdaq 100 is the most likely widely followed index for the company to get added into,” said Todd Rosenbluth, Head of Research at VettaFi. However, inclusion in the Nasdaq 100 may take time for Arm shares. Inclusion of Arm shares in the S&P 500, which is the standard benchmark for the U.S. stock market, is far less certain, analysts said.

Persons: Rene Haas, Brendan McDermid, ”, Todd Rosenbluth, Russell, Todd Sohn, Sohn, Jeffrey DeMaso, Dow Jones, Lois Gregson, Suzanne McGee, Lewis Krauskopf, Ira Iosebashvili, Nick Zieminski Organizations: Nasdaq, REUTERS, Arm Holdings, Fund, Nvidia, Research, Lucid, ARM, Vanguard Investment, VanEck Semiconductor, Software, FactSet, Thomson Locations: New York, U.S, British, VettaFi

☆ U.S. electric carmaker Lucid is exploring China entry; confirms mass market models ahead
▼ + stars: | 2023-09-07 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

In this article LCID Follow your favorite stocks CREATE FREE ACCOUNTThe Lucid Air Midnight Dream Edition. LucidMUNICH — Lucid is exploring selling its cars in China but has no timeline for when it will enter the world's largest electric car market, a top executive told CNBC. It's the world's largest car market. If you enter China on the wrong terms, you can make a lot of mistakes. "If you enter China on the wrong terms, you can make a lot of mistakes," he added.

Persons: Lucid, Zhu Jiang, Eric Bach, Bach, China's Organizations: CNBC, Air, IAA Locations: China, Munich, Germany, Arizona, U.S, BYD, Nio

☆ Here are Wednesday's biggest analyst calls: Nvidia, Apple, Tesla, Nio, SoFi, Amgen, Chewy, Toast and more
▼ + stars: | 2023-09-06 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Here are Wednesday's biggest calls on Wall Street: UBS upgrades Toast to buy from neutral UBS said the restaurant tech company "continues to prove itself as a top provider" for the restaurant industry. " UBS downgrades Block to neutral from buy UBS said it sees slowing profit growth for Square's parent company. Deutsche Bank reiterates Nio as buy Deutsche Bank said it's concerned about the company's growth trajectory but that it's sticking with its buy rating. " Deutsche Bank reiterates Tesla as buy Deutsche Bank said it's standing by its buy rating on the auto giant. Bank of America reiterates SoFi as neutral The firm said SoFi is a key beneficiary of student loan refinances.

Persons: Baird, Goldman Sachs, William Blair, Argus, Russell, CFRA, it's, TD Cowen, Cowen, Morgan Stanley, Needham, Nio, Tesla, SoFi, refinances Organizations: UBS, omni, Nvidia, Technology, HSBC, Apple, Constellation Brands, Bloom Energy, Deutsche Bank, Bank of America

☆ Exclusive: China's Xiaomi wins state planner nod to make EVs amid glut in autos
▼ + stars: | 2023-08-23 | by ( Julie Zhu | ) www.reuters.com time to read: +4 min

A man walks past a logo of Xiaomi, a Chinese manufacturer of consumer electronics, outside a shop in Mumbai, India, May 11, 2022. Xiaomi, which owns the world's third largest smartphone brand by shipments, did not immediately respond to a request for comment. Xiaomi plans to produce about 100,000 EVs next year, said one of the sources. But Xiaomi, which reported an 18.9% drop in its latest quarterly revenue in May, has its own compulsions for foraying into EVs. Xiaomi plans to use the thousands of stores it has as showrooms for its electric cars, Reuters previously reported.

Persons: Francis Mascarenhas, HONG KONG, Xiaomi, Tesla, NDRC, MIIT, Lei Jun, Julie Zhu, Muralikumar Organizations: REUTERS, Xiaomi Corp, HK, National Development, Reform Commission, EV, Ministry of Industry, Reuters, Lucid, Beijing Daily, China Passenger Car Association, Thomson Locations: Mumbai, India, HONG, Beijing, Shanghai, Reuters U.S, China, China ., EVs

☆ Vietnam's EV firm skids for third straight US stock session after debut boom
▼ + stars: | 2023-08-18 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

VinFast shares on Friday fell 23% to close at $15.40, slipping below its opening price of $22 on Tuesday, when it had surged up to $38.78. With about 99% of the firm controlled by founder Pham Nhat Vuong, the small amount of publicly available shares makes the stock prone to volatility. Just $45 million worth of its shares had been traded by late morning, compared with $29 billion worth of shares in Tesla (TSLA.O), according to Refinitiv data. "Founder Pham Nhat Vuong brought a portion of VinFast to the public markets because he may seek to further monetize his stake over time. That may be a material overhang for VinFast shares for some time to come," Benowitz said.

Persons: Mike Blake, VinFast, Pham Nhat Vuong, Jason Benowitz, Benowitz, Nikola, Medha Singh, Noel Randewich, Arun Koyyur, Matthew Lewis Organizations: Los Angeles Auto, REUTERS, Nasdaq, U.S, Reuters, Roosevelt Investment Group, Faraday, Thomson Locations: Los Angeles , California, U.S, Tesla, Vietnam, VinFast, Bengaluru, Oakland, California

☆ Vietnam's EV firm skids for third session after debut boom
▼ + stars: | 2023-08-18 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

The loss-making company was last valued at $32.4 billion, compared to $85 billion in its Wall Street debut on Tuesday. With about 99% of the firm controlled by founder Pham Nhat Vuong, the small amount of publicly available shares makes the stock prone to volatility. Just $28 million worth of its shares had been traded by late morning, compared to $13 billion worth of shares in Tesla (TSLA.O), according to Refinitiv data. That may be a material overhang for VinFast shares for some time to come," Benowitz said. Shares of Vietnam's largest conglomerate and VinFast parent Vingroup (VIC.HM) closed down 7% in Ho Chi Minh trading.

Persons: Mike Blake, Pham Nhat Vuong, Jason Benowitz, Benowitz, Nikola, Medha Singh, Noel Randewich, Arun Koyyur Organizations: Los Angeles Auto, REUTERS, Nasdaq, U.S, Reuters, Roosevelt Investment Group, Faraday, Thomson Locations: Los Angeles , California, U.S, Tesla, Vietnam, VinFast, Ho Chi, Bengaluru

☆ After stellar debut, Vietnamese EV maker VinFast drops for second straight session
▼ + stars: | 2023-08-17 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

The logo of VinFast is pictured at the 2022 Paris Auto Show in Paris, France October 17, 2022. VinFast had hit an eye-popping valuation of $85 billion on its first day of trading on Tuesday. Shares of other EV firms including Lucid (LCID.O) and Fisker (FSR.N) that listed through blank-check deals have also fallen since their debut. Meanwhile, its lofty valuation could be at risk as it looks to raise more capital over the next 18 months. Reporting by Medha Singh in Bengaluru; Editing by Arun Koyyur and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Stephane Mahe, Ford, Pham Nhat Vuong, Rick Meckler, VinFast, Meckler, Medha Singh, Arun Koyyur Organizations: REUTERS, General Motors, Nasdaq, Cherry Lane Investments, Spade, Asia Pacific's, VinFast's, Thomson Locations: Paris, France, New Jersey, Asia, Bengaluru

Shares of dedicated EV maker VinFast, which merged with special purpose acquisition company (SPAC) Black Spade, surged on their Nasdaq debut on Tuesday. Other EV SPAC deals, including Lucid (LCID.O), which Black Spade used as the basis of its initial $23 billion valuation of VinFast, have seen their shares tumble after listing. Lucid is valued now at under $15 billion, nearly 40% less than its $24 billion SPAC valuation in 2021. Through the first seven months, it has sold over 16,000, including its sales in Vietnam. The Tesla Model Y is almost $7,000 cheaper than VinFast's VF8 after including federal subsidies.

Persons: Stephane Mahe, Black Spade, Pham Nhat Vuong, David Mansfield, Le, Thuy, VinFast, Vuong, Mansfield, AlixPartners, Tesla, Kevin Krolicki Organizations: REUTERS, Rights, Nasdaq, Ford, General Motors, Tesla, VinFast, VinFast's, EV, U.S ., Thomson Locations: Paris, France, Rights HANOI, U.S . West Coast, Vietnam, United States, Haiphong, North Carolina, China

A few hours before its Nasdaq debut, VinFast more than doubled its value in premarket trading involving less than 4% of its shares. Nikola now commands a market value of $1.4 billion, versus $13.9 billion before listing while Lucid has a current market value of $15.5 billion, versus $24 billion during its 2021 SPAC deal. It is still unclear how many of the company shares will trade on Tuesday and at what price. VinFast's founder, Vietnam's richest man Pham Nhat Vuong, pledged $2.5 billion in April to bolster the EV maker, including $1 billion from his personal fortune. He is the beneficial owner of 99% of the ordinary shares of the EV maker after the merger.

Persons: Mike Blake, Black Spade, Nikola Corp, Nikola, Lucid, Rivian, Pham Nhat Vuong, VinFast, Phuong Nguyen, Yantoultra, Jaiveer Singh, Francesco Guarascio Organizations: Los Angeles Auto, REUTERS, Nasdaq, Nikola, Tesla Inc, Rivian Automotive Inc, VinFast, P Global Mobility, Investors, Thomson Locations: Los Angeles , California, U.S, HANOI, Dealogic, North Carolina, Vietnam, United States

☆ 3-Stock Lunch: DHI, DFS, LCID
▼ + stars: | 2023-08-15 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email3-Stock Lunch: DHI, DFS, LCIDDavid Trainer, New Constructs CEO, joins ‘Power Lunch’ to discuss three stocks: D.R. Horton Inc,, Discover Financial and Lucid.

Persons: David Trainer Organizations: DFS, Horton Inc, Discover

☆ Vietnamese EV maker VinFast gets go ahead for Nasdaq SPAC listing
▼ + stars: | 2023-08-10 | by ( Phuong Nguyen | ) www.reuters.com time to read: +3 min

Shareholders of Hong Kong-based Black Spade Acquisition (BSAQ.A), a blank-check company, voted on Thursday to approve the merger with VinFast. VinFast, in a joint statement with Black Spade, said it would list on the Nasdaq under the ticker symbol VFS "on or around August 15". It leaves VinFast's existing shareholders, including parent company Vingroup and Vuong, Vietnam's richest man, with 99% of shares in the company. "The voting results today are a vote of confidence in VinFast from Black Spade shareholders," VinFast's global head Thuy Le said in the statement. Black Spade was founded by the private investment arm of Lawrence Ho, son of the late gambling mogul Stanley Ho.

Persons: Mike Blake, VinFast, Black Spade, Pham Nhat Vuong, Thuy Le, Nikola Corp, EVs, VinFast's, Vuong, Lawrence Ho, Stanley Ho, Phuong Nguyen, Kirsten Donovan, Susan Fenton Organizations: Los Angeles Auto, REUTERS, U.S, Nasdaq, of Hong, VinFast, Black, Black Spade, Faraday, Nikola, Vingroup, Tesla, Thomson Locations: Los Angeles , California, U.S, HANOI, of Hong Kong, VinFast, North Carolina, Black, United States, Haiphong, Vietnam

☆ Saudi’s swelling fund has scope for foreign binge
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +2 min

LONDON, Aug 7 (Reuters Breakingviews) - Saudi Arabia’s big sovereign wealth fund is getting bigger. The Public Investment Fund’s assets under management swelled to 2.23 trillion riyals ($603 billion) in 2022 from 1.98 trillion riyals the year before. PIF’s international assets, which range from UK soccer club Newcastle United to struggling carmaker Lucid (LCID.O), shrank from 576 to 512 billion riyals. Still, PIF has big ambitions: it hopes to boost its total assets to a whopping 4 trillion riyals by 2025, of which 24% will be international. If so, its foreign assets could yet double to 960 billion riyals, according to Breakingviews calculations, making it a key player in global finance.

Persons: Saudi Crown Prince Mohammed Bin Salman, PIF, Neil Unmack, headwinds, Lisa Jucca, Pranav Kiran Organizations: Reuters, Investment, Saudi, Saudi Crown, Newcastle United, Twitter, Adidas, InBev, Thomson Locations: Saudi, Riyadh, Saudi Aramco, Neom

Most of the supply chain has now come through out of the COVID era," CEO Peter Rawlinson told Reuters. Although logistics and labor costs have come down, there was a "significant amount of opportunity" to cut costs further, she said. Lucid on Monday reported revenue in the April-June period of $150.9 million, missing estimates of $175 million, according to seven analysts polled by Refinitiv. Cash stood at $2.78 billion at the end of June, compared with $900 million three month prior. Lucid is set to unveil its Gravity SUV in November ahead of its launch in 2024.

Persons: Andrew Kelly, Peter Rawlinson, Sherry House, Rawlinson, Cash, Garrett Nelson, Akash Sriram, Abhirup Roy, Anil D'Silva, Jamie Freed, Leslie Adler Organizations: Nasdaq, Lucid Motors, Churchill Capital Corp, REUTERS, Saudi, Public Investment Fund, Reuters, Air, Refinitiv, Thomson Locations: New York City , New York, U.S, Bengaluru, San Francisco

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