Committee on Foreign Investment in the U.S.

Lordstown Motors closes plant sale to Taiwan’s Foxconn

Front 3/4 view of silver Lordstown Endurance electric pickup truck on display at the Advanced Clean Technology Expo in Long Beach, California.

Lordstown Motors Corp. has sold a former General Motors plant it essentially got for free, netting about $257 million to keep its commercial electric pickup truck production on track. But the new plant owner — Taiwan electronics maker Foxconn — will build the trucks as part of the deal.

The clock was ticking against a Saturday deadline that would have forced LMC to forfeit most of its assets to repay $200 million Foxconn advanced on the plant purchase. 

The cash infusion clears some of the rocks...

https://www.freightwaves.com/news/lordstown-motors-closes-plant-sale-to-taiwans-foxconn

US takes limited oversight of TuSimple as foreign investment probe ends

The Committee on Foreign Investment in the United States (CFIUS) has wrapped up its national security probe into autonomous truck software developer TuSimple Holdings Inc., which agreed to limited U.S. oversight and pledged to keep U.S.-developed core technology out of China.

“I think in short this is a clean bill of health from the U.S. government,” TuSimple CEO Cheng Lu told FreightWaves on Tuesday evening.

CFIUS, an interagency committee authorized to review certain transactions involving...

https://www.freightwaves.com/news/us-takes-limited-oversight-of-tusimple-as-foreign-investment-probe-ends

US regulators balk at billion-dollar takeover of Ports America

Two U.S. Federal Maritime commissioners concerned about foreign ownership of American supply chains want federal officials to conduct a “full and thorough review” of the proposed purchase of Ports America by a Canadian pension fund.

In a letter sent last week to U.S. Treasury Secretary Janet Yellen, FMC Commissioners Carl Bentzel and Louis Sola warned that the proposed acquisition by the Canada Pension Plan Investment Board (CPP Investments) could run counter to U.S. economic interests.

“CPP...

https://www.freightwaves.com/news/us-regulators-balk-at-billion-dollar-takeover-of-ports-america

TuSimple discloses specifics of federal ownership probe

Driverless trucking software developer TuSimple Holdings reported $1.5 million in revenue from its growing autonomous freight network in Q2, a fivefold increase over a year ago.

The San Diego-based company reported it is still waiting to see how and whether its ownership structure will change based on an investigation by the Committee on Foreign Investment in the United States (CFIUS).

CFIUS is conducting a 45-day review of the 2017 purchase of TuSimple’s redeemable convertible preferred shares...

https://www.freightwaves.com/news/tusimple-discloses-specifics-of-federal-ownership-probe

TuSimple raises $1.36B in IPO sales ahead of bell-ringing public debut

TuSimple, the first autonomous vehicle software maker to go public, raised $1.36 billion at $40 per share, slightly above the high end of its estimate. Shares begin trading Thursday on the NASDAQ Global Select Market under the ticker symbol TSP.

TuSimple has a valuation of $8.49 billion based on 212 million registered shares.

Prior to its initial public offering (IPO), the San Diego-based startup privately raised $800 million over five years. Most of that came in recent months as it pulled in...

https://s29755.pcdn.co/news/tusimple-raises-136b-in-ipo-sales-ahead-of-bell-ringing-public-debut

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