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☆ Fires, Short Sellers and an EV Recall: Inside Lordstown Motors’ Decline
▼ + stars: | 2023-05-25 | by ( George Downs | ) www.wsj.com time to read: 1 min

E55Electric Aircraft Suffer From Short Ranges. Could Towing Be the Answer? Startup Magpie Aviation is testing whether electric passenger planes could be towed to extend their range. To find out what it might take for Magpie to tow single aisle jetliners like a Boeing 737 or an Airbus A320, WSJ’s George Downs takes flight on an aerotowed glider. Illustration: George Downs

Persons: George Downs Organizations: Aviation, Boeing, Airbus

Foxconn's turnaround efforts initially paid off: by 2018, Sharp was back in the black. Moreover, analysts estimate assembling iPhones and other Apple (AAPL.O) gadgets still brings in more than half of Foxconn’s annual sales. The troubled unit was once a joint venture between Sharp, Foxconn and an entity tied to Gou. The company attributed the slump to a non-operating loss of T$19.7 billion related to its 34% stake in Japanese electronics maker Sharp. Sharp reported a 220-billion-yen ($1.6 billion) impairment loss in the quarter, mostly from buildings, machinery and goodwill relating to display businesses.

☆ EV startups conserve cash as make-or-break moment approaches. Here's where everyone stands
▼ + stars: | 2023-05-24 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +14 min

As legacy automakers increasingly ramp production of all-electric vehicles, cushioned by the profits of gas-powered models, a handful of EV startups are scrambling to conserve cash and stay in the mix. It also means the amount of cash Fisker had left as of the end of March, $652.5 million, isn't yet cause for alarm. Still, Fisker cut its production guidance for 2023 to between 32,000 vehicles and 36,000 vehicles, from 42,400 in its original plan. Or as Evercore ISI analyst Doug Dutton wrote before Fisker's earnings report, "Fisker is beginning to turn into a story of binary and 'show me' outcomes." It had $108.1 million remaining as of the end of March, but it lost $171.1 million in the first quarter .

Persons: Tesla, Rivian, Claire McDonough, Rivian's, It's, McDonough, Deutsche Bank's Emmanuel Rosner, Rosner, Sherry House, Peter Rawlinson, Bank of America's John Murphy, Murphy, Aston Martin, Henrik Fisker, Fisker, Doug Dutton, Dutton, Nikola Nikola, Trevor Milton, Nikola, Voltera, TD Cowen, Jeffrey Osborne, Osborne, Polestar Polestar, it's, Johan Malmqvist isn't, aren't, Deutsche Bank's Rosner, Lordstown, Foxconn, Foxconn doesn't Organizations: EV, Amazon, Deutsche, Lucid's, Bank of America's, BMW, Global, Magna International, Nikola, Iveco, Volvo Cars, Geely, Lordstown, Nasdaq, General Motors Locations: Georgia, Magna, Austria, U.S, Europe, North America, Nikola's, Swedish, China, Ohio, Lordstown

☆ 49. Monarch Tractor
▼ + stars: | 2023-05-09 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: +2 min

That's why Monarch believes its zero-emission MK-V tractor, which came off production lines this past December, can make a difference in climate change. As the producer of the world's first-ever fully electric, driver-optional smart tractor, Monarch Tractor's goal is to bring sustainability to farming's workhorse. In April, Chinese contract manufacturing giant Foxconn began MK-V tractor production at its Lordstown, Ohio, plant, which Foxconn bought from troubled EV maker Lordstown Motors last year. With growing government and societal incentives to make the shift toward greener farming, Monarch Tractor is confident in its abilities to transform the agriculture industry as we know it. Farm machinery giant Deere , which has a 60% market share in the U.S., has made several acquisitions in the autonomous tractor and machine learning space.

☆ Fisker cuts production guidance for Ocean EV after last-minute snags
▼ + stars: | 2023-05-09 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Electric vehicle startup Fisker on Tuesday reported a wider first-quarter loss than expected and cut its production guidance for the full year, both of which it blamed on last minute snags as it begins production of its Ocean SUV. 38 cents, versus a loss of 30 cents expected. A year ago, Fisker reported a net loss of $122.1 million, or 41 cents a share, with no revenue. Fisker had $652.5 million in cash remaining as of March 31, down from $736.5 million at the end of 2022. "We are ready to go full speed on production next week," Henrik Fisker told CNBC's Phil LeBeau on Tuesday.

May 5 (Reuters) - U.S. electric-vehicle startups are expected to report another quarter of dwindling cash reserves next week, piling pressure on a group of companies that are struggling to ramp up production and have few options for funding in a turbulent economy. Lucid Group (LCID.O) kicks off first-quarter earnings for the group on Monday, with the company expected to report a 36% sequential slide in cash reserves, according to Visible Alpha. Rivian Automotive (RIVN.O), meanwhile, will likely report on Tuesday that its cash balance fell by 6.8% to $10.78 billion from the preceding quarter, per a Visible Alpha estimate. Fisker Inc (FSR.N) and Nikola (NKLA.O), both of which report earnings on Tuesday, are expected to see their cash reserves decline by 5% and 15%, respectively, according to Visible Alpha. Its earnings in an unscheduled release on Thursday showed Lordstown's cash balance fell 11% sequentially.

☆ Cash-strapped Lordstown may tap the brakes on Endurance production
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

Foxconn will make Fisker Inc's (FSR.N) PEAR electric compact car at the Ohio factory starting next year, the EV startup has said. Lordstown Motors had cash and cash equivalents of $108.1 million as of March 31, down from $203.6 million a year earlier. Lordstown Motors and its EV peers have been struggling as access to capital tightens from rising interest rates and mounting economic uncertainty. The company had resumed production of Endurance in March after a pause in February to address quality issues. Lordstown Motors had previously warned of substantial doubt about its ability to continue as a going concern, citing liquidity issues.

☆ Struggling Lordstown Motors expects to end production of its EV pickup 'in the near future'
▼ + stars: | 2023-05-04 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

Lordstown Motors gave rides in prototypes of its upcoming electric Endurance pickup truck on June 21, 2021 as part of its "Lordstown Week" event. Lordstown Motors expects to end production of its Endurance pickup truck "in the near future," as the embattled EV startup runs out of cash and seeks additional capital. To the extent we do not identify such a partner, we anticipate that production of the Endurance will cease in the near future," the once-promising company said in the filing. Lordstown said Thursday its net loss widened to $171.1 million in the first quarter, compared with a loss of $89.6 million a year earlier. The company said it had cash and cash equivalents of just $108.1 million as of March 31, down 11% to begin the year.

Foxconn struck a deal in November to take a near-20% stake in the money-losing U.S. firm for up to $170 million. It has since invested $52.7 million and is balking at purchasing additional shares, citing a breach of their agreement, Lordstown said. "There is substantial doubt regarding our ability to continue as a going concern," Lordstown said in a filing, referring to its dispute with Foxconn over the investment deal. Their course of conduct has resulted in material — and what is becoming irreparable — harm to the company," Lordstown said in a statement. Lordstown shares, which at one point tumbled more than 50% on Monday, closed down 23%, or 12 cents, at 40 cents, in heavy trading.

Lordstown said Foxconn cited the delisting notice the Ohio-based company received from Nasdaq in a letter alleging the breach. Lordstown shares were trading mid-morning at $0.39, down 13 cents a share. Lordstown warned that "there is substantial doubt regarding our ability to continue as a going concern". Without a resolution with Foxconn, other funding or partners, it said it could be forced to file for bankruptcy. Lordstown Motors bought a former General Motors (GM.N) small car assembly plant and equipment for $20 million in Ohio after the Detroit automaker closed it in March 2019.

☆ 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 warns of bankruptcy after Foxconn threatens to walk away from crucial funding deal
▼ + stars: | 2023-05-01 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Shares of electric vehicle startup Lordstown Motors disclosed on Monday that a funding deal with Foxconn is in jeopardy – and that it may go bankrupt if the deal doesn't happen. Foxconn paid the first $52.7 million due under that deal last year, but the remainder – and the deal itself – is now in jeopardy. That approval was secured on April 25, Lordstown said, meaning that Foxconn is obliged to make that investment by May 8. According to Lordstown, that plan hasn't been finalized because Foxconn isn't making "commercially reasonable efforts" to finish it. Lordstown warned in the filing that it may be forced to file for bankruptcy protection if the Foxconn deal falls through.

May 1 (Reuters) - Lordstown Motors (RIDE.O) shares plunged 48% Monday after major shareholder Foxconn alleged it breached their $170 million investment deal and the electric truck maker warned it might be forced to file for bankruptcy. Lordstown warned in a U.S. Securities and Exchange Commission filing on Monday that "there is substantial doubt regarding our ability to continue as a going concern." Without a resolution with Foxconn, other funding or new partners, it could be forced to file for bankruptcy or cease operations, it added. Lordstown shares were trading mid-afternoon at 27 cents, down 25 cents. Lordstown Motors bought a former General Motors Co (GM.N) small car assembly plant and equipment for $20 million in Ohio after the Detroit automaker closed it in March 2019.

☆ Lordstown Motors stock plunges after dispute with investor Foxconn
▼ + stars: | 2023-05-01 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

With that arrangement apparently unraveling, Lordstown could face bankruptcy, according to the truck maker. In 2021, it purchased an Ohio factory that Lordstown Motors had, itself, bought from General Motors in 2019. According to papers Lordstown Motors filed with the Securities and Exchange Commission on Monday, Foxconn has claimed that Lordstown has not met the agreed- upon requirements and, so, Foxconn is refusing to follow through with agreed-upon future investments. In April, Lordstown Motors received a letter from Nasdaq notifying the company that, because of its low stock price, the company was in danger of being delisted from the exchange. Because of that letter, according to Lordstown, Foxconn claimed the company had not met the investment agreements.

☆ Hyundai Shows Off 'Crab-Driving' Tech in Ioniq 5 Prototype: Video
▼ + stars: | 2023-04-27 | by ( Tim Levin | ) www.businessinsider.com time to read: +3 min

Hyundai showed off a new technology called e-Corner in a recent video. Hyundai Mobis, the carmaker's parts division, released a new video of a technology it's developing called e-Corner. The clip shows a Hyundai Ioniq 5 electric vehicle pull up directly beside an open parking spot, turn all four wheels perpendicular to the curb, and just scoot right on in. Once again, the Ioniq 5 swivels its wheels outward, but this time the front and rear wheels spin in opposite directions, making the Ioniq 5 spin in place. Later in the video, the Ioniq 5 does a "pivot turn," where the front-right wheel stays in place while the back of the vehicle swings outward.

☆ 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.

☆ Faraday Future pushes back EV deliveries, looking for cash
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +2 min

Still, the company said its first vehicle would come off the production line on Friday, and shares rose 13% to $0.31. Faraday Future on Thursday said it was in discussions with additional potential investors to secure the funding. Faraday Future has been struggling with a cash crunch and a board reshuffle following a governance dispute with one of its largest shareholders, FF Top Holding. Last November, Faraday Future raised doubts about its ability to continue as a "going concern". But the company managed to secure enough funds in February to start much-delayed production of the FF 91 Futurist last month.

☆ Breakingviews: EV double-SPAC provides only weak recharge
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

Electric-van developer Arrival just unveiled a merger with a special-purpose acquisition company, valuing it at $524 million. The twist: It already went public via a blank-check deal in 2021, at a valuation some 10 times higher. Arrival’s fall mirrors other EV hopefuls like Canoo (GOEV.O), Faraday Future Intelligent Electric (FFIE.O) and Lordstown Motors (RIDE.O). Arrival’s latest merger promises $283 million of it from Kensington Capital Acquisition Corp. V’s (KCGI.N) trust account. British startup Wejo (WEJO.O)tried a similar second-SPAC gambit, though it anticipates backing its transaction with private investment.

☆ 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 says it still has $220 million in cash as it grapples with production issues and an EV pivot
▼ + stars: | 2023-03-06 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

Lordstown Motors said Monday that it still had over $220 million in cash at the end of 2022, despite ongoing challenges that halted production of its Endurance electric pickup after just six were delivered. Lordstown began deliveries of its first EV, the Endurance pickup truck, in November. Through the end of February, it had built about 40 trucks and delivered six to customers. As of Dec. 31, Lordstown had $221.7 million in cash and short-term investments on hand. Lordstown delivered three Endurance pickups to customers during the fourth quarter.

☆ 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.

For now, by building in Ohio, Foxconn can offer customers access to U.S. federal incentives under the Inflation Reduction Act, Daiwa Capital Markets analyst Kylie Huang said. That's a selling point as traditional automakers juggle building gasoline-powered vehicles with plans to build their own EV capacity. "If they don't get one this year, next year will be more difficult," Huang said of Foxconn's search for an EV contract with a traditional automaker. "Sooner or later, maybe the top, traditional (automakers) say, 'Hey, I want to become a product marketing company. Foxconn wants to build around 300,000 EVs at the plant, Ian Upton, director of production control at Foxconn Ohio, told Reuters.

☆ Fisker confirms Ocean EV deliveries will begin this spring, on track to build over 40,000 in 2023
▼ + stars: | 2023-02-27 | by ( John Rosevear | ) www.cnbc.com time to read: +3 min

Henrik Fisker stands with the Fisker Ocean electric vehicle after it was unveiled at the Manhattan Beach Pier ahead of the Los Angeles Auto Show and AutoMobilityLA on November 16, 2021 in Manhattan Beach, California. Electric vehicle startup Fisker said Monday that it spent less money in 2022 than expected, and that it remains on track to begin deliveries of its Ocean SUV this spring and to build more than 40,000 vehicles in 2023. "These results reinforce our expectation that, at the time of launch, the Fisker Ocean will have the longest range of any SUV/Crossover priced below $70,000," he said. Fisker expects to complete the testing needed for regulatory approval of the Ocean next month, and to ramp up production – and begin deliveries -- in the second quarter. Fisker spent a total of $702 million in 2022, a bit below its guidance range of $715 million to $790 million.

☆ 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.

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