EV startup Lordstown backtracks, now says it has no binding orders

EV startup Lordstown backtracks, now says it has no binding orders

Electric-truck maker Lordstown Motors , which recently raised concerns about its ability to remain in business, on Thursday backtracked from earlier comments made by the startup’s president and said it has no binding purchase orders. At an Automotive Press Association event in Detroit on Tuesday, Lordstown President Rich Schmidt had said, “currently, we have enough orders for production for … Read more

Costco sees shipping costs rise on fresh meats, imported cheeses

Richard Galanti, the CFO of Costco has issued a warning on Q3 earnings call of the company, saying that the retailer is experiencing inflammatory pressures, which includes shipping container shortage, increased cost of select items shipped from international borders and higher labor cost. As per Galanti, the shipping cost have risen on imported cheeses, select … Read more

Amazon to buy MGM Studios for $8.45 billion

On Wednesday, Amazon said that it is all set to buy MGM Studios in a deal worth $8.45bn, which marks its boldest ever move in the entertainment sector so far. This is the second-largest Amazon acquisition, after the company’s Whole Foods acquisition in 2017 for $13.7bn. Amazon said that it expects to leverage the storied … Read more