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ChargePoint Inc, one of the world's oldest and largest electric vehicle charging networks, said on Thursday it will go public by merging with Switchback Energy Acquisition Corp in a deal that values the company at $2.4 billion (1.88 billion pounds). The deal is expected to close near the end of the year and the company will be named ChargePoint Holdings Inc. A trading symbol on the New York Stock Exchange has not been identified. Reuters last week reported ChargePoint and Switchback we
Swedish carmaker Volvo Cars expects to hit its forecast of roughly flat sales year-on-year in the second half of 2020 even as a recent a surge in cases across Europe makes the outlook more uncertain, Chief Executive Hakan Samuelsson told Reuters. Volvo, bought by China's Geely Holding in 2010, has repositioned itself during Samuelsson's tenure as a premium carmaker with a range of popular sports utility vehicles (SUVs), taking on far larger rivals such as BMW and Mercedes .
The announcement comes two months after Harley unveiled a strategy to shift focus back to more profitable motorcycles and core markets such as the United States. Harley said earlier in the year that it planned to reduce its product portfolio and exit lower volume markets, without specifying which ones. The company said it now expects total restructuring costs of about $169 million in 2020, and this will also include a workforce reduction of about 70 employees in India, a market where its annua
A court in Braunschweig, Germany on Thursday said it had opened proceedings against former Volkswagen Chief Executive Martin Winterkorn examining whether he is guilty of market manipulation as part of an emissions scandal. Winterkorn and other Volkswagen executives face charges for their role in allowing diesel cars with excessive pollution levels to hit the road, and for failing to inform investors about the extend of the emissions fraud. The court is examining whether Volkswagen
The union representing Canadian auto workers says it has reached a tentative three-year contract deal with Ford to build five new electric vehicles at a factory near Toronto. Unifor President Jerry Dias says the deal was reached early Tuesday after an all-night bargaining session. It includes $1.95 billion Canadian ($1.46 billion) in factory investments at Ford’s three Canadian factories that employ about 5,400 workers.
As automakers shift from horsepower to kilowatts to comply with stricter environmental regulations, investors are looking for evidence that Tesla can increase its lead in electrification technology over legacy automakers who generate most of their sales and profits from gasoline-powered vehicles. Musk, who frequently launches new products in attention-grabbing, show-like announcements, has fueled expectations for Battery Day over the past months, in April calling the event "one of the most exci
Polestar, the performance electric vehicle maker based in Sweden and owned by China's Geely, plans to double the number of showrooms in existing markets this year and expand to new countries in Asia and the Middle East, its CEO said on Tuesday. The automaker started producing its Polestar 2 sedans this year in China and sells them in China, Europe and the United States. It plans to expand its sales network and is looking at new markets in the Asia Pacific region and the Middle East, Chief Exec
Jordan, a six-time NBA champion, will serve as principal owner of the team with Hamlin a minority partner while he continues to drive for Joe Gibbs Racing. Wallace, the only Black driver at NASCAR's top level, was thrust into the spotlight this year when his calls for NASCAR to ban the Confederate flag -- which many Americans see as a symbol of oppression -- at all events was ultimately adopted.
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