A commercial fleet-focused electric pickup from Lordstown Motors Corp. (LMC) is sold out for its first year – if the startup secures the $450 million needed to retool a former General Motors Company (NYSE: GM) car plant to make full-size trucks.LMC revealed a prototype of its Endurance on Thursday with Vice President Mike Pence and U.S. Secretary of EnergyDan Brouillette in attendance."I really think this is a pickup truck 2.0," CEO Steve Burns told FreightWaves in a June 23 interview. "We think we've really struck a good balance between a conservative pickup truck outer and a really fantastic underneath. It drives like a sports car."Prototype to production Moving from prototype to production is uncertain despite Burns' optimism.GM technically can cancel LMC's $40 million mortgage and take back the plant at the end of August. "GM has been pretty public. They're not taking the plant back," he said."We don't feel like there's any...
The Federal Reserve is set to unveil its stress test results for banks as the coronavirus pandemic continues. Yahoo Finance’s Zack Guzman and Brian Cheung discuss. ...
Moderna Inc. (MRNA) said it entered into a collaboration with Catalent (CTLT) for large-scale, commercial manufacturing of its mRNA-based experimental vaccine candidate against the novel coronavirus.As part of the agreement, Catalent will provide vial filling and packaging, as well as additional staffing at its facility for the production of an initial 100 million doses of the vaccine candidate to supply the U.S. market starting in the third quarter of this year. The companies said that they are also in talks to secure capacity for continued production of hundreds of millions of additional doses.The announcement pushed Catalent shares up 3.2% to $72.71 in midday U.S. trading, while Moderna dropped 5% to $61.60.“We appreciate this collaboration with Catalent and the flexibility of their team to deliver critical fill-finish capacity for mRNA-1273 at unprecedented speed,” said Juan Andres, Moderna’s Chief Technical Operations and Quality Officer.The partnership comes as Moderna announced that it is commencing...
