Rivian Automotive Inc, an electric-truck startup is targeting a valuation of around $70 billion in its potential initial public offering later this year. Earlier this year in January, Amazon.com Inc and Ford Motor Co-backed Rivian had a valuation of $27.6 billion, following a $2.65-billion investment round led by T. Rowe Price. Rivian has hired advisers including…
According to an e-mai, Apple Inc will delay the launch of its podcast subscription service until next month, following a few podcast creators having delay issues with their shows appearing on its platform after upload. Earlier this year in April, Apple had said it was introducing a service that would let podcast creators charge for their…
A resurgence of interest in the “lab leak” theory of the origin of Covid-19 has prompted the social media company Facebook to lift a ban on posts that claim that Covid-19 was man-made. Its new policy comes “in light of ongoing investigations into the origin”, said the company. Posts with such claims was explicitly banned…
The British auto data startup Wejo which is supported by the United States based auto giant General Motors Co, was accorded a valuation of $800 million including debt in a reverse merger deal with blank-check company Virtuoso Acquisition Corp for it to go public, the companies said on Friday. The companies added that the deal…
On Friday, Japan’s Nikkei reported Nissan Motor Co along with its China-based battery maker partner Envision AESC group will build new battery plants for electric vehicles in Japan and in the United Kingdom; the duo are set to invest more than $1.82 billion (200 billion yen) to this end. The new plants are scheduled to…
A new Experian study of auto credit market trends shows that consumers in the United States borrowed more money for longer periods in the first quarter of the current year in order to be able to purchase and drive the more expensive trucks and sport utility vehicles. The study also found that the consumers who…
Following the cyber attack this month on Colonial Pipeline that disrupted the fuel supply in the United States, energy companies of the country are now rushing to purchase more cyber insurance. The companies however will potentially have to pay more because a slew of ransomware attacks have prompted more cyber insurers planning to hike rates.…
In a significant development two tech trade groups have filed a lawsuit against Florida over a new legislation that fines social media companies that ban political candidates, saying it violates free speech rights. The lawsuit states that the bill signed into law by Florida Governor Ron DeSantis earlier this week on Monday, was unconstitutional. It…
A collapse in clothing sales due to the Covid-19 pandemic was clearly reflected in the full year results of the British retailer Marks & Spencer which reported an 88 per cent year on year slump of its 2020 profits. The retailer added that its financial position is such that it is unlikely to be able…
Amid an environment of suspicion that its cars could be used for spying, the United States based electric car maker Tesla has announced the setting up of a new facility in China whioch will be used to store local user data. A new data center in mainland China has already been designed by it and…
business-gurus.com 