According to a report by Bloomberg News on Monday, Nikola is currently under investigation by the SEC for false claims brought to light by Hindenburg Research, an activist short-seller research firm, who accused Trevor Milton, founder of Nikola, of fraud related to misinformation on Nikola’s technological capabilities and product offerings. [more]
Xpeng Motors, a China-based EV manufacturer, increased its U.S. IPO by more than 33% to $1.5 billion, providing a valuation of approximately $11 billion. This IPO is the third major U.S. listing made by a Chinese EV company in the past two years. [more]
In Canada, e-scooter companies Bird, Lime, and Roll launched the first e-scooter pilot in Ontario. However, the micro-mobility industry experienced a major complication as three deaths were reported in the U.S. on mopeds serviced by Revel Transit. [more]
Revenue for Tesla was US$6.0B in Q2, up 1% Q/Q but down 5% Y/Year. During the earnings’ call, Elon Musk announced that the next Tesla factory will be built near Austin, Texas and asked any mining companies to mine more nickel and that “Tesla will give you a giant contract for a long period of time.” [more]
Net proceeds from the offering would be used for further R&D of the Company’s intelligent battery management system and commercial electric vehicle programs. [more]
Last week, Rivian, a private electric vehicle manufacturer backed by Amazon, announced a US$2.5 billion capital raise, aimed at ensuring the production launch in 2021 of its electric truck and SUV line, competing against Ford, General Motors, Nikola, Tesla, and Lordstown Motor. [more]
This week, Uber announced a US$2.65 billion acquisition of Postmates, an on-demand food and grocery delivery company with operations in 4,200 U.S. cities. A day later, Uber announced the launch of its on-demand grocery delivery service in partnership with Cornershop, a Chile-based online grocery delivery company that Uber has held a majority stake in since last year. [more]
Last week, Tesla, the global leader in the EV industry, surpassed Toyota as the world’s largest car manufacturer by market capitalization, reaching a value of over US$250 billion after reporting impressive deliveries for Q2/2020. In the past week, Tesla’s stock price continued to surge by over 20% to US$1,372 per share. [more]
The production and sale of electric vehicles were resilient despite the onset of the COVID-19 pandemic, as the EV industry reported various new developments in vehicles and technologies. [more]
Net Loss of $645M included a $594M goodwill impairment charge related to the BlackBerry Spark reporting unit. However, ARR is reaching $500M and QNX royalty backlog is approaching $450M. BlackBerry still holds Cash and Cash Equivalents of $955M. [more]
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