Elon dodges liability, Ford falters and Rivian lays off more workers

News Summary

  • The company said in its Q4 earnings that it invested $650 million into Lithium Americas as part of an agreement to develop a mine in Nevada.Meanwhile, Ford CEO Jim Farley said the company left about $2 billion in profits on the table in 2022.
  • Also joining the round are two unnamed strategic investors, “a manufacturer of EV technology solutions and a renewable energy provider,” the company said.Phantom AI raised $36.5 million in a Series C funding round led by Intervest, a South Korean venture fund.
  • The company announced last week it had increased production and cut the price of its all-electric Mustang Mach-E crossover, the latest automaker to join an EV price war started by Tesla.Tesla reported earnings last week, but its 10K dropped a few days later and contained some interesting bits.
  • And now, there’s news about Lotus Technology, which Geely acquired in 2017 for $65 million.This week, Lotus Technology agreed to go public via a merger with special purpose acquisition company L Catterton Asia Acquisition in a transaction that values the combined entity at about $5.4 billion.
  • Well, now it seems that much of the news surrounding SPACs — when a company goes public by merging with a blank-check company — falls into the official “ruh-roh” category.
  • South Korean investment bank Shinhan GIB and Samsung’s venture arm also participated.Tau, an Italy-based supplier of winding wire for EVs, raised €9 million ($9.7 million) in a Series B funding round led by Solvay Ventures.
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