Space SPAC: Seraphim-backed satellite firm Spire makes New York debut August 18, 2021 Space investor Seraphim has announced its portfolio company Spire, which provides satellites for space, has debuted on the New York Stock Exchange after becoming the latest space company to close a merger via SPAC. Spire has merged with special acquisition company NavSight Holdings, which valued the satellite firm at $1.6bn in equity. The new combined [...]
Glencore invests in Britishvolt’s electric battery gigafactory plans August 17, 2021 Mining giant Glencore is investing in the battery start-up Britishvolt and its construction of a gigafactory to support the UK’s car industry transition to electrical vehicles. As part of the partnership, Glencore will also supply cobalt, one of the key raw materials used in electric batteries, the Financial Times reported. As the biggest producer of [...]
Meggitt presses ahead and publishes documents for Parker-Hannifin £6.3bn takeover bid August 16, 2021 British defence technology firm Meggitt has published its scheme documents for a recommended £6.3bn takeover by Parker, just five days after it received a proposal for a potentially higher bid from US rival Transdigm. Meggitt said its takeover panel will announce a deadline by which TransDigm must clarify its intentions in relation to its offer, [...]
Chinese car sales fall for third month in a row August 11, 2021 Chinese car sales declined for a third straight month in July, new data today showed, as the global shortage of semiconductors weighed on the world’s biggest auto market. Figures from the China Association of Automobile Manufacturers (CAAM) showed that sales fell 11.9 per cent to 1.86m, compared to the same month a year ago. The trade [...]
Used car sales double as chip shortages deplete new model stocks August 10, 2021 The number of used cars changing hands doubled in the second quarter as stock shortages forced some people to turn to second hand models. According to the Society of Motor Manufacturers and Traders (SMMT), 2,167,504 used models were bought in the last period, up 108 per cent on 2020. The number sold was also up [...]
Britain 2030: High-tech manufacturing set to become a quiet British success story August 9, 2021 When it was first announced that this year’s G7 summit would be held in Cornwall, the decision was met with some raised eyebrows. But for a government which has made the combination of “levelling-up” the UK’s regional inequalities and tackling climate change its foremost priorities, it made perfect sense. In the last few years a [...]
The Renault Group partners with Geely to expand Asian presence August 9, 2021 The Renault Group has announced a partnership with a China-based vehicle manufacturer as post-pandemic sales fail to gain momentum in Asia. The Renault Group will share resources and technology with Geely Holding, China’s largest privately owned automotive group, as they focus on bringing hybrid vehicles to the fast-growing Asian markets. The companies will jointly release a [...]
Biden aims to make half of US car sale electric vehicles by 2030 August 5, 2021 Joe Biden will today sign an executive order aimed at making half of all new vehicles sold in 2030 zero-emissions vehicles. The President is set to announce the new target at an event at the White House this evening, where he will be joined by car giants and union workers. Alongside the plan he will [...]
EV charging firm Myenergi ‘mulling £500m London listing’ August 5, 2021 Energy tech firm Myenergi is reportedly making plans for a London float that could value the company at up to £500m amid a surge in interest in “green” solutions. The company, which is best known for its Zappi electric car home charging system, is backed by Sir Terry Leahy, the former Tesco boss. A spokesman [...]
Rolls-Royce swings back to profit despite slow international travel recovery August 5, 2021 Engine maker Rolls-Royce reported an operating profit of £307m in the first half of 2021, marking a significant improvement from the £1.6bn in losses a year ago. The group said international travel would bounce back once restrictions are lifted, but warned recovery is “likely to occur beyond the initial expected timeframe of 2022.” Shares had [...]