Just two months ago, the auto industry was bracing for disaster. As the coronavirus spread, automakers shut down plants, and car sales plunged. But the industry is starting to breathe a little easier. Factories are churning out trucks and sport utility vehicles, with many of the plants nearly back to production levels that prevailed before… Continue reading As Sales Rise, Automakers Ramp Up Production
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Honda Hackers May Have Used Tools Favored by Countries
A computer virus hit the Japanese automaker Honda this week, disrupting its internal computer networks, forcing it to shut factories across the globe and leaving employees cut off from email or internal servers. While Honda has declined to name the attackers or the tools they used, cybersecurity analysts said that the attack appears to have… Continue reading Honda Hackers May Have Used Tools Favored by Countries
Lordstown Motors becomes latest EV automaker to use a SPAC to go public
Lordstown Motors, the one-year-old Ohio electric automaker that revealed a pickup truck prototype in June, has reached a deal to merge with special-purpose acquisition company DiamondPeak Holdings Corp., with a market value of $1.6 billion. The agreement marks the latest company — and electric automaker — to become a publicly traded company through a merger… Continue reading Lordstown Motors becomes latest EV automaker to use a SPAC to go public
Lordstown Motors to merge with acquisition company, go public
Detroit — Electric vehicle startup Lordstown Motors Corp. and DiamondPeak Holdings Corp. have entered into a $1.6 billion merger agreement that will result in Lordstown becoming publicly listed, the two companies said Monday. Lordstown’s merger with the special purpose acquisition company is viewed as a way to aid in the development of Lordstown’s all-electric pickup truck, the Endurance, which was unveiled… Continue reading Lordstown Motors to merge with acquisition company, go public
Ferrari expects at least 1 billion euros profit in 2020
Daniele Lepido, Bloomberg Published 9:53 a.m. ET Aug. 3, 2020 | Updated 10:02 a.m. ET Aug. 3, 2020 Ferrari NV narrowed the range of its full-year profit guidance toward the lower end after the supercar-maker was forced to shutter factories for seven weeks because of the coronavirus pandemic. Ferrari, controlled by the Agnelli family’s investment… Continue reading Ferrari expects at least 1 billion euros profit in 2020
MG-Badged Roewe Ei5 To Become Europe’s First All-Electric Wagon
There are very few battery electric wagons currently available to buy, all of which are in China, but one is going to make its way to Europe where it will be an utterly unique proposition. The Roewe Ei5 will be sold in the United Kingdom as the MG 5 beginning Q4 2020, where it will… Continue reading MG-Badged Roewe Ei5 To Become Europe’s First All-Electric Wagon
Grab said to raise $200m from Korea’s Stic Investments
The Seoul-based investment firm will be investing US$100 million from one of its funds, while the remaining will come from co-investors. Go to Source
General Motors ‘exploited’ Holden dealers in Australia, inquiry told
General Motors “exploited” its dealers in the closure of the Holden brand in Australia, a Senate inquiry has been told. The Australia Automotive Dealer Association told the inquiry on Monday that in the months leading up to the closure announcement in February, GM had recklessly allowed dealers to continue with costly upgrades to their facilities.… Continue reading General Motors ‘exploited’ Holden dealers in Australia, inquiry told
Elon Musk: Tesla Cybertruck Created With Zero Market Research, Could Flop
The Tesla Cybertruck reveal was one of those events that broke the internet. It gained so much notoriety so quickly that it has to be acknowledged as being the star of one of the most memorable automotive unveiling venues of recent years. However, its success seems to have been a mere fluke, since we’ve now… Continue reading Elon Musk: Tesla Cybertruck Created With Zero Market Research, Could Flop
EV maker Lordstown Motors to go public by merging with blank check firm
(Reuters) – Lordstown Motors has agreed to go public through a merger with blank-check company DiamondPeak Holdings in a deal that values the electric pickup truck start-up at pro forma equity value of $1.6 billion, the companies said on Monday. The combined company will be called Lordstown Motors Corp following the closure of the deal… Continue reading EV maker Lordstown Motors to go public by merging with blank check firm