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☆ The Score: Apple, Lordstown Motors, Walgreens and More Stocks That Defined the Week
▼ + stars: | 2023-07-01 | by ( Francesca Fontana | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones Organizations: nvidia, walgreens, jpmorgan

☆ Lordstown Motors gets Nasdaq delisting notice
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

June 29 (Reuters) - Lordstown Motors (RIDE.O) said on Thursday it had received a delisting notice from the Nasdaq, days after the U.S. electric truck maker filed for bankruptcy protection. The company received the notice from Nasdaq on June 28, notifying its failure to meet listing rules and saying that trading in its class A common stock would be suspended on July 7, 2023, according to a filing. The EV maker filed for bankruptcy protection on Tuesday and put itself up for sale after failing to resolve a dispute over a promised investment from Taiwan's Foxconn (2354.TW). Lordstown accused Foxconn of fraudulent conduct and a series of broken promises in failing to abide by an agreement to invest up to $170 million in the company. Reporting by Tiyashi Datta in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Lordstown, Taiwan's Foxconn, Tiyashi Datta, Anil D'Silva Organizations: Lordstown Motors, Nasdaq, U.S, Thomson Locations: Bengaluru

☆ EV maker Lordstown Motors begins bankruptcy embroiled in disputes
▼ + stars: | 2023-06-28 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

[1/2] A Lordstown Motors sign is seen outside the Lordstown Assembly Plant in Lordstown, Ohio, U.S., June 21, 2021. REUTERS/Rebecca Cook/File PhotoNEW YORK, June 28 (Reuters) - U.S. electric truck manufacturer Lordstown Motors (RIDE.O) began its bankruptcy case embroiled in litigation, laying out disputes with estranged partner Foxconn, rival electric vehicle manufacturer Karma Automotive, the U.S. Securities and Exchange Commission and several investor groups during its first court appearance. Lordstown has alleged that Foxconn broke its promises to invest $170 million in Lordstown and collaborate with the company on vehicle development plans. Lordstown had struggled with higher-than-expected costs, production shortfalls, and litigation risk well before Foxconn agreed to purchase Lordstown's Ohio manufacturing vehicle center in 2021, Murphy said. Several investor groups have also brought claims against Lordstown, alleging that the electric truck startup misled consumers and investors.

Persons: Rebecca Cook, Foxconn, Lordstown, Thomas Lauria, Mary Walrath, Lauria, Walrath, Matthew Murphy, Murphy, Karma, James Sowka, Dietrich Knauth, Stephen Coates Organizations: REUTERS, Lordstown Motors, Karma Automotive, U.S . Securities, Exchange Commission, Taiwan's, U.S . Securities & Exchange, Lordstown, SEC, General, Thomson Locations: Lordstown, Lordstown , Ohio, U.S, Wilmington , Delaware, Delaware, Ohio, Foxconn, Delaware and Ohio, California

[1/2] Manufacturing equipment is seen during a tour of Foxconn's electric vehicle production facility in Lordstown, Ohio, U.S. November 30, 2022. The Domestic Manufacturing Conversion Grants for EVs program will provide cost-shared grants for making efficient hybrid, plug-in electric hybrid, fully electric, and fuel cell vehicles. The Department of Energy's Vehicle Technologies Office said the program will prioritize projects that refurbish or retool manufacturing plants that have recently stopped operations or were expected to close soon. The Biden administration, as part of its goal of decarbonizing the economy by 2050, is pushing the U.S. auto industry to accelerate a transition to EVs. The Alliance for Automotive Innovation, which represents General Motors (GM.N), Stellantis NV (STLAM.MI), Toyota Motor (7203.T) and others, on Wednesday called the EPA proposal a "de facto battery electric vehicle mandate" that was "neither reasonable nor achievable."

Persons: Quinn Glabicki, Joe Biden's, Biden, Shawn Fain, Stellantis, Timothy Gardner, Joe White, David Shepardson, David Gregorio, Grant McCool Organizations: REUTERS, WASHINGTON, United Auto Workers, UAW, Energy's Vehicle Technologies, Lordstown, Environmental Protection Agency, Alliance, Automotive Innovation, General Motors, Stellantis, Toyota, Energy Department, Thomson Locations: Lordstown , Ohio, U.S, DETROIT, Ohio, Michigan , Ohio , Illinois, Indiana, Belvidere , Illinois, Washington, Detroit

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

☆ As Lordstown Motors Dies, Lordstown’s EV Business Survives
▼ + stars: | 2023-06-27 | by ( Stephen Wilmot | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

[1/2] A Lordstown Motors sign is seen outside the Lordstown Assembly Plant in Lordstown, Ohio, U.S., June 21, 2021. REUTERS/Rebecca Cook/File PhotoNEW YORK, June 27 (Reuters) - U.S. electric truck manufacturer Lordstown Motors (RIDE.O) filed for bankruptcy protection on Tuesday and put itself up for sale after failing to resolve a dispute over a promised investment from Taiwan's Foxconn (2354.TW). Lordstown contends Foxconn is balking at purchasing additional shares of its stock as promised and misled the EV maker about collaborating on vehicle development plans. Lordstown accused Foxconn in that regulatory filing of engaging in a "pattern of bad faith" that caused "material and irreparable harm" to the company. GM agreed to sell the plant to a newly-formed entity called Lordstown Motors founded by the former top executive at an electric truck maker called Workhorse Group.

Persons: Rebecca Cook, Taiwan's Foxconn, Thomas Hayes, Tesla, Lordstown, Foxconn, Edward Hightower, Donald Trump, Mary Barra, Nikola, Stephen Burns, Burns, Elon Musk's Tesla, Mike Spector, Joseph White, Dietrich Knauth, Ben Blanchard, Sarah Wu, Chavi Mehta, Nick Zieminski, Dhanya Ann Thoppil, David Evans Organizations: REUTERS, Lordstown Motors, Foxconn, Hai Precision Industry, General, Reuters, Endurance, EV, Biden, Detroit, GM, Lordstown, U.S . Justice Department, Ford Motor, Stellantis, Thomson Locations: Lordstown, Lordstown , Ohio, U.S, Ohio, Delaware, Foxconn, United States, Northeast Ohio, New York, Detroit, Taipei, Bengaluru

☆ S&P 500, Nasdaq futures edge higher ahead of economic data
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Growth stocks rise in early tradeWalgreen Boots slides after profit warningInvestors await data, Powell speechFutures: Dow off 0.05%, S&P up 0.15%, Nasdaq climbs 0.39%June 27 (Reuters) - Futures tracking the S&P 500 and Nasdaq rose on Tuesday, ahead of economic data that could offer hints on the Federal Reserve's monetary tightening plans, while a profit warning from Walgreen Boots weighed on Dow futures. Market participants are focusing on economic data and the European Central Bank Forum in Sintra, Portugal where several key policymakers including Fed Chair Jerome Powell will speak this week. ET, Dow e-minis were down 18 points, or 0.05%, S&P 500 e-minis were up 6.75 points, or 0.15%, and Nasdaq 100 e-minis were up 58 points, or 0.39%. Snowflake (SNOW.N) climbed 3.5% after the cloud data analytics company announced partnership with Nvidia (NVDA.O) to allow customers to build AI models using their own data. Reporting by Sruthi Shankar and Ankika Biswas in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Powell, Boots, Jerome Powell, Stuart Cole, Premier Li Qiang, Bernstein, Sruthi Shankar, Ankika Biswas, Shinjini Organizations: Dow, Nasdaq, Federal, Walgreens Boots Alliance, Nvidia, European Central Bank, Dow e, Alibaba, Premier, Google, Foxconn, Thomson Locations: megacap, Sintra, Portugal, U.S, Bengaluru

☆ Lordstown Motors, Once Considered an Ohio Town’s Savior, Files for Bankruptcy
▼ + stars: | 2023-06-27 | by ( Sean Mclain | ) www.wsj.com time to read: 1 min

Persons: Dow Jones

☆ Lordstown Motors files for bankruptcy protection, sues Foxconn
▼ + stars: | 2023-06-27 | by ( ) www.cnbc.com time to read: +2 min

Lordstown Motors filed for bankruptcy protection on Tuesday and put itself up for sale after the U.S. electric truck manufacturer failed to resolve a dispute over a promised investment from Taiwan company Foxconn. Lordstown, named after the Ohio town where it is based, filed for Chapter 11 protection in Delaware and simultaneously took legal action against Foxconn. Foxconn previously invested about $52.7 million in Lordstown as part of the agreement, and currently holds a roughly 8.4% ownership stake in the EV maker. Lordstown contends Foxconn is balking at purchasing additional shares of its stock as promised, and misled the EV maker about collaborating on vehicle development plans. Foxconn, formally called Hon Hai Precision Industry and best known for assembling Apple's iPhones, has said Lordstown breached the investment agreement when the automaker's stock fell below $1 per share.

Persons: Lordstown, Foxconn, Apple's Organizations: Lordstown Motors, U.S, Foxconn, Hai Precision Industry Locations: Taiwan, Ohio, Delaware, Lordstown

[1/2] A Lordstown Motors sign is seen outside the Lordstown Assembly Plant in Lordstown, Ohio, U.S., June 21, 2021. REUTERS/Rebecca Cook/File PhotoNEW YORK, June 27 (Reuters) - Lordstown Motors (RIDE.O) filed for bankruptcy protection on Tuesday and put itself up for sale after the U.S. electric truck manufacturer failed to resolve a dispute over a promised investment from Taiwan company Foxconn. Lordstown contends Foxconn is balking at purchasing additional shares of its stock as promised, and misled the EV maker about collaborating on vehicle development plans. Even in May, Lordstown warned it might be forced to file for bankruptcy amid uncertainty over the Foxconn investment. GM agreed to sell the plant to a newly-formed entity called Lordstown Motors founded by the former top executive at an electric truck maker called Workhorse Group.

Persons: Rebecca Cook, Lordstown, Foxconn, Edward Hightower, Donald Trump, Mary Barra, Nikola, Stephen Burns, Burns, Elon Musk’s Tesla, ” Lordstown, Mike Spector, Joseph White, Dietrich Knauth, Nick Zieminski Organizations: REUTERS, Lordstown Motors, U.S, Foxconn, Hai Precision Industry, General, Lordstown, Reuters, Endurance, EV, Biden, Detroit, GM, DiamondPeak Holdings, U.S . Justice Department, Ford Motor, Stellantis, Thomson Locations: Lordstown, Lordstown , Ohio, U.S, Taiwan, Ohio, Delaware, Foxconn, United States, Northeast Ohio, New York, Detroit

☆ Stock Market Today: Dow Futures Waver, Lordstown Files for Bankruptcy- Live Updates
▼ + stars: | 2023-06-27 | by ( ) www.wsj.com time to read: +1 min

U.S. stock futures and bond yields edged higher ahead of a relatively busy day of data that will be scrutinized for signals about the health of the economy. However, Lordstown Motors stock tumbled more than 60% premarket after the electric-truck startup filed for bankruptcy and sued its investment partner Foxconn Technology. ECB President Christine Lagarde said the central bank would likely raise rates in July , and was committed to returning inflation to 2% “come what may.”U.S. stock futures gained. Futures tied to the tech-focused Nasdaq-100 rose 0.4%, while those linked to the S&P 500 gained 0.2%. Bond yields rose.

Persons: Christine Lagarde, Dow industrials, Brent, Hang Seng Organizations: Nasdaq, Lordstown Motors, Foxconn Technology, Central, Futures, Treasury, Nikkei Locations: Russia, Europe, Asia, Hong, Shanghai

☆ Lordstown Motors, an Electric Truck Maker, Files for Bankruptcy
▼ + stars: | 2023-06-27 | by ( Neal E. Boudette | ) www.nytimes.com time to read: +1 min

Lordstown Motors, the troubled electric pickup truck company that bought a shuttered General Motors factory in Ohio, filed for bankruptcy protection on Tuesday. Foxconn said Lordstown had breached their investment agreement because its stock had fallen below $1 a share. Lordstown said on Tuesday it had filed a lawsuit asserting that Foxconn failed to honor its agreement to invest more money into the company. Lordstown was founded in 2018 by Steve Burns, the former chief executive of another electric vehicle company called Workhorse Group. plant in Lordstown, Ohio, that had produced the Chevrolet Cruze sedan.

Persons: Donald J, Foxconn, Lordstown, Steve Burns, Trump Organizations: Motors, General Motors, Trump, Chevrolet, Twitter Locations: Ohio, Taiwan, Lordstown , Ohio

☆ Lordstown Motors files for bankruptcy, sues Foxconn over $170 million funding deal
▼ + stars: | 2023-06-27 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Simultaneously with its bankruptcy filing, Lordstown filed a suit against Foxconn. Following the deal, which closed in May 2022, Lordstown and Foxconn agreed to a second deal in which Foxconn would invest up to $170 million in Lordstown, taking a 19.3% stake in the startup. Instead, Foxconn told Lordstown that the startup had breached the deal by allowing its stock price to fall below $1 per share. (Lordstown executed a 1:15 reverse stock split in May, pushing its share price back over the critical $1 mark.) Lordstown had just $108.1 million in cash available at the end of March, after losing $171.1 million in the first quarter.

Persons: Lordstown Motors, Lordstown, Foxconn, Trump Organizations: Lordstown, Foxconn, CNBC, General Motors, Foreign Investment Locations: Taiwan, Lordstown, Ohio, Foxconn, United States

☆ Wall Street rises after upbeat economic data, recovery in megacaps
▼ + stars: | 2023-06-27 | by ( Sruthi Shankar | ) www.reuters.com time to read: +3 min

New home sales and consumer confidence data are due later in the day. A winning run on Wall Street came to a halt last week after Powell said there were more rate hikes on the cards. Snowflake (SNOW.N) climbed 2.6% after the cloud data analytics company announced partnership with Nvidia (NVDA.O) to allow customers to build AI models using their own data. The S&P index recorded eight new 52-week highs and one new low, while the Nasdaq recorded 18 new highs and 48 new lows. Reporting by Sruthi Shankar, Johann M Cherian and Ankika Biswas in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Powell, Peter Andersen, Jerome Powell, Premier Li Qiang, Bernstein, Sruthi Shankar, Johann M Cherian, Ankika Biswas, Shinjini Organizations: Dow, Nasdaq, Commerce Department, Reuters, Fed, Andersen Capital Management, European Central Bank, Dow Jones, Nvidia, Meta, Citigroup, Alibaba, Premier, Google, Walgreens Boots Alliance, Lordstown Motors, Foxconn, NYSE, Thomson Locations: Sintra, Portugal, U.S, Bengaluru

☆ Lordstown Motors files for bankruptcy and sues Taiwan's Foxconn
▼ + stars: | 2023-06-27 | by ( Michelle Toh | ) edition.cnn.com time to read: +5 min

CNN —Lordstown Motors filed for bankruptcy protection Tuesday, put itself up for sale, and announced a lawsuit against Foxconn, accusing its biggest shareholder and former partner of setting out to “destroy” its business. Officially called Hon Hai Technology Group, Foxconn is best known for making iPhones for Apple (AAPL), but has recently made moves toward building electric vehicles. In 2021, it purchased an Ohio factory that Lordstown Motors had itself bought from General Motors in 2019. Lordstown Motors headquarters seen in Lordstown, Ohio in 2021. As of December, Lordstown Motors had just a fraction of that headcount, with 260 full-time employees, according to its latest annual report.

Persons: CNN —, Foxconn, Edward Hightower, Lordstown, ” Foxconn, ”, “ Foxconn, Lordstown’s, Dustin Franz, It’s Organizations: CNN, CNN — Lordstown Motors, Foxconn, Hai Technology, Apple, Lordstown Motors, General Motors, Bloomberg, Getty, GM Locations: Delaware, Taipei, Ohio, Lordstown , Ohio, California, North America

☆ Stocks making the biggest premarket moves: Walgreens, Kellogg, Eli Lilly, Delta and more
▼ + stars: | 2023-06-27 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

It also reported adjusted earnings per share for its fiscal third quarter of $1, missing a Refinitiv forecast of $1.07. Kellogg — Shares added 2.5% in premarket trading after an upgrade from Goldman Sachs to buy. Delta Air Lines — The travel stock added about 1% in premarket trading after Delta forecast full-year adjusted earnings of $6 per share, at the high end of previous guidance. American Equity Investment Life — The stock jumped 15% in premarket trading after Bloomberg reported Canadian investment firm Brookfield was close to making a deal to buy the insurance firm for approximately $4.3 billion. The Wall Street firm said it expects deteriorating trends in key markets and higher competitive supply versus its peer group.

Persons: Kellogg —, Goldman Sachs, Kellogg, Taiwan's Foxconn, Eli Lilly —, Eli Lilly, retatrutide, Morgan Stanley, —, Sarah Min, Brian Evans, Jesse Pound, Michael Bloom Organizations: Walgreens, Alliance, Lordstown Motors, Motors, U.S, Delta Air Lines, Delta, Equity Investment, Bloomberg, Resorts Locations: New York City, Brookfield

☆ Faraday Future investors commit $90 million in funding
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

June 27 (Reuters) - Faraday Future Intelligent Electric (FFIE.O) has received $90 million in funding commitment from its existing investors, the electric-vehicle startup said on Tuesday, sending its shares up about 5%. The company, which had last year raised going-concern doubts, said its investors will also speed up the $15 million funding commitment made earlier. The production of FF 91 began in March in its California factory although there are concerns over potential delays in delivery. The funding support comes as peer EV start-up Lordstown Motors (RIDE.O) filed for bankruptcy protection and sued investor-partner Foxconn for failing to keep certain contractual promises. The company, which had last month announced plans to raise $100 million in debt, said in an exchange filing that it will continue to look for additional funding sources.

Persons: Foxconn, Faraday, Yuvraj Malik, Anil D'Silva Organizations: ATW Partners, Senyun International, FF, EV, Lordstown Motors, Thomson Locations: California, 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 founder sells remaining stake in EV startup
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

June 22 (Reuters) - Lordstown Motors (RIDE.O) founder and former CEO Stephen Burns has sold his entire stake in the electric-vehicle maker, according to a regulatory filing. The company in May implemented a reverse stock split to comply with Nasdaq's minimum $1 listing requirement and appease investor Foxconn (2317.T) that had threatened to scrap a $170 million funding in the cash-strapped company. Burns has sold his stake in three transactions between May and June, about 581,000 shares were divested before the reverse stock split and 791,572 shares after, the filing on Wednesday showed. The EV startup declined to comment on the stake sale. Earlier this month, Lordstown Motors said it planned to take legal action against Taiwanese contract manufacturer Foxconn to ensure the planned purchase of nearly 10% of the company's shares was not derailed.

Persons: Stephen Burns, Foxconn, Burns, Julio Rodriguez, Hindenburg, Lordstown, Hindenburg's, Tanya Jain, Shinjini Organizations: Lordstown Motors, Thomson Locations: Bengaluru

☆ Faraday Future plans reverse stock split and delays EV deliveries
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +2 min

June 16 (Reuters) - Electric-vehicle startup Faraday Future Intelligent Electric (FFIE.O) said on Friday it was planning a reverse stock split, as it looks to regain compliance with Nasdaq's minimum bid price requirements. Faraday Future closed at $0.45 on Friday. So far this year, electric-truck maker Nikola (NKLA.O) has said it may execute a reverse stock split, while Lordstown Motors (RIDE.O) has also announced a reverse stock split to meet Nasdaq listing norms. Faraday's reverse stock split proposal includes a range between 1-for-2 and 1-for-90 shares of outstanding common stock. Last November, Faraday Future raised doubts about its ability to continue as a "going concern".

Persons: Faraday, Nikola, Samrhitha, Krishna Chandra Organizations: Nasdaq, Companies, Lordstown Motors, FF, Futurist Alliance, Thomson Locations: Angeles, Bengaluru

REUTERS/Dado Ruvic/Illustration/File PhotoJune 16 (Reuters) - U.S. electric-vehicle startups were set for massive weekly gains on Friday after a searing rally in their shares over the past few sessions nearly doubled the value of companies such as Nikola (NKLA.O). Other big gainers such as Nikola and Workhorse Group (WKHS.O) have short interests of 21.7% and 23.9%, respectively. Reuters GraphicsUsed-car retailer Carvana (CVNA.N), another highly shorted stock, has also posted strong gains that have pushed up its value by nearly $1.38 billion this week. "Carvana probably kick-started this, it is up more than 100% in a couple of weeks on a short squeeze. Nikola and Lordstown have drawn a flurry of bullish options activity in recent days as traders place bets on further gains.

Persons: Dado Ruvic, Nikola, Dennis Dick, Carvana, Tesla, Lordstown, Aditya Soni, Akash Sriram, Saqib Iqbal Ahmed, Shounak Dasgupta Organizations: REUTERS, Lordstown, S3 Partners, Reuters, Triple, EV, U.S, Nasdaq, Thomson Locations: Morgan, Bengaluru, New York

☆ Electric Aircraft Suffer From Short Ranges. Could Towing Be the Answer?
▼ + stars: | 2023-06-16 | by ( George Downs | ) www.wsj.com time to read: 1 min

E54Fires, Short Sellers and an EV Recall: Inside Lordstown Motors’ Decline Lordstown Motors was once in the race to build America’s first EV pickup truck. But now – after vehicle fires, short seller reports and recalls – the company has turned to a reverse stock split to try and avoid filing for bankruptcy protection. Illustration: David Fang

Persons: Short Sellers, –, David Fang Organizations: EV

☆ Electric-vehicle startups set to extend blistering rally
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File PhotoJune 16 (Reuters) - Electric-vehicle startups from Nikola (NKLA.O) to Lordstown Motors (RIDE.O) were set on Friday to extend a blistering rally in their shares that has put the cash-strapped companies on track for hefty weekly gains. For instance Nikola, which has more than doubled in value this week, has a short interest of 15.7%, according to Refinitiv. The EV startups, meanwhile, have added over $500 million to their collective market value. Nikola shares were 20% higher before the bell on Friday at $1.65, on course to stay above the minimum level for the third straight session. Still, many challenges remain for the EV startups, evidenced by the year-to-date stock price declines of 35% and 75% seen at Nikola and Lordstown, respectively.

Persons: Dado Ruvic, Nikola, Lordstown, Foxconn, Aditya Soni, Akash Sriram, Shounak Dasgupta Organizations: REUTERS, Nikola, Lordstown Motors, EV, U.S, Faraday, Nasdaq, Thomson Locations: Morgan, Bengaluru

☆ EV maker Lordstown plans to sue Foxconn over funding dispute
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +2 min

The company, and its EV peers have been struggling as access to capital tightens from rising interest rates and economic uncertainty. The cash-strapped EV maker had warned earlier it might be forced to file for bankruptcy, citing uncertainty over a $170 million investment deal with Foxconn through which the Taiwanese company would hold a near-20% stake in the money-losing U.S. firm. Foxconn has since invested $52.7 million and is balking at purchasing additional shares, citing a breach of their agreement, Lordstown said. "The company believes that Foxconn's various breaches of the investment agreement and pattern of bad faith have caused material and irreparable harm to the company," Lordstown added in the filing. Reporting by Tiyashi Datta in Bengaluru; Editing by Savio D'Souza and Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Foxconn, Lordstown, Tiyashi Datta, Savio D'Souza, Nivedita Organizations: Lordstown Motors, EV, U.S, U.S ., Thomson Locations: tightens, U.S, Ohio, Bengaluru

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