Connect with us

CNBC

Lordstown Motors warns it doesn’t have enough cash to produce electric trucks

Published

on

Lordstown Motors has been among the startups (Rivian, Canoo) promising electric pickups that can compete with the current titans of the truck world, but an update today shows the company’s future is in doubt. The New York Times reports on a filing with the SEC that shows the company’s ability to move forward as a going concern is at risk, simply because it doesn’t currently have enough cash to start manufacturing the Endurance electric truck.

Lordstown Motors:

The Company had cash and cash equivalents of approximately $587.0 million and an accumulated deficit of $259.7 million at March 31, 2021 and a net loss of $125.2 million for the quarter ended March 31, 2021. Since inception, the Company has been developing its flagship vehicle, the Endurance, an electric full-size pickup truck. The Company’s ability to continue as a going concern is dependent on its ability to complete the development of its electric vehicles, obtain regulatory approval, begin commercial scale production and launch the sale of such vehicles. The Company believes that its current level of cash and cash equivalents are not sufficient to fund commercial scale production and the launch of sale of such vehicles. These conditions raise substantial doubt regarding our ability to continue as a going concern for a period of at least one year from the date of issuance of these unaudited condensed consolidated financial statements.

To alleviate these conditions, management is currently evaluating various funding alternatives and may seek to raise additional funds through the issuance of equity, mezzanine or debt securities, through arrangements with strategic partners or through obtaining credit from government or financial institutions. As we seek additional sources of financing, there can be no assurance that such financing would be available to us on favorable terms or at all. Our ability to obtain additional financing in the debt and equity capital markets is subject to several factors, including market and economic conditions, our performance and investor sentiment with respect to us and our industry. 

The company went public in October via the maneuver known as a SPAC, special acquisitions company, and recently warned investors it was at risk of being delisted for missing a filing deadline. The plan has been to sell its truck to businesses, but with electric pickups arriving from Ford and others, it’s only going to get harder to compete, assuming the Endurance comes to market in the first place.

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.engadget.com/lordstown-motors-232701777.html?src=rss_b2c

CNBC

GM increases its self-driving and EV investment to $35 billion

Published

on

GM has increased the money it’s earmarking for its combined EV and self-driving investment from 2020 through 2025 to $35 billion. The largest automaker in the US originally planned to pour $20 billion into the endeavor but decided to give it a boost and up it to $27 billion late last year. Now, as CNBC reports, it’s spending even more on efforts to go electric and driverless. 

The company will use the additional investment to accelerate the production of its battery and fuel cell technologies. It will build two more battery plants to the US in addition to the two that are already in construction, most likely in an effort to ensure that it doesn’t come across battery shortages as it ramps up its EV production. By having its own battery plants (like Tesla does with its Gigafactories), GM wouldn’t be at the mercy of third-party manufacturing partners in the future.

In the past, GM said it plans to have 30 EVs on the market by the end of 2025 and to exclusively sell electric vehicles by 2035. So far, GM has already introduced the Hummer EV and the new Chevy Bolts. among other models, but we’ll see the company reveal more in the coming years as it continues to electrify vehicles across its brands — especially since the company said it will expand those plans with the additional investment. GM didn’t provide any additional details about its new goals. CFO Paul Jacobson only said that the automaker “feel[s] good about all of [its] projects that are going on.” He added: “We’re moving aggressively and there’s a lot a lot of exciting things ahead for us.”

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.engadget.com/gm-self-driving-ev-investment-35-billion-035316455.html?src=rss_b2c

Continue Reading

CNBC

‘Star Trek: Picard’ season two trailer marks the return of Q

Published

on

Today, as Star Trek fans know, is Captain Picard Day. To celebrate the occasion, CBS has released the first trailer for season two of Star Trek: Picard. The clip opens with Captain Picard calling for Laris, one of his Romulan housekeepers, before we hear the voice of Q. “Oh, dear. You’re a bit older than I imagined,” says a grizzled John de Lancie reprising his role as the omnipotent being. “Mon Capitaine, how I’ve missed you.”

We then see a collection of scenes depicting an alternate future version of the Star Trek universe where Elnor and Raffi are on the run, Rios is wearing a fancy new Starfleet Delta and Dr. Jurati has been imprisoned. “Welcome, my friend, to the very end of the road not taken,” Q says as the scenes unfold. The trailer culminates with Seven of Nine waking up to find her Borg implants missing. Are we seeing a vision of Star Trek where Q never forced an encounter between the Enterprise-D and the Borg? We don’t know, and we’ll have to wait until next year to find out when the second season of Star Trek: Picard hits Paramount+.

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.engadget.com/star-trek-picard-season-two-trailer-213316039.html?src=rss_b2c

Continue Reading

CNBC

‘Star Trek: Picard’ season two trailer marks the return of Q

Published

on

Today, as Star Trek fans know, is Captain Picard Day. To celebrate the occasion, CBS has released the first trailer for season two of Star Trek: Picard. The clip opens with Captain Picard calling for Laris, one of his Romulan housekeepers, before we hear the voice of Q. “Oh, dear. You’re a bit older than I imagined,” says a grizzled John de Lancie reprising his role as the omnipotent being. “Mon Capitaine, how I’ve missed you.”

We then see a collection of scenes depicting an alternate future version of the Star Trek universe where Elnor and Raffi are on the run, Rios is wearing a fancy new Starfleet Delta and Dr. Jurati has been imprisoned. “Welcome, my friend, to the very end of the road not taken,” Q says as the scenes unfold. The trailer culminates with Seven of Nine waking up to find her Borg implants missing. Are we seeing a vision of Star Trek where Q never forced an encounter between the Enterprise-D and the Borg? We don’t know, and we’ll have to wait until next year to find out when the second season of Star Trek: Picard hits Paramount+.

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.engadget.com/star-trek-picard-season-two-trailer-213316039.html?src=rss_b2c

Continue Reading

CNBC

GM ups spending on EVs and autonomous vehicles by 30% to $35 billion by 2025 on higher profits

Published

on

DETROIT — General Motors said Wednesday it will increase spending on electric and autonomous vehicles to $35 billion through 2025, a 30% increase from plans announced late last year. It also said it is raising its earnings guidance for the first half of the year.

The additional money will be used to expand its rollout of EVs and accelerate production of its battery and fuel cell technologies, including two new U.S. battery plants in addition to two under construction, by 2025.

America’s largest automaker is racing to catch up to EV leader Tesla and compete for a leadership position against other well-established automakers such as Volkswagen. GM plans to sell more than 1 million EVs annually by 2025.

“There are several growth engines in General Motors, and we’re going to just keep pushing ahead and accelerating them like we’re doing today of announcing a faster pivot to EVs,” CEO Mary Barra said Wednesday on CNBC’s “Squawk on the Street.” “I really see long-term value creation for General Motors and for our shareholders.”

GM’s plans to expand its electric and autonomous vehicle lineup and technology have been praised by Wall Street. Its stock has almost tripled since reaching a 12-month low of $23.33 last July.

Shares were up by as much as 3.8% during intraday trading Wednesday to $63.09 a share. The stock closed Wednesday at $61.76 a share, up 1.6%.

GM said the new investments are enabled by its strong underlying business, including record pretax earnings over the last three quarters and strong demand for its upcoming EVs.

“Across the board, we are seeing exceptionally strong reactions and positive response to all of our electric vehicles,” Barra said.

Raising guidance

CFO Paul Jacobson said GM projects better-than-expected results in the second quarter despite a global semiconductor chip shortage that’s impacting the industry. He said GM expects adjusted pretax earnings of $8.5 billion to $9.5 billion during the first half of the year, up from an estimated $5.5 billion.

For the year, GM previously said it expected pretax profits “at the higher end” of a $10 billion to $11 billion range. It didn’t provide an update on its full-year earnings.

“We remain cautious about the full year, and we’ll have more information about the full-year guidance on our earnings call on Aug. 4,” Jacobson told reporters during a call Wednesday.

GM’s increased spending plans come less than a month after crosstown rival Ford Motor increased its EV spending to more than $30 billion by 2025. But Ford’s investments date to 2016, while GM’s are for 2020 through 2025.

Before the coronavirus pandemic shut down auto factories in March 2020, GM initially said it would invest $20 billion in autonomous and electric vehicles through 2025. It increased that spending to $27 billion in November as it pulled ahead vehicle programs and accelerated battery cell production.

New EVs

GM’s previously said it would roll out 30 new EVs by 2025. The company said Wednesday it will add to those plans, but it declined to provide more details.

“We feel good about all of our projects that are going on,” Jacobson said. “We’re moving aggressively and there’s a lot a lot of exciting things ahead for us.”

GM’s new investments were announced ahead of Barra’s meeting Wednesday with House Speaker Nancy Pelosi and other Democrats to discuss EVs and vehicle emissions, according to Reuters, which first reported on the automaker’s plans late Tuesday.

A GM spokesman confirmed Barra is in Washington but declined to comment on specific meetings. Barra told CNBC the company is continuing to have discussions about incentives and other regulatory matters regarding EVs.

Buyers of EVs from GM as well as Tesla are no longer eligible for an up to $7,500 federal tax credit after the companies sold 200,000 of the vehicles. GM has been lobbying to have such incentives reinstated.

“We really think being a first mover shouldn’t be something that’s penalized as we look at EV adoption,” Barra said. “We continue to have those discussions. I am optimistic that there’s going to be a legislative solution here, and we’re going to continue to support those changes.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cnbc.com/2021/06/16/gm-ups-spending-on-evs-and-autonomous-vehicles-to-35-billion-by-2025.html

Continue Reading
Esports5 days ago

Lost Ark Founders Pack: Everything You Need to Know

Aviation4 days ago

Delta Air Lines Flight Diverts To Oklahoma Over Unruly Off-Duty Flight Attendant

Aviation4 days ago

Spirit Airlines Just Made The Best Argument For Lifting LaGuardia’s Perimeter Rule

Esports2 days ago

Clash of Clans June 2021 Update patch notes

Esports5 days ago

Genshin Impact Murals: Location Guide

Blockchain3 days ago

Africa Leading Bitcoin P2P Trading Volume Growth in 2021

Esports2 days ago

Legends of Runeterra Patch 2.10.0 brings bug fixes and Pool Party cosmetics

Aviation3 days ago

Boeing 727 Set To Be Turned Into Luxury Hotel Experience

Gaming4 days ago

Forza Horizon 5 Announced, Launches November 9

Esports5 days ago

Genshin Impact Music Rock Puzzle Guide

Esports11 hours ago

World of Warcraft 9.1 Release Date: When is it?

Big Data3 days ago

In El Salvador’s bitcoin beach town, digital divide slows uptake

Blockchain2 days ago

Since It Adopted Bitcoin As Legal Tender, The World Is Looking At El Salvador

HRTech2 days ago

Pre-Owned Luxury Car dealer Luxury Ride to add 80 Employees across functions to boost growth

Blockchain4 days ago

Ripple price analysis: Ripple retests $0.80 support, prepares to push higher? 

Blockchain4 days ago

Binance Is Launching a Decentralized NFT Platform

Blockchain5 days ago

Texas Banks Can Now Provide Bitcoin Custody Services For Clients

Esports4 days ago

Jurassic World Evolution 2 Release Date: When is it?

Crowdfunding4 days ago

New York based Earned Wage Fintech Clair Secures $15M to Help Gig Economy Workers

Blockchain4 days ago

Dogecoin Breaches More Demand Zones as Sellers Threaten To Short Further

Trending