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Stellantis
Investors hammer Rivian stock after Amazon, Stellantis deal
The darling of the electric vehicle world at the end of 2021, Rivian is facing a hard reality in the new year after its shares have tumbled more than 20%, falling below its initial public offering price, since Wednesday.
Rivian (NASDAQ: RIVN) shares fell 11% on Wednesday following news of an Amazon agreement to purchase battery-electric Ram ProMaster vans from Stellantis. The stock had fallen as much as 16% in midmorning trading Thursday below its IPO price of $78 before clawing back some of the...
https://www.freightwaves.com/news/investors-hammer-rivian-stock-after-amazon-stellantis-deal
Breaking: Rivian IPO could rival value of Ford
Electric vehicle maker Rivian said it will start trading as a public company on the Nasdaq Stock Market next week under the ticker symbol RIVN at a valuation greater than $60 billion.
The news was first reported by The Wall Street Journal, which said a definitive value would be disclosed in a Securities and Exchange Commission filing expected later Monday. The publication said the value would be in the “low-$60s-billon range.”
If Rivian goes public at that valuation, it would rival current...
https://www.freightwaves.com/news/breaking-rivian-ipo-could-rival-value-of-ford
Lordstown Motors may sell its plant to Taiwan’s Foxconn for $230M
Taiwan’s Foxconn would pay Lordstown Motors Corp. $230 million to purchase the massive 6.2 million-square-foot assembly complex it acquired from General Motors if LMC agrees to make Foxconn the contract manufacturer of its electric pickup truck.
The nonbinding agreement was announced late Thursday. A definitive agreement is expected by Oct. 31, according to The Wall Street Journal. It would allow LMC to keep certain components and intellectual property while the companies work together on the...
https://www.freightwaves.com/news/lordstown-motors-may-sell-its-plant-to-taiwans-foxconn-for-230m
GM extends auto plant closures due to chip shortage
A global semiconductor chip shortage continues to affect the automotive industry on both sides of the United States-Mexico border.
General Motors Co. (NYSE: GM) recently said it has extended production cuts at three North American plants, including its facility in San Luis Potosí, Mexico, through the end of March.
The GM factory in San Luis Potosí produces the Equinox, the Chevrolet Trax and the GMC Terrain SUVs.
Other GM plants that will be affected, until at least mid-April, are facilities in...
https://s29755.pcdn.co/news/gm-extends-auto-plant-closures-due-to-chip-shortage