In a statement luxury electric vehicle maker Lucid Motors stated, it will go public by merging with blank-check firm Churchill Capital IV Corp in a deal that values the combined company at $11.75 billion. Incidentally, CCIV, which has the backing of Michael Klein, and new private investors are getting shares at different prices: the new…
In a statement, Wayne Griffiths, the chairman of Volkswagen’s Spanish unit SEAT said, the company is set to lose some of its production volumes in the first half of this year due to the shortage of semiconductors for the auto sector. It will have to recover the loss in the second half. Griffiths made the…
In a significant development, data firm IHS Markit stated, the shortage of chips in the auto semiconductor sector is likely to impact around 1 million units of global light vehicle production during the first quarter. The announcement sees a major jump from its previous forecast. On February 3, in a report HIS Markit had stated,…
On Friday, the United States thanked Taiwan for helping to resolve an auto chip shortage that impacted production. Both countries reportedly did not discuss prioritising production of making these chips, said Taiwan Economy Minister Wang Mei-hua after a high-level meeting. Car factories across the globe have been significantly affected and have been forced to shutter…
On Monday, in a statement Taiwan Semiconductor Manufacturing Co Ltd (TSMC) stated, it will prioritize production of auto chips if it is able to further boost production, said Taiwan’s Economics Ministry after Minister Wang Mei-hua spoke to senior company executives. On Sunday, TSMC had told the ministry that they will “optimise” the production process of…
On Monday, Vietnam awarded a license to a unit of Taiwan’s Foxconn Technology Co Ltd to build a $270 million plant which will produce tablets and laptops, said the Vietnamese government in a statement. Foxconn’s plant will be developed by Fukang Technology and will be located in the northern province of Bac Giang. It will…
According to a report from South Korean media house IT News, Hyundai Motor and Apple Inc will be signing a partnership deal in the coming weeks on autonomous electric cars. A deal could be on the cards to start their production in the United States sometime in 2024. Earlier last week, another report had said,…
According to sources familiar with the matter at hand, Apple Inc is moving ahead with plans on self-driving car technology and is targeting to produce a passenger vehicle by 2024. The self driving passenger vehicle could feature its breakthrough battery technology, said sources familiar with the matter at hand. Apple’s automotive efforts, known as Project…
Going by the posting on a government contracting site, the U.S. Defense Department will soon commence soliciting proposals for a program to provide incentives to boost the production of chip in the country. Currently large American chip companies, including Nvidia Corp, Apple Inc, and Qualcomm Inc outsource the fabrication of semiconductors to companies such as…
On Tuesday, Alliance for Automotive Innovation, a major automotive trade association urged U.S. policymakers to back support for electric vehicles (EV), including new incentives to boost up consumer purchases, as well as research and development. U.S. President-elect Joe Biden has made boosting electric vehicles a top priority and has pledged to build 550,000 new EV…
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