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Tag: RIDE

  • RIDE stock is seeing some losses lately; how deep is the accusation against Lordstown Motors Corp?

     Lordstown Motors Corp. (NASDAQ:RIDE) stock has plunged in the market by -9.54% to the current price of $13.65. The RIDE stock previously closed at 15.09.

    Producer of electric-vehicle for commercial fleet

    Lordstown Motors Corp. is an electric-vehicle manufacturer based in Ohio. It manufactures light-duty fleet vehicles. The manufacturing plant of the automobile giant exists in Ohio consisting of a 785 acre Assembly plant. This is the exact plant where CEO Steve Burn has announced to build the Lordstown Endurance which is an all-electric pickup truck. Endurance will be the first of its kind electric pickup truck designed for the fleet market.

    Why was Lordstown Corp (RIDE) accused of making fake claims

    The RIDE stock news has not been good lately and neither is the consecutive streak of losses in the market by the auto-manufacturing corporation.

    This all started on 12th March when the investigative research firm known as Hindenburg Research set its sight on the claim of CEO of Lordstown Steve Burns. He claimed on an interview on 23rd February that his company has presold 100,000 electric pickup trucks. Hindenburg states that this claim of orders and order book consists of a series of false or non-binding orders.

    What is Hindenburg’s report about?

    In the report created by Hindenburg, it has stated that the electric-vehicle manufacturer has misled its investors by lying about its demand and production capability. The Research firm further stated that the company has no solid revenue and no sellable product.

    Hindenburg had then shorted Lordstown Motors Corp. (RIDE) which led to a downward plunge in the stock price. This RIDE stock news caused other investigative law firms and research firms to pick on the bones on the company, as is the influence of the Hindenburg’s market reputation.

    Since 12th March leading to 18th March, RIDE stock has been under scrutiny of several law firms including The Schall firm, Nationally Ranked Shareholder Rights Firm, and Hagens Berman- National Trial Attorneys.

    Steve Burns has defended against the accusation saying that Lordstown won’t directly be addressing the accusations made by the Hindenburg and that the company is cooperating with the regulators to further look into this matter.

  • Auto Stocks to watch on Tuesday: Baidu is All Set to Jump in EV

    Auto Stocks to watch on Tuesday: Baidu is All Set to Jump in EV

    China’s BaiduInc is exploring producing its own electric vehicles and has held talks with automakers about the prospect, said 3 persons with knowledge of the case, the latest step in a battle between tech firms to build smart cars.

    China’s leading search engine, which also advances automated driving technologies and internet communication networks, explores contract production, one of the people said or creating a majority-owned venture with automakers.

    The project will move up from internet peers such as Tencent Holdings Ltd, Amazon.com Inc and Alphabet Inc, which have either developed auto-related technologies or invested in smart-car start-ups.

    NIO Limited (NYSE:NIO) shares were trading down -2.38% at $40.98 at the time of writing on Monday after reporting the pricing of the offering of 68,000,000 American depositary shares, each representing one Class A ordinary share of the Company, at a price of US$39.00 per ADS.

    NIO Limited (NYSE:NIO) share price went from a low point around $2.11 to briefly over $57.20 in past 52 weeks, though shares have since pulled back to $40.98. NIO market cap has remained high, hitting $60.13B at the time of writing, giving it price-to-sales ratio of more than 30.

    If we look at the recent analyst rating NIO, Goldman upgraded coverage on NIO shares with a Neutral rating and a $37.72 price target, which implies room for -3.26% downside momentum this year.

    Ford Motor Company (F) last closed at $8.91, in a 52-week range of $3.96 to $9.57. Analysts have a consensus price target of $8.94.

    Tesla Inc. (TSLA) stock soar by 4.89% to $639.83. The most recent rating by Jefferies, on December 11, 2020, is at a Hold.

    XPeng Inc. (NYSE:XPEV) Shares headed rising, higher as much as 6.45% following the declaration from the firm that that its P7 super-long range sports sedan was named the Car of the Year 2021 by the Xuanyuan Awards, China’s most prestigious badge of auto quality and innovation. The most recent rating by Deutsche Bank, on December 14, 2020, is at a Buy.

    Nikola Corporation (NASDAQ:NKLA) fall -6.87% after losing more than -$1.21 on Monday. The company on November 30, 2020 reported the signing of a non-binding Memorandum of Understanding (“MOU”) with General Motors for a global supply agreement related to the integration of GM’s Hydrotec fuel-cell system into Nikola’s commercial semi-trucks.

    Fisker Inc. (FSR) last closed at $15.59, in a 52-week range of $8.70 to $23.63 after declaring that it has signed agreements with Cox Automotive U.K. and Rivus Fleet Solutions to provide a range of after-sales services for the U.K. market. Analysts have a consensus price target of $24.00.

    Li Auto Inc. (LI) stock drop by -0.10% to $31.33. The most recent rating by Citigroup, on November 16, 2020, is at a Buy. On December 4, 2020, the company announced the pricing of follow-on public offering of American Depositary Shares.

    Kandi Technologies Group Inc. (NASDAQ:KNDI) Shares headed falling, lower as much as -7.67%.

    General Motors Company (NYSE:GM) fall -0.72% after losing more than -$0.3 on Monday. On November 30, 2020, the firm revealed it has signed a non-binding memorandum of understanding with Nikola Corporation for a global supply agreement to provide its Hydrotec fuel cell system for Nikola’s Class 7/8 semi-trucks.

    Workhorse Group Inc. (WKHS) last closed at $21.39, in a 52-week range of $1.32 to $30.99. Analysts have a consensus price target of $26.80.

    Electrameccanica Vehicles Corp. (SOLO) stock drop by -2.02% to $6.31. The most recent rating by ROTH Capital, on July 09, 2019, is at a Buy.

    Lordstown Motors Corp. (NASDAQ:RIDE) Shares headed falling, lower as much as -2.96%. The company on December 5, 2020 reported that the United States Securities and Exchange Commission has declared Lordstown’s registration statement on Form S-1 (File No. 333-250045). The most recent rating by Goldman, on December 11, 2020, is at a Buy.

    Fiat Chrysler Automobiles N.V. (NYSE:FCAU) rose 0.84% after gaining more than $0.14 on Monday. Alfa Romeo Announces 4C Spider 33 Stradale Tributo.

    Ayro Inc. (AYRO) last closed at $5.52, in a 52-week range of $1.80 to $10.60. On November 24, 2020, the company reported the Closing of $10.0 million registered direct offering.

    Niu Technologies (NIU) stock drop by -2.50% to $28.43. The most recent rating by Citigroup, on November 06, 2020, is at a Buy.

  • 12 Booming Stocks In Auto Manufacturers Industry To Invest In

    12 Booming Stocks In Auto Manufacturers Industry To Invest In

    The Auto manufacturer Industry is currently in better shape than it was five years ago. This industry is adopting new technologies and new trends to provide a frictionless experience to its customer.  The coronavirus outbreak has heavily impacted the auto manufacturing industry. In the past few years, this industry has experienced a lot of changes and innovations. This industry is using various technologies such as artificial intelligence, big data technologies, and other latest autonomous technologies.

    Auto manufacturers are embedding these technologies to meet the need for sophisticated consumers. Consumers are demanding environmentally-friendly vehicles. Emission reduction is a new challenge for the auto manufacturing industry. Furthermore,  shared mobility is another trend in the automotive industry.

    These 12 leading companies in the auto manufacturing industry are the best option for you:

    NIO Limited (NYSE: NIO)

    NIO Limited (NYSE: NIO) shares were trading up 8.96% at $33.32 at the time of writing on Monday. NIO Limited (NYSE: NIO) share price went from a low point around $1.44 to briefly over $32.20 in the past 52 weeks, though shares have since pulled back to $33.32. NIO market cap has remained high, hitting $47.48B at the time of writing, giving it a price-to-sales ratio of more than 30.

    NIO Limited (NIO) announced that it is scheduled to release its third-quarter 2020 financial results on November 17, 2020. If we look at the recent analyst rating NIO, HSBC Securities initiated coverage on NIO shares with a Hold rating and a $19.35 price target, which implies room for -13.97% downside momentum this year.

    Ford Motor Company (NYSE: F)

    Ford Motor Company (NYSE: F) last closed at $7.71, in a 52-week range of $3.96 to $9.57. Analysts have a consensus price target of $8.49. Ford Motor Company (F) has revealed that it is planning to sell 100,000 cars and trucks which have the company’s new feature of a hands-free driving system. It has earlier shared 2020 third-quarter financial results. Ford Motor market cap has remained high, hitting $30.79 billion at the time of writing.

    XPeng Inc. (NYSE: XPEV)

    XPeng Inc. (NYSE: XPEV) last closed at $20.72, in a 52-week range of $17.11 to $25.00. XPeng has announced vehicle delivery results for October 2020. Analysts have a consensus price target of $24.64. XPeng Inc. (XPEV) XPeng delivered 3,040 vehicles in October 2020, a 229% increase year-over-year. Furthermore, it has delivered 17,117 vehicles year-to-date 2020, a 64% increase year-over-year.

    Tesla Inc. (NASDAQ: TSLA)

    Tesla Inc. (NASDAQ: TSLA) shares headed rising, higher as much as 3.21%. The most recent rating by CFRA, on October 30, 2020, is at a Strong buy. Tesla Inc. (TSLA) has announced that it has decided to open at least one new service center every week in 2021. It has moved up 547.53% from its 52-weeks low and moved down -20.29% from its 52-weeks high.

    Li Auto Inc. (NASDAQ: LI)

    Li Auto Inc. (NASDAQ: LI) rose 13.44% after gaining more than $2.71 on Monday. Li Auto Inc. October 2020 Delivery Update. Li Auto Inc. (LI) disclosed that the Company delivered 3,692 Li ONEs in October 2020, It included a steady increase compared to September. In October, the Company also achieved strong orders, setting a new monthly record.

    Fiat Chrysler Automobiles N.V. (NYSE: FCAU)

    Fiat Chrysler Automobiles N.V. (NYSE: FCAU) stock soar by 2.69% to $12.62 after Tenneco’s DRiV Division Announces Automotive Aftermarket Industry Sponsorship and Donation. The most recent rating by Evercore ISI, on December 18, 2019, is at an Outperform.

    Lordstown Motors Corp. (NASDAQ: RIDE)

    Lordstown Motors Corp. (NASDAQ: RIDE) Shares headed rising, higher as much as 0.15% after BGL Announces the Merger of Lordstown Motors Corporation with DiamondPeak Holdings Corporation in a Transaction Valued Over $1.6 Billion. Lordstown Motors Corp. Lordstown Motors Corp. (RIDE) market capitalization has remained high, hitting $516.66 Million.

    General Motors Company (NYSE: GM)

    General Motors Company (NYSE: GM) stock soar by 0.06% to $34.55. The most recent rating by JP Morgan, on September 09, 2020, is at an Overweight. General Motors Company (GM) has earlier announced that Paul Jacobson has joined the company as executive vice president and chief financial officer, effective Dec. 1. He will report to GM Chairman and CEO Mary Barra.

    Workhorse Group Inc. (NASDAQ: WKHS)

    Workhorse Group Inc. (NASDAQ: WKHS) shares headed rising, higher as much as 4.10%. The most recent rating by ROTH Capital, on October 13, 2020, is at a Neutral. Workhorse Group Inc. (WKHS) has revealed that it has submitted its formal Type Certification application to the Federal Aviation Administration (FAA) for its HorseFlyTM Unmanned Aerial System (UAS).

    Electrameccanica Vehicles Corp. (NASDAQ: SOLO)

    Electrameccanica Vehicles Corp. (NASDAQ: SOLO) rose 2.88% after gaining more than $0.08 on Monday. Electrameccanica Vehicles Corp. (SOLO) has revealed earlier that it has decided to open six new retail locations across the western U.S. within the next month. Electrameccanica Vehicles Corp. has a market capitalization of $197.23 million at the time of writing.

    Nikola Corporation (NASDAQ: NKLA)

    Nikola Corporation (NASDAQ: NKLA) last closed at $18.58, in a 52-week range of $10.20 to $93.99. A class action has started on behalf of certain shareholders in Nikola Corporation, f/k/a VectoIQ Acquisition Corp. The filed complaint disclosed that defendants made materially false or misleading statements.

    Fisker Inc. (NYSE: FSR)

    Fisker Inc. (FSR) stock soar by 11.54% to $11.31. Fisker Inc. (FSR) share price went from a low point around $8.70 to briefly over $21.60 in the past 52 weeks. It has moved up 30.00% from its 52-weeks low and moved down -47.64% from its 52-weeks high. It has a trading volume of 35.66 million as compared to the average volume of 7.57 million during the trading session on Monday.