EV maker Lordstown Motors to go public by merging with blank check firm

Lordstown Motors has agreed to go public as a result of a merger with blank-look at company DiamondPeak Holdings in a offer that gives the electrical pickup start off-up a pro forma fairness price of $one.six billion, the firms explained on Monday.

The blended company will be identified as Lordstown Motors Corp next the closure of the offer in the fourth quarter and will trade on the Nasdaq less than the ticker symbol Trip, the firms explained.

A blank-look at company is a shell company that raises cash as a result of an initial public providing to obtain an

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EV maker Xpeng raises $500 million

BEIJING/HONG KONG — Chinese electric car producer Xpeng Motors, backed by Alibaba Group Holding Ltd, stated Monday it has elevated about $five hundred million in its most recent funding spherical.

As enthusiasm builds for additional climate-pleasant autos, shares of EV makers, together with Tesla Inc. and Nio Inc., have surged in new months and car makers are on the lookout to the marketplaces for cash.

Li Automobile, Xpeng’s rival, filed for a U.S. preliminary general public providing before this thirty day period.

Investors in Xpeng’s most recent funding spherical involve Aspex, Coatue, Hillhouse and Sequoia Funds China, six-12 months-aged Xpeng

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Top Five: Global EV Platforms

The common world wide system method is practically nothing new. Carmakers have sought to reduce advancement and building expenses by utilizing the same package of parts to establish a variety of various models for decades. Even so, with the EV revolution will come the chance to even further hone advancement.

And which is superior news too – with battery rates nevertheless symbolizing a major chunk of the car expense, obtaining other ways to trim expenditure is necessary to preserve EVs inexpensive and desirable to conclude customers.

For our latest Best 5, we have been taking a appear at five common

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UP cabinet approves road tax relief to EV manufacturers, increases traffic fines, Auto News, ET Auto

The Cabinet approved tax exemption for the manufacture and promotion of electric vehicles to encourage their production.
The Cabinet permitted tax exemption for the manufacture and promotion of electrical automobiles to really encourage their production.

Lucknow: The Uttar Pradesh cabinet on Tuesday permitted highway tax aid to makers of electrical automobiles and announced a enormous boost in fines for site visitors violations.

It passed a proposal less than which there will be a penalty of Rs 500 for completely wrong parking for the to start with time and Rs one,500 for the next time. There is also a penalty of Rs one,000 for riding with no a helmet and of Rs 10,000 for those people not offering

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PSA extends EV roadside assistance plan | Automotive Industry News

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