By Reuters Staff
2 Min Read
(Reuters) -Car battery maker Clarios, backed by Canada’s Brookfield Asset Management Inc, said on Wednesday it had confidentially filed paperwork with the U.S. Securities and Exchange Commission for an initial public offering.
The company did not disclose other details about the proposed offering.
The flotation of Clarios, which could be valued at over $20 billion in its IPO according to a person familiar with the matter, would mark one of the biggest stock market debuts from the automotive sector this year.
Electric-vehicle maker Lucid Motors struck a $24-billion merger deal with a blank-check firm in February, while another high-flying startup Rivian is also lining up to go public later this year.
By Reuters Staff
2 Min Read
TAIPEI (Reuters) -Taiwan’s Foxconn said on Wednesday it has formed a joint venture with Yageo Corp to expand its presence in the semiconductor industry, as a global chip shortage rattles producers of goods from cars to electronics.
FILE PHOTO: A sign of Foxconn is seen at a glass door inside its office building in Taipei, Taiwan November 12, 2020. REUTERS/Ann Wang
The supply bottleneck has led to production cuts and warnings of supply chain disruption from manufacturers across the world this year.
Electronics manufacturing conglomerate Foxconn, which counts tech giants such as Apple among its top clients, said in a statement the two companies will set up a new firm in Taiwan called XSemi Corporation.
4 Min Read
(Reuters) -General Motors Co on Wednesday posted far stronger-than-expected first-quarter profit despite a global semiconductor chip shortage as it held down costs and focused on high-margin pickup trucks and SUVs.
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The Detroit automaker, whose shares were up 3.3% in early trading, also said its full-year pre-tax profit would come in at the high end of its forecast.
“The speed and agility of our team are front and center as we move from managing through a pandemic to managing the global semiconductor shortage,” Chief Executive Mary Barra said in a letter to shareholders. “This remains a challenging period.”
3 Min Read
LONDON (Reuters) - British electric van and bus maker Arrival will develop an electric car for Uber Technologies Inc that will go into production in late 2023, the two companies said on Tuesday.
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Arrival and Uber will also explore a strategic relationship in key markets, including the United Kingdom, European Union and United States.
The “Arrival Car” will be an “affordable, purpose-built electric vehicle for ride-hailing,” and will go into production in the fourth quarter of 2023, the companies said.
Uber plans to be a fully electric mobility platform in London by 2025, and across North America and Europe by 2030. The company has raised more than 135 million pounds ($188 million) to help its drivers in London upgrade to an electric vehicle by 2025.
(New throughout, adds comment from CEO, additional context on profit windfall)
SANTIAGO, April 30 (Reuters) - The world’s top copper producer Codelco said on Friday profits skyrocketed in the first quarter, boosted by a dramatic spike in the global price of the red metal, though the state-run miner said it would remain focused on its long-term goals despite the windfall.
Pre-tax pofits jumped to $1.627 billion between January and March from $54 million during the same period the previous year. The company said $1.371 billion of the total could be attributed directly to the sky-rocketing price of copper in recent months.
Copper prices hit decade-long highs in the first quarter of 2021, boosted by optimism around prospects for a quick global economic recovery as well as tightening supply.