General Motors

The Daily Dash: Strong freight demand to continue flowing into 2021

The Daily Dash is a quick look at what is happening in the freight ecosystem. In today’s edition, J.B. Hunt is not expecting a slowdown in freight through at least the first quarter of 2021. Plus, Nikola Corp. and General Motors continue talking about a battery agreement, but a deal remains out of reach for now. And some roads are just made for truckers.

No slowdown ahead

In a presentation at Baird’s 2020 Global Industrial Conference on Tuesday, executives from J.B. Hunt Transport Services (NASDAQ...

https://www.freightwaves.com/news/the-daily-dash-strong-freight-demand-to-continue-flowing-into-2021

Talks continue but Nikola plans beyond uncertain GM deal

Officially, Nikola Corp. (NASDAQ: NKLA) is still talking with General Motors (NYSE: GM) about a tie-up to get batteries and fuel cells for its electric trucks. But CEO Mark Russell characterizes the GM products as backup plans, perhaps softening the blow if a deal is not reached.

“It goes without saying that we’re interested in doing the deal with GM if we can get it done,” he said.

But Nikola has plans, beginning with the battery-electric Nikola Tre, if it doesn’t happen.

“The basic plan is a...

https://s29755.pcdn.co/news/talks-continue-but-nikola-plans-beyond-uncertain-gm-deal

SPAC shareholders approve Lordstown Motors reverse merger

Shareholders of a blank check company voted Thursday to approve a reverse merger that  provides startup Lordstown Motors Corp. (LMC) more money than it needs to build a commercial fleet-focused electric pickup truck at a former General Motors (NYSE: GM) car plant in Lordstown, Ohio.

The closing of the business combination between Diamond Peak Holdings Corp. (NASDAQ: DPHC) and LMC is expected Friday. The DPHC ticker will be replaced on Monday by the LMC ticker RIDE.

The deal went from announcement...

https://www.freightwaves.com/company-will-begin-ride-of-its-public-life-in-nasdaq-trading-on-monday

General Motors, Lyft and Cray execs join Aurora

Among the self-driving technology set, the summer of 2020 will be remembered for the pandemic and uptick in development and commercialization of autonomous trucking.

A case in point is autonomous vehicle company Aurora, which this summer expanded testing of its autonomous Class 8 trucks to Texas and moved to a new Pittsburgh headquarters.

On Wednesday, the Amazon-backed company announced a few more growth indicators. It revealed new information about its headcount, claiming 600 employees, up from...

https://s29755.pcdn.co/news/execs-from-general-motors-lyft-and-cray-join-aurora-innovation

Birth of a SPAC: Ex-GM executive hunting next-gen mobility target

Former General Motors (NYSE: GM) executive Barry Engle and his team at Qell Acquisition Corp. raised $380 million in less than a month to invest in a next-generation mobility company. Despite a record number of special purpose acquisition companies (SPACs) being formed this year, he still sees plenty of opportunity.

“The number of companies out there for whom this might be a really good alternative is infinitely larger,” Engle told FreightWaves in an interview. “Very few companies looking for...

https://s29755.pcdn.co/news/birth-of-a-spac-ex-gm-executive-hunting-next-gen-mobility-target

Lordstown Motors SPAC vote set amid unique business risks

Shareholders of a blank check company vote Oct. 22 on completing a reverse merger that would provide startup Lordstown Motors Corp. (LMC) twice as much money as it needs to retool a former General Motors plant to build a commercial fleet-focused electric pickup truck.

Diamond Peak Holdings Corp. (NASDAQ: DPHC) raised $780 million in an initial public offering (IPO) and through the sale of discounted shares. The full amount will transfer to LMC if the vote passes as expected. 

Since the proposed...

https://s29755.pcdn.co/news/lordstown-motors-spac-vote-set-amid-business-risks

BorgWarner completes $3.3 billion takeover of Delphi Technologies

BorgWarner Inc. (NYSE: BWA) has completed its takeover of Delphi Technologies, the last vestige of the once-vast General Motors Co. (NYSE: GM) Worldwide Components Group.

The $3.3 billion stock deal positions BorgWarner to grow as a leader in electrified propulsion systems for cars and heavy-duty trucks. The merger was announced in January. BorgWarner and Delphi Technologies estimate they generated $10.17 billion and $4.36 billion in net sales respectively in the 2019 fiscal year.

It is the...

https://s29755.pcdn.co/news/borgwarner-completes-33-billion-takeover-of-delphi-technologies

News analysis: Evidence mounts that Nikola Badger is roadkill

The much-hyped Nikola Badger electric pickup looks like an endangered species. It is absent from the electric truck startup’s road map of milestones, and a delayed manufacturing deal with General Motors (NYSE: GM) points to its demise before a physical prototype is ever revealed.

The Badger was not in Nikola Corp.’s (NASDAQ: NKLA) business plan a year ago. And it isn’t there now. Founder Trevor Milton used it as a buzz-building tool for the company following the reveal of rival Tesla’s...

https://s29755.pcdn.co/news/news-analysis-evidence-mounts-that-nikola-badger-is-roadkill

Nikola battles back: Electric truck startup seeks to calm investors

Nikola Corp. (NASDAQ: NKLA) is fighting back after three weeks of withering media coverage following a short seller’s fraud allegations that succeeded in crashing the startup electric truck maker’s stock. 

In a media tour that helped the company’s battered shares recover some of their lost ground, Nikola on Wednesday put CEO Mark Russell and recently named Chairman Steve Girsky into media interviews seeking to reset company fortunes with an all-is-well message.

Asked by FreightWaves what Nikola...

https://www.freightwaves.com/news/nikola-battles-back-electric-truck-startup-seeks-to-reassure-investors

GM deal with Nikola delayed beyond anticipated close

General Motors Co. (NYSE: GM) and embattled electric truck startup Nikola Corp. (NASDAQ: NKLA) will not close on a manufacturing partnership by Wednesday as the two companies predicted earlier this month.

“Our transaction with Nikola has not closed,” GM said in a statement provided to FreightWaves on Tuesday. “We are continuing our discussions with Nikola and will provide further updates when appropriate or required.”

A joint Nikola-GM press release on Sept. 8 said, “The parties anticipate...

https://www.freightwaves.com/news/gm-deal-with-nikola-delayed-beyond-anticipated-close

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