Cairo and Dubai-based ride-sharing company Swvl plans to go public in a merger with special purpose acquisition company Queen’s Gambit Growth Capital, Swvl said Tuesday. The deal will see Swvl valued at roughly $1.5 billion. Swvl was founded by Mostafa Kandil, Mahmoud Nouh and Ahmed Sabbah in 2017. The trio started the company as a… Continue reading Egyptian ride-sharing company Swvl plans to go public in a $1.5B SPAC merger
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Fisker invests in EV charging network Allego’s SPAC merger
Less than a year after its own SPAC merger, electric vehicle startup Fisker has turned investor to support EV charging company Allego. Fisker is investing $10 million in private-investment-in-public equity (PIPE) funding for the merger of Allego and special purpose acquisition company Spartan Acquisition Corp III. The merger, announced Tuesday, puts Allego at a pro… Continue reading Fisker invests in EV charging network Allego’s SPAC merger
Tesla (TSLA) launches major shift in retail strategy: cheaper locations, remote working, and more
Tesla (TSLA) is currently implementing a major shift in its retail strategy, according to sources familiar with the matter. The automaker will move away from showrooms in fancy malls, and instead it will focus on cheaper locations, remote managing of test drive fleet, and delivery centers. Tesla’s confusing retail strategies Since Tesla doesn’t use the… Continue reading Tesla (TSLA) launches major shift in retail strategy: cheaper locations, remote working, and more
Rivian reportedly plans to invest $5 billion in its second US assembly plant
Last week, news leaked out that Rivian was planning to build a second US manufacturing plant for its electric vehicles and batteries, and now more details have leaked out. The company plans to invest $5 billion initially in the second plant, dubbed Project Tera, with construction slated to start in the fall of 2021, according… Continue reading Rivian reportedly plans to invest $5 billion in its second US assembly plant
Elon Musk Warns That Each Cybertruck Could Cost “Literally a Million Dollars”
Tesla’s Cybertruck could be extremely expensive if the company doesn’t figure out the production of its next-generation 4680 battery cells. Both the Cybertruck and the company’s Semi truck are both designed around the new battery units — meaning that if the company can’t lock down their production, it will endanger its next phase of heavy… Continue reading Elon Musk Warns That Each Cybertruck Could Cost “Literally a Million Dollars”
Joby Aviation, aiming to go to market in 2024, completes 154-mile test flight
Santa Cruz, California-based Joby Aviation has completed the longest test flight of an eVTOL to date: Its unnamed full-sized prototype aircraft concluded a trip of over 150 miles on a single charge, the company said Monday. The test was completed at Joby’s Electric Flight Base in Big Sur, California, earlier this month. It’s the latest… Continue reading Joby Aviation, aiming to go to market in 2024, completes 154-mile test flight
Onto raises $175 million in Series B to expand EV subscription service in the UK
Onto has raised $175 million in a combined equity and debt Series B round, capital the U.K.-based electric vehicle subscription startup plans to use to expand within the country as well as move into new markets. This latest round brings Onto’s total funding to $245 million. Swedish VC Alfvén & Didrikson is leading the round… Continue reading Onto raises $175 million in Series B to expand EV subscription service in the UK
AI robotics startup Augmentus secures seed funding and other SE Asia deals
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Lucid Motors kicks off market debut with EV factory expansion plans
Lucid Group (formerly Lucid Motors) will be expanding its factory in Casa Grande, Arizona, by 2.7 million square feet, CEO Pete Rawlinson said Monday just hours after the company officially went public with a $4.5 billion injection of capital. The company also said it has 11,000 paid reservations for its flagship luxury electric sedan, the… Continue reading Lucid Motors kicks off market debut with EV factory expansion plans
Lucid Motors goes public, collects $4.5 billion
Electric vehicle startup Lucid Motors is now a publicly traded company, following the completion of a merger where it fetched an eye-watering $4.5 billion in fresh capital. Shares of the Saudi-owned, California-based startup began trading on the Nasdaq stock exchange Monday morning. Lucid Motors will now turn its full attention back to an even taller… Continue reading Lucid Motors goes public, collects $4.5 billion