Lordstown Motors

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

Truck Tech: Taken for a ride edition

This week, Paccar whittles down its red tag inventory. Two Nikola hydrogen-powered fuel cell trucks take a test ride, but to where? Tesla shows multiple Semis but is mum on production.  Mack Trucks gets predictive with its automated manual transmission. And the best of the rest.

Red tag sale

Paccar Inc., the first automaker to build and park trucks during the semiconductor shortage, made some nice progress in whittling down its so-called “red tag” inventory in Q4. About 7,000 of 10,000 trucks...

https://www.freightwaves.com/news/truck-tech-taken-for-a-ride-edition

Truck Talk: Short sellers and SPACs edition

It is becoming a right of passage for SPAC-sponsored electric vehicle companies to attract short sellers, some with legitimate claims and others out for a quick buck; the Pittsburgh area is embracing autonomous transportation; and Nikola’s greenfield plant in the Arizona desert that attracted trolls only months ago is making electric trucks.

Rise of the takedown artists

Short selling has always been a part of the stock market — borrowing shares and betting a company’s stock price will fall, then...

https://www.freightwaves.com/news/truck-talk-short-sellers-and-spacs-edition

Rivian for the win: Electric-vehicle maker targets $8B IPO windfall

Electric vehicle maker Rivian moves closer to IPO

Electric-vehicle maker Rivian, which is backed by Amazon, Ford and T. Rowe Price, is looking to raise between $5 billion and $8 billion in an initial public offering, Reuters is reporting.

The company filed last month confidentially with the Securities and Exchange Commission for an IPO that could value the company at $80 billion.

“The size and price range for the proposed offering have yet to be determined,” the company said in a statement issued to the media at the time. “The initial public...

https://www.freightwaves.com/news/rivian-for-the-win-electric-vehicle-maker-targets-8b-ipo-windfall

BrightDrop and GM sibling Cruise Automation talking about driverless delivery

General Motors siblings BrightDrop and Cruise Automation are talking about how driverless technology could fit with commercial vehicles like the electric vans BrightDrop will begin delivering to FedEx in December.

“Cruise is starting on ride-share, but they have investment from Walmart,” BrightDrop CEO Travis Katz told FreightWaves in an interview at the Advanced Clean Transportation Expo last week in Long Beach, California.

“Walmart is in the delivery business so you can imagine their ideas...

https://www.freightwaves.com/news/brightdrop-and-gm-sibling-cruise-automation-talking-about-driverless-delivery

Viewpoint: The role SPACs play for FreightTech founders today

The views expressed here are solely those of the author and do not necessarily represent the views of FreightWaves or its affiliates.

The world of investing has heard a lot about SPACs in just the past year. What used to be an avoided alternative to IPOs is now getting a spotlight for the advantages it brings in the current market conditions. As SPACs take off, particularly within the technology sector, it signals a good outlook for FreightTech founders and their startup companies. SPACs are a...

https://s29755.pcdn.co/news/viewpoint-the-role-spacs-play-for-freighttech-founders-today

Breaking News: GM invests in Nikola; to build Badger pickup

General Motors Co. (NYSE: GM) will become an 11% owner of electric truck startup Nikola Motors Corp. (NASDAQ: NKLA) and build the battery-electric Badger pickup as well as providing the fuel cells for Nikola’s Class 7 and 8 full-size trucks, the companies said Tuesday.

GM, which plans its own electric pickup truck, also recently invested in startup Lordstown Motors, which is planning a commercially focused pickup.

As CEO of VectoIQ, former GM Vice Chairman Steve Girsky led the reverse merger...

https://s29755.pcdn.co/news/breaking-news-gm-invests-in-nikola-to-build-badger-pickup

The Daily Dash: Freight volumes rising; and Florida man takes a wild semi ride

Freight volumes rise

The Daily Dash is a quick look at what is happening in the freight ecosystem. In today’s edition, freight volumes are on the rise, FreightWaves and EKA Solutions reach a collaboration deal and Florida man takes a wild ride on a semi.

Are freight volumes still rising?

Even as more states roll back their reopenings as COVID-19 continues to wreak havoc across the country, there is some evidence that the strong freight volumes seen in July are here to stay for a while.

Zach Strickland explains:...

https://s29755.pcdn.co/news/the-daily-dash-freight-volumes-rising-and-florida-man-takes-a-wild-semi-ride

+ More