Rivian, a maker of electric trucks and vans, is going public at a stock price that values the company at nearly $70 billion, a remarkable number that highlights the belief on Wall Street that the fast-growing electric vehicle market is still a wide-open field. In a securities filing on Tuesday, Rivian said it was selling… Continue reading Rivian will start trading today after an I.P.O. valuing it at nearly $70 billion.
Author: New York Times Online News
Ford’s profit declines as automakers deal with supply-chain troubles.
Ford Motor reported $1.8 billion in profit for the three months that ended in September, a decline of $600 million from a year earlier that the company attributed mainly to the global shortage of computer chips. Revenue fell about 5 percent, to $35.7 billion, the automaker said Wednesday. In the same period a year ago,… Continue reading Ford’s profit declines as automakers deal with supply-chain troubles.
General Motors’ Third-Quarter Profit Hit Hard by Chip Shortage
Two big Detroit automakers said Wednesday that the worldwide shortage of computer chips had weighed on their third-quarter earnings, but there were signs that the worst of the disruption was behind them. Of the two, Ford Motor fared better. Its revenue fell about 5 percent from a year earlier, to $35.7 billion, while General Motors’… Continue reading General Motors’ Third-Quarter Profit Hit Hard by Chip Shortage
Ford Announces Partnership to Assure Steady Flow of U.S.-Made Chips
About two months ago, the chief executives of Ford Motor and GlobalFoundries, a semiconductor supplier, spent several hours discussing the chip shortage vexing automakers and disrupting production around the world. On Thursday, the companies revealed the result of that meeting — a collaboration aimed at increasing chip manufacturing in the United States and improving Ford’s… Continue reading Ford Announces Partnership to Assure Steady Flow of U.S.-Made Chips
Rivian Gets Closer to IPO, Seeking Over $50 Billion Evaluation
Rivian, an electric truck maker backed by Amazon and Ford Motor, is aiming to be valued above $50 billion in its initial public offering next week. The company updated its registration documents with the Securities and Exchange Commission on Monday to say it was aiming to sell 135 million Class A common shares priced between… Continue reading Rivian Gets Closer to IPO, Seeking Over $50 Billion Evaluation
Workhorse Group Records a Big Loss on Electric Vans
Workhorse Group, a small producer of electric vans that has come under investigation by federal authorities, on Tuesday reported a loss of $81 million for the three months ending in September as a result of rising operating costs and a production stoppage related to a recall. The company also reported negative revenue of $576,600 because… Continue reading Workhorse Group Records a Big Loss on Electric Vans
Tesla Under Scrutiny Over Lack of Recall After Autopilot Update
The top federal auto safety regulator sent two letters to Tesla this week raising questions about the company’s driver-assistance software systems and instructing the carmaker to provide fuller information. The regulator, the National Highway Traffic Safety Administration, is looking into why Tesla did not issue a recall last month when it updated software called Autopilot… Continue reading Tesla Under Scrutiny Over Lack of Recall After Autopilot Update
Lordstown Motors Will Work With Foxconn, a Contract Manufacturer
Lordstown Motors, a troubled electric truck maker, said on Thursday that it had reached an agreement in principle to work with Foxconn, a contract manufacturer best known for assembling Apple’s iPhone, to develop its electric vehicles and ultimately could sell its Ohio factory to the Taiwanese company. Lordstown said the sale of the factory could… Continue reading Lordstown Motors Will Work With Foxconn, a Contract Manufacturer
Ford Will Build 4 Factories in a Big Electric Vehicle Push
The truck plant is supposed to produce a new battery-powered F-Series pickup truck, following the previously announced F-150 Lightning, but Ford declined to disclose details about it. The two plants in Kentucky will be in Glendale, about 50 miles south of Louisville, and are expected to create 5,000 jobs, at a cost of $5.8 billion.… Continue reading Ford Will Build 4 Factories in a Big Electric Vehicle Push
Ford’s Truck of the Future Looks Pretty Familiar
Advertisements have always told us that by buying one new product, we can improve our lives. Increasingly, though, they’re promising something different. Now they suggest we can buy our way to maintaining the lifestyle we already have, armed with products made from new materials (steel straws, hemp T-shirts) or redesigned so they don’t belch offensive… Continue reading Ford’s Truck of the Future Looks Pretty Familiar