News – US – US. Postal Service awards Oshkosh Defense contract to build delivery vehicles

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WASHINGTON (Reuters) – The US. The Postal Service announced Tuesday that Oshkosh Defense would win a multi-billion dollar 10-year contract to manufacture a new generation of postal delivery vehicles

As part of the initial investment of the contract of 482 million USD becomes Oshkosh Defense, a unit of Oshkosh Corp., complete the production design and over a period of 10 years 50000 to 165Assemble 000 vehicles

Postal Service Awards Contract to Introduce Billion Dollar Modernization of its Postal Delivery Vehicle FleetPR NewswireWASHINGTON, Feb. 23, 2021 – Oshkosh Defense will complete the design of the Next Generation Delivery Vehicle (NGDV) and up to 165Deliver 000 U

Hyliion reports after the close of trading, marking the second time that the manufacturer of electric drives has published results since going public last fall

(Bloomberg) – Shares in Blankoscheck company combined with electric vehicle startup Lucid Motors Inc plunged into U S. Trading after confirming SPAC’s largest ever merger to capitalize on investor enthusiasm for battery-powered cars, Churchill Capital Corp IV, the special-purpose acquisition company led by financier Michael Klein, fell 46% Tuesday after its merger with Lucid was confirmed The deal will generate roughly $ 4 billion in cash for the 14-year-old automaker, who announced production of its debut model, will be postponed until the second half of this year, the slump follows a dramatic 472% rise in shares since Bloomberg first opened on Jan reported 11 that Lucid and Churchill were in talks Lucid shied away from comparisons with market leader Tesla Inc.However, its listing with a pro forma share value of $ 24 billion will allow the company to compete for some of the expected fast-growing electric vehicle market with the newly acquired funds to bring vehicles to market and the Casa Grande, Arizona plant Traders often sell “Sell on the News” after a long rumored deal closes The magnitude of Churchill’s decline has been particularly pronounced, meaning investors may also have been disappointed with the production delay or the terms of the contract, Lucid reckons that Bridge financing of 600 million US $ will be needed to bolster the company’s cash until the deal with Churchill closes The company expects negative free cash flow of approximately $ 10 billion through 2024, which begs the question of how it will raise additional funds. Lucid takes a sobering look under the hood of the SPAC: Chris Bryant The reverse merger marks the largest capital injection for Lucid since the public investment fund invested more than $ 1 billion in Saudi Arabia in 2018.The deal included $ 2.5 billion in private Placement in public equity or PIPE, the largest of its kind ever registered for a SPAC deal, according to a joint statement from Lucid and Churchill Capital, it was made by PIF, as well as BlackRock, Fidelity Management, Franklin Templeton, Neuberger Berman, Wellington Management and Winslow Capital headed the placement sold at $ 15 per share – a premium of 50% versus Churchill’s net asset value – which translates to a pro forma equity value of around $ 24 billion The combined company has a transaction capital value of $ 118 billion. “I see the SPAC only as a tool, another lever that we can use to accelerate our trajectory,” said Peter Rawlinson, Lucid’s chief executive officer, in an interview. “This is a technology race Tesla gets that That’s why they’re so valuable and Lucid also has the technology “The SPAC is the largest operation of Klein, a former Citigroup Inc Investment banker who has played a prominent role in steering the investments of the Kingdom of Saudi Arabia and acts as an advisor to the PIF, including advising on Saudi Aramco’s initial public offering.The Lucid transaction is expected to close in the second quarterProduction targets Lucid had previously announced that it would deliver its First EV, a luxury sedan named Air, will start in the second quarter. The company has now decided not to start a start date for the 169th due to discussions with Churchill CapitalSetting $ 000 car, Rawlinson said there are plans to produce cheaper versions of the Air and a battery-electric SUV at some point, the Casa Grande plant currently has a production capacity of 34000 units installed per year based on three shifts, Rawlinson said Lucid hopes that capacity will rise to 85 by 2023000 units per year after additional investments Lucid forecasts 2022 shipments of 20000 vehicles with sales of $ 2 trillion. Sales will rise to $ 5 billion and $ 9 billion in 2023 and 2023, respectively In 2024, according to a presentation to investors on its website, the company expects positive earnings before interest, taxes, depreciation and amortization of 592 million in 2024 In addition to its manufacturing capacity, Lucid expects to invest heavily in new products and increase the number of employees to 5 in the next year000, Rawlinson said Lucid’s debut vehicle will challenge Tesla in the niche premium EV sedan market.The Air model has a range of 517 miles on a single charge, based on estimates by the Environmental Protection Agency.It can get zero to 60 mph in 2 Reach 5 seconds and has access to Electrify America’s network of DC fast chargers.This is similar to the Model S Plaid which has a maximum range of around 520 miles, a time from zero to 60 of less than 2 seconds, and access to the nationwide network Of Tesla quick chargers, Ire of Musk’s market cap is only a fraction of Tesla’s worth around $ 686 billion, but not bad for a luxury electric vehicle maker that hasn’t shipped its first car, Rawlinson has repeatedly stated that Lucid isn’t one is a direct competitor of Tesla, as the price of his company is outside that of Elon M But there are signs of a burgeoning rivalry The Newark, Calif.-based company, whose headquarters are just 15 miles from Tesla’s Palo Alto, says its first electric vehicle will race against the Model S longest-range sedan Lucid’s new factory sprang up out of the Arizona desert as quickly as Tesla’s in China’s growing interest in the startup and its CEO has drawn the wrath of none other than Musk, while Hawlinson and Musk have a complicated history with Lucid’s CEO was chief engineer on Tesla’s flagship Model S, but Musk has downplayed his role in its development and in a tweet accused him of “abandoning the company when things got tough” in 2012. Longer term, Lucid is also working on energy storage solutions that the Powerwall of Similar to Tesla The company would like to use the same battery technology in its n use cars to develop batteries to power homes and utility-scale devices, and already have working prototypes, said Rawlinson (updates to explain the stock slump in paragraph four) For more articles like this, please visit us on BloombergcomSubscribe now to stay ahead with the most trusted business news source © 2021 Bloomberg LP

Lordstown Motors prepares to launch its electric pickup named Endurance. Yahoo Finance has a chat with Lordstown Motors founder and CEO Steve Burns

Even after a price drop of more than 10Analysts see more sales in the last few days

An aerospace parts maker in California is struggling to source cold rolled steel, while an auto and appliance parts maker in Indiana cannot secure additional supplies of hot rolled steel from plants Rising prices are driving costs up and down the profits of steel-consuming producers, sparking a new round of calls to end former President Donald Trump’s steel tariffs “Our members have reported they have never seen such chaos in the steel market,” said Paul Nathanson, Executive Director, Coalition of American Metal Manufacturers and Users

(Bloomberg) – Tesla Inc Shares erased their year-to-date gains on Tuesday, briefly trading below levels when the electric car maker entered the S&P 500 index in December, falling 13% to $ 619 in New York, the biggest drop of the day since September 8, before much of the loss is reduced to close 2.2%, the stock fell 31% from January 25 record intraday highs at lowest point on Tuesday, Tesla’s decline in the first week amid a wider market sell-off became partial Fueled by comments over the weekend by Chief Executive Officer Elon Musk that prices for Bitcoin and its smaller rival Ether “appear to be high”, Tesla is and is an EV game entering the golden age of EVs over concerns that the Bitcoin sideshow could overshadow the entire EV growth story for Tesla in 2021 and beyond, “wrote Wedbush-An alyst Daniel Ives in a statement to customers, concerns about the value of cryptocurrency helped erase some of Bitcoin’s profits that had soared to new highs after Tesla announced two weeks ago it would add $ 1.5 billion in the Cryptocurrency to its balance sheet Bitcoin fell 18% to 45 on TuesdayHowever, there are other factors recently that may also hurt Tesla’s valuation, as the company’s decision to stop taking orders for the lowest-priced version of its Model Y electric SUV, as reported by Electrek earlier this week, could also drive the buzz “Tesla, which halted sales of its lowest Model Y price, coupled with continued price cuts, has created street demand concerns as the bears go out of hibernation,” added Ives, In addition, there is a steady stream of EV development news from traditional automakers like General Motors Co and Ford Motor Cohas stressed that Tesla is not the only way to immerse itself in the upcoming transformation in the automotive sector as they prepare for the electrification race, smaller stocks of electric vehicles, which usually inherit their daily trading traits from Tesla, also fell sharply on Tuesday ( Updates inventory in paragraph 2) For more items like this, please visit us on BloombergcomSubscribe now to stay ahead of the game with the most trusted business news source © 2021 Bloomberg LP

Standard & Poor’s announced Tuesday that the national property price index S&P CoreLogic Case-Shiller posted a 104% annual gain in December versus 95% in November – the fastest growth since 2013

Lucid, led by a former Tesla engineer, is the youngest company to enter the IPO market Investors are rushing into the EV sector, buoyed by the rise of Tesla Inc and tightening emissions regulations in Europe and elsewhere.The deal has a transaction capital value of $ 1175 billion, including a $ 2.1 billion cash contribution from CCIV and a PIPE investment ( Private Investment in Public Equity) of 25 billion investors Reuters reported last week for the first time that Michael Klein had launched a financing operation in support of the Lucid deal

‘The reality is that nobody knows the value of this pseudo-asset.It has no value because it has no income, has no use, has no use, so it’s a speculative game with a bubble itself fulfilled ”, says Roubini

The company’s shares, which were down 44% over the past year, rose 9% in morning trading as Royal Caribbean says it has seen new bookings jump 30% year-to-date from November and December, analysts Royal Caribbean and Royal Caribbean its colleagues Carnival Corp and Norwegian Cruise Line Holdings Ltd also asked to gradually resume voyages in the second half of this year following the months-long standstill caused by the pandemic

HSBC is set to withdraw from US Retail Banking, a source familiar with the matter, told Reuters on Monday that Europe’s largest bank is trying to divest a business that has long underperformed the U.S. The consumer business will be part of the lender’s strategy update due Tuesday as board chairman Noel Quinn seeks to cut costs, increase fee income and continue the lender’s relocation to Asia with the sale or closure of the remaining 150 or so stores in the US, after 80 stores closed last year, would mark the end of HSBC’s struggle to restart a business that has struggled to crack down on incumbent domestic rivals

As liquidity in the Bitcoin market declines, smaller trades can have a relatively large price impact

Plans by the UK and the European Union to set up a new Financial Cooperation Forum by the end of March have made some progress, but that will not automatically lead to market access, senior officials said on Tuesday the UK’s trade deal with the EU, which is in place stepped when it left the single market on December 31 does not cover financial services, leaving the City of London largely removed from its largest export market Trading in euro-denominated stocks and swaps has already left London for the EU and New York

British Airways owner IAG said Monday it had increased total liquidity by £ 2.4 billion ($ 3.4 billion)) by deferring pension contributions and taking out a loan that will help survive the travel slump longer. “In addition to these agreements, the IAG is continuing to review other debt initiatives to further improve its liquidity,” the IAG said in a statement

A drop in Bitcoin price was carried over to shares of Tesla Inc, which recently announced the company was holding $ 1.5 billion in investments in the cryptocurrency and slamming exchange-traded funds that kept Tesla’s shares falling on Tuesday again 33% to USD 69059 The decline in Tesla shares hit Exchange Traded Funds (ETFs) like the ARK Innovation ETF by 49% and the ARSE Autonomous Technology & Robotics ETF, minus 43%

(Bloomberg) – With Tesla Inc Some investors fear the 11-month bull market is in trouble, leading to another sell-off of momentum darlings amid rising bond yields. Last week’s surge in yields has certainly shaken nerves on the edge of the stock market, where signs of a surplus are evident Tesla was down more than 10% from 10 a m in New York after an 8 Monday fall 6% Bitcoin fell up to 18% In a broader sense, however, the rates remain relatively low compared to the return metrics stocks offer still a premium nearly four times the historical average, if anything, earnings could skyrocket if Wall Street economists push their forecasts for economic growth to levels not seen in decades that would justify stock valuations, which appears stretched by some traditional standards The bulls’ argument for stocks at a time of rising interest rates is that the bond sell-off is caused by signals emanating from commodity markets and economic data like retail sales, and the Biden government stands ready to pass a massive spending bill, and the chairman Federal Reserve, Jerome Powell, who testified before Congress Tuesday, determined to keep short-term rates near zero “If we look at the landscape today, prices are rising for all the right reasons,” said Peter Mallouk, CEO of Creative Planning Though some believe the market must fall as it trades at the high end of valuations, he said, “The reality is that it can stay high as profits grow in.” The stocks trading this week on Under the greatest pressure, have sky-high valuations that are harder to justify with rising government bond yields. And a valuation The method, sometimes referred to as the Fed model, which compares corporate earnings to bond yields, has started moving against bulls. Currently, the S&P 500’s earnings return – how much profit you make relative to stock prices – is about 179 percentage points above the 10 return -year government bonds, smallest upside since September 2018, but any warning that flashes from this metric is weak, the current premium is still well above the 48bp average in Bloomberg data from 1962, meaning stocks are otherwise the same Conditions can still be classified as attractive relative to history if 10-year returns stay below 2.67% Returns were recently close to 136% In a release released earlier this month, Goldman Sachs Group Inc Strategists like Ryan Hammond and David Kostin said stocks are usually able to digest gradual rate hikes, especially when driven by growth rather than Fed policy, what tends to cause turbulence in stocks are sharp rises in stocks falls usually on average in a given month, when rates are rising two or more standard deviations, which is 36 basis points today, and returns are up 30 basis points this month, hitting a 12-month high Katie Nixon, chief investment officer at Northern Trust Wealth Management, Agrees “While interest rates may have risen under the tailwind of upward revisions to growth and inflation, those two variables also tend to be positive for stocks – up to a point,” said Nixon. “Only when rates rise in disorder the risk asset markets react negatively “Nevertheless, anyone who is nervous The trouble is that stocks have outperformed fundamentals, comforting the recent surge in returns”In August, as the S&P 500 fully rebounded from losses during the 2020 bear market, 10-year yields sent a threatening signal with a decline to record lows. In some ways, the catch-up process in yields suggests that the bond market is finally out Bullish economic news confirms stocks have been flashing since last March Another view: stocks look extremely stretched based on earnings reported over the past 12 months, including the pandemic recession, on this metric, the S&P 500’s price-to-earnings ratio came in at 32, surpassing the high of the dot-com era The value case is getting a little more encouraging compared to this year’s result As analysts expect earnings to jump 23% to USD 171 per share, the P / E ratio will drop to 23 If companies continue to beat estimates significantly, it would improve the picture fourth quarter profit was 16% higher al s expects a pace of positive surprises that, if continued to increase, would boost earnings from 2021 to $ 198 per share that would add up to a multiple of 20 “Which seems very high US Stock valuations are reasonable if (and only if) earnings decline sharply in the second half of the year, “DataTrek Research co-founder Nicholas Colas wrote in a recent press release.” There are certainly microbubbles (some SPACs, IPOs), but there are good case that stocks as a whole can and will find their way into high valuations”” That’s not to say that returns on stocks don’t matter right now, with the money flowing quickly out of highly rated stocks like Tesla, with the Nasdaq 100 falling for a sixth day, the longest losing streak since August 2019. At the same time, companies cut by “Investors are not positioning themselves in areas like finance and energy that really benefit from rising returns and rising commodity prices I think there is a bit of a mess,” said Lori Calvasina, head of U.S. Equity strategy at RBC Capital Markets said in an interview on Bloomberg Television, “It’s more of a story of repositioning within US. Shares, as opposed to leaving US. Stocks ”(Tuesday price updates in the second and penultimate paragraphs) For more articles like this, please visit us on BloombergcomSubscribe now to stay ahead of the game with the most trusted business news source © 2021 Bloomberg LP

Buffett has recently doubled his energy investments while trimming his tech and banking holdings, and he’s not the only billionaire making big energy moves in 2021

Oshkosh Corporation, United States Postal Service, Workhorse Group, NASDAQ: WKHS, Oshkosh Defense, LLC, NYSE: OSK, Share

News – USA – US. Postal Service awards Oshkosh Defense contract to build delivery vehicles

Source: https://finance.yahoo.com/news/u-postal-awards-contract-oshkosh-202118211.html