CFIUS

Truck Tech: Rush hour edition

Truck Tech logo on blue background

Rusty Rush not only operates more truck dealerships than anyone on the planet, he also knows technology. And he has opinions on just about everything. So, buckle up. It’s Rush hour. 

Also this week, TuSimple and Plus have rumored suitors, and Nikola is going to the ATM but not the one at the bank on the corner.

The world according to Rusty Rush

Rusty Rush, president, chairman and CEO of Rush Enterprises, is one of those people you could listen to all day. His down-home Texas twang and affable...

https://www.freightwaves.com/news/truck-tech-rush-hour-edition

Time running out for Lordstown Motors to complete Foxconn deal

Lordstown Motors President Ed Hightower with the Endurance pickup truck

Cash-starved Lordstown Motors missed its deadline for closing the sale of its plant to Taiwan’s Foxconn EV Technology Inc., a deal critical to the startup’s execution of electric light-duty trucks focused on commercial fleets. 

The two agreed to an asset purchase agreement (APA) in November 2021. Under the deal, Foxconn would purchase the 6.2 million-square-foot Lordstown complex from LMC for $230 million.

The deal was supposed to close Friday. But is being held up by details of a contract...

https://www.freightwaves.com/news/time-running-out-for-lordstown-motors-to-complete-foxconn-deal

TuSimple may sell autonomous truck business in China to boost share price

TuSimple Holdings shares, battered since announcing a sudden leadership change earlier in March, rebounded Wednesday after Reuters reported the autonomous truck developer may offload its autonomous trucking business in China.

TuSimple (NASDAQ: TSP), which leads the commercialization of autonomous trucking in the U.S., hasn’t talked much about its China business, which focused on deepwater ports near Shanghai. TuSimple is in talks to sell the unit for up to $1 billion, Reuters said, citing three...

https://www.freightwaves.com/news/tusimple-may-sell-autonomous-truck-business-in-china-to-boost-share-price

Endangered SPAC? Public trading path for Plus could be in jeopardy

Signs are flashing red for the business combination of autonomous trucking software developer Plus getting to the finish line of its $3.3 billion SPAC merger with Hennessy Capital Acquisition Corp. V.

A Sept. 27 Securities and Exchange Commission filing by HCIC (NASDAQ: HCIC)

declares it unlikely the merger will conclude by the “outside date” of Nov. 8. Plus will not comment on the timing of the closing of the business combination.

Competitor Aurora Innovation expects to conclude its SPAC business...

https://www.freightwaves.com/news/endangered-spac-public-trading-path-for-plus-could-be-in-jeopardy