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“#Nikola eyes $125M payout to settle SEC charge against Trevor Milton” Nikola said on Thursday it was working with federal regulators to pay a $125 million penalty to settle a charge against its founder, as the electric-truck maker works on ramping up production. The Securities and Exchange Commission (SEC) had charged Trevor Milton for using…
“#Amazon raises stake in e-trucking firm Rivian” Amazon, an early backer of Rivian Automotive, now owns about a fifth of the electric-truck maker, the e-commerce giant disclosed in a quarterly filing on Friday. Ford, which has a strategic relationship with Rivian, removed a representative from the startup’s board earlier this month. At the end of the third quarter,…
“#Estonian scientists use peat to make batteries” TARTU, Estonia, Oct 11 – Peat, plentiful in bogs in northern Europe, could be used to make sodium-ion batteries cheaply for use in electric vehicles, scientists at an Estonian university say. Sodium-ion batteries, which do not contain relatively costly lithium, cobalt or nickel, are one of the new…
“#GM aims to double its revenue by 2030 in challenge to Tesla” General Motors Chief Executive Mary Barra told investors Wednesday the automaker plans to double revenue by 2030, expanding profits from combustion vehicles as it rolls out new electric vehicles and new digitally-powered services in a bid to catch up with Tesla. If GM succeeds,…
“#Lordstown Motors reportedly selling Ohio plant to Foxconn” Electric vehicle startup Lordstown Motors on Thursday will announce the sale of the northeast Ohio assembly plant it acquired from General Motors to Taiwan contract manufacturer Foxconn , a person familiar with the matter said. The deal will be announced by the companies on Thursday afternoon, said the source,…
“#Rivian reportedly seeks valuation of up to $80B in IPO” Amazon-backed electric vehicle company Rivian is seeking a valuation of around $70-80 billion in its initial public offering, a source familiar with the matter told Reuters on Friday. Rivian confidentially submitted plans to federal regulators for an IPO, the company said in a statement. The company, which aims…
“#Former Icahn Enterprises chief to lead struggling Lordstown Motors” The former chief executive of Icahn Enterprises will take over at Lordstown Motors two months after the former CEO and chief financial officer stepped down amid doubts over the number of orders placed for the electric truck startup’s marquee vehicle. Daniel Ninivaggi was named CEO Thursday…
“#Nikola receives $2M government grant weeks after founder criminally charged” It was the best of times, it was the worst of times for zero-emission truck maker Nikola. The company on Thursday said it has been awarded a $2 million grant by the Department of Energy — just weeks after Nikola founder Trevor Milton was criminally charged by…
“#Billionaire-backed mining firm to seek electric vehicle metals in Greenland” COPENHAGEN – Mineral exploration company KoBold Metals, backed by billionaires including Jeff Bezos and Bill Gates, has signed an agreement with London-listed Bluejay Mining to search in Greenland for critical materials used in electric vehicles. KoBold, which uses artificial intelligence and machine learning to hunt for raw materials, will pay $15 million in exploration funding…
“#How Elon Musk put the ‘sex’ into Tesla — and conquered America” Breaking into the car industry is so difficult that the last company to do it was Chrysler — in 1925. Of the established American auto brands, only Ford has never gone bankrupt. And by 2018, it appeared that the auto industry might chew…