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(Bloomberg Opinion) -- In the world of cars, investors seem to love news of partnerships, synergies and cost-savings as expensive tech upends long-held rules of the road. They may need a reality check.Auto companies across the globe are looking for their next green partner, even if they have their own grand plans for electric vehicles. But cautionary tales are emerging of why the best way into this brave new world – compelled by a regulatory push and sky-high Tesla Inc.-like valuations – may be to seize the wheel on their own.A quick check of how some hyped-up partnerships have fared couldn’t make things clearer.General Motors Co., which has made an aggressive push into electric vehicles, decided it was time to take an 11% equity stake worth about $2 billion in upstart Nikola Corp. Going by the risks in Nikola’s prospectus, this was a tie-up too far. Per the release, GM is giving “the in-kind services and access to General Motors’...
The bad news keeps piling up for EV truck maker Nikola (NKLA). You could darkly suggest if the company had any of the trucks it has yet to build at its disposal it could load all the negative sentiment and drop it off somewhere out of reach.But in addition to not having any product, it is now without its founder too, after Trevor Milton resigned earlier this week. It is now also without the support of Wedbush analyst Daniel Ives. While previously Ives’ support was only muted and underpinned by calling Nikola a “prove me” stock, the latest developments have resulted in a downgrade.Ives’ rating drops from Neutral (i.e. Hold) to Underperform (i.e. Sell), while the price target is severely slashed from $45 to $15. This figure implies a 21% downside from current levels. (To watch Ives’ track record, click here)Ives’ downgrade is due to two main reasons. First, Milton and...
China's electric vehicle startups are on the charge again, thanks to Tesla. The country's growing fascination with the U.S. pioneer's sleek designs and cutting-edge technology is giving a string of second-wave home-grown Tesla wannabes the traction to raise more funding, expand production and boost sales. Chinese EV startups NIO, XPeng Inc, Li Auto and WM Motor have raised more than $8 billion between them this year and now rival Aiways is planning to go public, its co-founder and President Fu Qiang told Reuters....
MONTREAL, Sept. 24, 2020 /CNW Telbec/ - MONARCH GOLD CORPORATION ("Monarch" or the "Corporation") (TSX: MQR) (OTCQX: MRQRF) (FRANKFURT: MR7) reported its results today for the fourth quarter ended June 30, 2020....
The EV charging company will merge with Switchback Energy Acquisition Corp, a special-purpose acquisition company. CEO Romano: “(T)here is no need to choose winners in electric mobility. We see ourselves as an index for the entire category.” ...
Nektar Therapeutics is a San Francisco-based emerging biotechnology company specializing in PEGylation technology. Its portfolio includes PEGylated biologics in immuno-oncology, breast cancer, and autoimmune disease. The company partners with several large pharmaceutical and biotechnology companies to co-develop therapies in a range of indications, which includes a collaboration with Bristol-Myers Squibb to develop bempegaldesleukin, the firm's leading immuno-oncology candidate, in combination with Bristol's Opdivo....
