Steve Burns, the ousted founder, chairman and CEO of bankrupt EV startup Lordstown Motors, has settled with the U.S. Securities and Exchange Commission over misleading investors about demand for the company’s flagship all-electric Endurance pickup truck. Burns was ordered to pay a civil fine of $175,000 and cannot serve as an officer or director of … Read more
Lordstown Motors has emerged from bankruptcy with a new name and a nearly-singular focus: continuing its lawsuit against iPhone-maker Foxconn for allegedly “destroying the business of an American startup.” The company announced in a late Thursday regulatory filing that it has put into effect a Chapter 11 restructuring plan that was recently approved by the … Read more
This story originally appeared on Grist and is part of the Climate Desk collaboration. When governments find themselves fighting the threat of coastal erosion, their default response tends to be pretty simple: If sand is disappearing from a beach, they pump in more sand to replace it. This strategy, known as “beach nourishment,” has become … Read more
A GMC pickup truck is displayed for sale on a lot at a General Motors dealership in Austin, Texas, on Jan. 5, 2023. Brandon Bell | Getty Images DETROIT — General Motors beat Wall Street’s top- and bottom-line expectations for the fourth quarter, while forecasting another strong year despite potential economic and sales head winds. … Read more
The ousted founder of bankrupt EV startup Lordstown Motors has launched a new company called LandX Motors, that prominently displays the same electric pickup truck he once promised would beat Tesla, Ford and General Motors to market. Steve Burns, a self-described “serial entrepreneur,” bought most of the remaining assets of his former startup late last … Read more
DETROIT (AP) — A tentative contract agreement between General Motors and the United Auto Workers union appears to be headed for defeat. The union hasn’t posted final vote totals yet, but workers at five large factories who finished voting in the past few days have turned down the four year and eight month deal by … Read more
Chinese electric vehicle startup WM Motor has filed for bankruptcy, an example of yet another once-promising EV upstart that has been pushed to insolvency as bigger players gain market share and Chinese spending on big ticket items dwindles. WM Motor, backed by Baidu and Tencent, was one of the most well-funded EV startups in China, … Read more
Normal Motors has discovered a brand new technique to get in on the generative AI buzz. The automaker is now utilizing Google Cloud’s conversational chatbot, dubbed Dialogflow, to deal with some non-emergency OnStar options. GM introduced the collaboration alongside a keynote from Alphabet CEO Sundar Pichai on the Google Cloud Subsequent 23 occasion Tuesday. OnStar, … Read more
Whereas mass manufacturing of the HyperSport will occur at a devoted manufacturing unit close to Damon’s headquarters outdoors Vancouver, British Columbia, preliminary manufacturing will start at Damon’s San Rafael, California, engineering facility. The not too long ago acquired area is at the moment stuffed with placards and carts to visualise the assorted phases of the … Read more
Mary Barra, CEO, GM on the NYSE, November 17, 2022. Supply: NYSE DETROIT — Normal Motors is elevating its 2023 steerage for a second time this 12 months after the automaker reported second-quarter outcomes Tuesday that had been up sharply 12 months over 12 months. The Detroit automaker additionally stated it’s rising cost-cutting measures by … Read more