BUSINESS - Page 35

Bankrupt electric vehicle manufacturer Lordstown Motors has proposed to pay nothing for Taiwan’s Foxconn’s preferred equity shares, saying it will prioritize other shareholders if an ongoing effort to sell the company’s assets generates enough cash to repay other debts. The bankruptcy-like Chapter 11 plan filed Friday in Delaware bankruptcy court does not specify how much Lordstown owes creditors. Still, previous court filings indicated the firm owed about $20 million to 30 trade vendors and $40 million to settle a lawsuit

Beijing: Tesla’s (TSLA.O) Shanghai factory achieved the milestone of 2 million cars produced on Wednesday, according to the company’s WeChat account. That makes the plant one of the world’s most giant and productive electric vehicle factories. However, it also shows the electric car maker’s challenges as it tries to overcome production problems and political pressures. Since opening its first gigafactory outside the United States in January 2019, Tesla has enjoyed an enviable run in China, with Beijing giving it perks

In a blog post on Monday, Walt Disney urged Charter Communications’ Spectrum cable service customers to consider switching to a live television option from Hulu. Disney owns a majority stake in Hulu, which includes ESPN and ABC among its offerings. The companies have been at odds over a new distribution deal, and the Disney channels have been blacked out on Charter’s service since Thursday. In a statement, Disney said it hoped the two companies would be able to reach an

Volvo India has taken a significant step towards electrifying India’s automotive landscape with the launch of the Volvo C40 Recharge. This electric crossover is the latest addition to the Swedish luxury automaker’s electric vehicle (EV) lineup in India, following the XC40 Recharge. Let’s dive into the details of this electrifying development. A Striking Arrival The C40 Recharge made its grand entrance into the Indian market after its announcement in June 2023. With a sleek and modern design, it is a

Shares of Australia’s Liontown Resources (LTR.AX) shot up 11.5% after the lithium developer’s board backed on Monday a refreshed A$6.6 billion ($4.3-billion) Bid from Albemarle Corp (ALB.N), the world’s biggest producer of the battery material. The Bid represents a 68% premium to Liontown’s last close and is 20% higher than an offer in March that the company rejected. Albemarle said it had made the new proposal because of its “significant chemical conversion abilities and existing links with Liontown’s customers.” The

The Labor Department publishes its monthly jobs report early Friday. The initial nonfarm payroll count is usually weaker in August. But the unemployment rate probably held at more than 50-year lows as labor market conditions remain tight. And that means wages likely rose again last month. A weaker-than-expected jobs report could ratchet up concerns about an economic slowdown and the emergence of a recession, but most economists say that’s unlikely. The US economy appears to be in a sweet spot

BMW, a pioneering force in the automotive industry, has taken a significant step towards electrifying its iconic Mini Cooper lineup. The fifth-generation Mini Cooper, now known as the Mini Cooper E, is a trailblazing electric vehicle (EV) that promises an impressive range and sports a distinctive design, setting it apart from its combustion engine counterparts. The Mini Cooper E marks a departure from tradition as it becomes the first Mini EV to feature a design distinct from its traditional internal

China Evergrande lost as much as $2 billion, or 80% of its market value, on Monday after its shares resumed trading after 17 months. The resumption of trade is a crucial step for the world’s most indebted property firm as it seeks to restructure its offshore debt and avoid a disorderly collapse that could send shockwaves through global markets and spark social unrest. It also sets an important precedent for investors in Chinese developers who face a similar set of