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  • Business
    Reuters

    UPDATE 1-DeepGreen to go public via $2.9 bln SPAC deal

    DeepGreen Metals, an EV battery metals maker, said on Thursday that it will be acquired by blank-check firm Sustainable Opportunities Acquisition Corp in a $2.9 billion deal. The deal will consist of a $330 million private investment from investors along with Allseas, adding to the list of existing strategic investors such as Maersk Supply Service and Glencore. Vancouver-based DeepGreen intends to produce metals from polymettalic rocks, found in deep oceans, for use in batteries that will power electric vehicles.

  • Tesla Is Bleeding Battery EV Market Share To Ford's Mustang Mach-E: Morgan Stanley
    Business
    Benzinga

    Tesla Is Bleeding Battery EV Market Share To Ford's Mustang Mach-E: Morgan Stanley

    Tesla Inc (NASDAQ: TSLA) is losing market share to Ford Motor Company’s (NYSE: F) Mustang Mach-E in the United States, according to Morgan Stanley, Electrek reported Wednesday. What Happened: The global financial services firm said in its February auto sales report that the Elon Musk-led company’s share of the battery electric vehicle market fell to 69% compared with 81% in the same period a year earlier, according to Electrek. The Ford Mustang Mach-E reportedly made up for nearly 100% of the share loss. The report said that EV sales in the U.S. were up by almost 40%. The report assumed 21,550 Tesla sales in the U.S. and 9,527 BEV sales made up of a pack of manufacturers made up of names such as Ford, Volkswagen AG (OTC: VWAGY), Bayerische Motoren Werke AG (OTC: BMWYY), and General Motors Company (NYSE: GM). Why It Matters: Electrek noted that Tesla does not break down sales unlike many other automakers and registration data are not available per state. Model S and Model X production was also briefly halted in late February and Model 3 production was hit due to a parts shortage issue. Tesla’s market share in the United States is likely to dip below 60% this year and below 50% in 2022, as per Electrek. See Also: Tesla's Share Of European EV Market Reduced To 3.5% On Tuesday, former Tesla board member Steve Westly said the Palo Alto, California-based automaker will not remain “King of the Hill in electric forever.” Westly pointed to heightened competition from traditional automakers and Chinese rivals. Price Action: Tesla shares closed nearly 4.8% lower at $653.20 on Wednesday and gained 0.11% in the after-hours trading. Click here to check out Benzinga’s EV Hub for the latest electric vehicles news. Latest Ratings for TSLA DateFirmActionFromTo Feb 2021Morgan StanleyMaintainsOverweight Feb 2021Piper SandlerMaintainsOverweight Jan 2021Deutsche BankMaintainsBuy View More Analyst Ratings for TSLA View the Latest Analyst Ratings See more from BenzingaClick here for options trades from BenzingaHow Lucid's Plans For The Future Differ From Rival TeslaSuch Speed, Much Wow! Dogecoin To Make A Reappearance At NASCAR© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Firms backed by Robert Downey Jr. and Bill Gates have funded an electric motor company that slashes energy consumption
    Business
    TechCrunch

    Firms backed by Robert Downey Jr. and Bill Gates have funded an electric motor company that slashes energy consumption

    Arguably, one of the biggest contributors in the fight against climate change to date has been the switch to the humble LED light, which has slashed hundreds of millions of tons of carbon dioxide emissions simply by reducing energy consumption in buildings. It's not as flashy as an arc reactor, but like light bulbs, motors are a ubiquitous and wholly unglamorous technology that have been operating basically the same way since the nineteenth century.

  • Business
    TheStreet.com

    General Electric Shares Extend Gains After Morgan Stanley Price Target Boost

    Morgan Stanley analyst Jashua Pokrzywinsk sees GE's March 10 investor day an "an important catalyst and starting point for free cash flow over next several years".