Cars, planes, and engines
And let us start with a piece of dramatic news. The senior management, including CFO and president, of Lordstown Motors (RIDE shares), sold $ 8 million worth of company shares in March, shortly before the announcement of unsatisfactory results. They are, therefore, likely to be investigated by securities commissions. Which, of course, does not benefit the company in any way.
American Airlines is experiencing a personnel crisis, part of which is affecting also the aircraft maintenance department. One of the biggest airline companies in the world must therefore disrupt hundreds of flights. You can read about this in full on NBC news .
The automotive company Volvo and the Swedish battery manufacturer Northvolt will build a joint factory for electric car batteries. It will be built in Europe and the goal is to produce up to 500,000 Batteries per year. Production could begin in 2026. This goes hand in hand with Volvo's plan - to produce only electrically powered cars starting from 2030.
Now, let us stay in the field of electric cars for a while longer. Canoo is planning to build its first car factory in Oklahoma. The company does not focus on sports cars, but rather on inner-city transport vehicles in the form of black pickups and vans with a possibility of prepaid battery recharge service paid for in the form of a flat rate. Canoo shares are currently being traded at $ 10 and the company's price estimate is $ 1.8 billion. We will see whether it will come anywhere close to the prices of Tesla or, conversely, a number of less successful companies in the field of electromobility.
It is also worth mentioning that Ford is also investing in electromobility by the acquisition of Electriphi.
In recent weeks, in Investro Tea, we have mentioned that a number of countries, such as Japan and, most recently, the United States, led by Biden, want to support local production of scarce computer chips. The latest proposal from the US Congress is to give semiconductor companies a 25% tax break. This trend of supporting this industry’s segment is likely to continue.