Chinese battery-swapping station developer U Power (UCAR) raised $15 million by offering 2.4 million shares at $6, the low end of the range of $6 to $8. The company offered 0.1 million fewer shares than anticipated. The IPO float is just 4.6% of basic shares outstanding. With such a small float the stock traded wildly on debut, surging as high as $75, up 620% before closing at $43.18. It was the best debut among companies to list in the US … Continue reading “China’s EV Battery Swapping Start Up U Power Soars 620% for Biggest IPO Debut of 2023”
Shell Buys Electric Vehicle Charging Company Volta
Oil major Shell continues to build it’s renewable energy portfolio with the purchase of electric vehicle charging company Volta fort ~$169M. VLTA was trading higher at $0.8899 +0.1628 (+22.3903%)pre-market on the news. Volta (VLTA) went public in August 2021 as part of its merger with special purpose acquisition company TortoiseCorp II and briefly traded over $15 in 2021 with the SPAC mania. Under the deal terms, Shell USA Inc. (SHEL) will acquire all outstanding common shares of Volta (VLTA) at … Continue reading “Shell Buys Electric Vehicle Charging Company Volta”
General Motors Takes Back U.S. Sales Crown From Toyota as Car Market Stumbles
American auto maker, General Motors Co. said Wednesday U.S. sales rose 2.5% to 2.74 million for 2022, retaking its U.S. sales crown from Toyota Motor, outselling its Japanese rival by about 165,630 vehicles last year. Toyota had overtaken GM in 2021 as the U.S.’s top-selling auto maker, largely because of semiconductor supply constraints. Toyota said its U.S. sales were down 9.6% in 2022. Ford Motor Co. plans to report 2022 sales results Thursday. Hyundai Motor reported American sales fell 2% … Continue reading “General Motors Takes Back U.S. Sales Crown From Toyota as Car Market Stumbles”
Rivian Automotive Narrowly Misses 25,000 Electric Truck Production Target
Electric truck developer Rivian Automotive reported it built 24,337 electric vehicles in 2022, narrowly missing its annual target of 25,000 as it ramped up production in the final months of the year. RIVN pumped out 10,020 vehicles in the last quarter. Rivian builds vehicles across two consumer lines and a delivery van for Amazon.com Inc. The company has been making wider losses than estimated in its earnings since going public. Rivian said it delivered 20,332 vehicles to customers during 2022. … Continue reading “Rivian Automotive Narrowly Misses 25,000 Electric Truck Production Target”
Piedmont Lithium Surges on Amended Tesla Deal for Spodumene
Piedmont Lithium amended its agreement with electric vehicle maker Tesla to deliver approximately 125,000 metric tons of spodumene concentrate (SC6) to Tesla. The deal begins in the second half of 2023 through the end of 2025 with an option to renew for an additional three years. Piedmont Lithium shares $PLL are trading higher+7.9%, with an option to renew for an additional three years. Tesla Inc. is set to pay more for the lithium after PLL amended their deal amid the … Continue reading “Piedmont Lithium Surges on Amended Tesla Deal for Spodumene”
Australian Metal Exports Central to Global Energy Transition Set to Double to $33 Billion
Australia already the world’s number one exporter in iron ore, natural gas and coal is set to see its metal exports essential to the global energy transition from fossil fuels double in just over a year to $33 billion. These metals include copper, nickel and lithium. The venerable Resources and Energy Quarterly from the Australian Office of the Chief Economist’s outlook for global commodity prices, demand and supply sees a dramatic surge in Australian exports critical to energy transition. Australia’s resource … Continue reading “Australian Metal Exports Central to Global Energy Transition Set to Double to $33 Billion”
Ford Earnings Overcome Cost Pressures, Winds Down Argo AI Autonomous Vehicle JV with Volkswagen
Ford Motor reported better-than-expected third quarter earnings Wednesday as price increases offset input cost pressures and currency headwinds $F had previously warned about. The auto major tightened it’s its guidance for full-year profits to around $11.5 billion, down from a prior estimate of between $11.5 billion to $12.5 billion. Ford said it would wind-down its autonomous vehicle joint venture Argo AI with Germany’s Volkswagen. Ford booked a $2.7 billion non-cash charged linked to its investment as it transitions to what … Continue reading “Ford Earnings Overcome Cost Pressures, Winds Down Argo AI Autonomous Vehicle JV with Volkswagen”
GM Secures Nickel and Cobalt for New EVs with Queensland Pacific Metals Investment
Auto giant GM on Tuesday announced a new strategic collaborative agreement to secure a source of nickel and cobalt with Australian company Queensland Pacific Metals. The deal secures a source of nickel and cobalt for the production of new GM Ultium batteries. GM’s goal is reaching 1 million units of EV production capacity in North America by mid-decade. $GM says the raw materials will be used in building a broad range of all-electric vehicles, including the Chevy Silverado EV, GMC … Continue reading “GM Secures Nickel and Cobalt for New EVs with Queensland Pacific Metals Investment”
Ford Warns Extra $1 billion in Inflation and Supply Chain Costs Next Quarter
Ford Motor shares fell Monday after the close around 4.5% after the car giant warned investors, the company expect to incur an extra $1 billion in costs during the third quarter due to inflation and supply chain issues. Ford had reported better than expected second quarter earnings. $F now expects Q3 adjusted EBIT of $1.4-1.7 bln with 40,000-45,000 vehicles in inventory by end of Q3 lacking parts in short supply. The announcement comes after FedEx sold off heavily last week … Continue reading “Ford Warns Extra $1 billion in Inflation and Supply Chain Costs Next Quarter”
Porsche IPO Priced at $78 Billion, Will Finance VW Electric Car Transformation
German car giant Volkswagen priced the public offering of preferred stock in its luxury brand Porsche between €76.50 and €82.50 which was largely in line with investor expectations. Shares in Porsche AG POAHY are set to begin trading Sept. 29. It will be one of the largest recent European public listings in years, raising up to $9.4 billion and valuing the iconic carmaker as high as $78 billion. The deal will put Porsche shares in public hands for the first … Continue reading “Porsche IPO Priced at $78 Billion, Will Finance VW Electric Car Transformation”