American electric vehicle manufacturer Lucid Group Inc has reportedly planned to build its first plant outside the United States in Saudi Arabia.
The manufacturing plant will have the capacity to manufacture 155,000 vehicles a year and will initially cater to the local market. Later, the vehicles will be exported to international markets.
It is worth noting that Lucid’s facility in Arizona can manufacture 350,000 units a year.
According to Chief Executive Officer Peter Rawlinson, the new facility will enable the company to expedite plans to manufacture close to half a million cars a year
Media company Candle Media has reportedly planned to acquire ATTN: a Los Angeles-based media company for USD 100 million in stock and cash.
Credible sources reveal that the deal could be worth USD 150 million with the additional provision of earn-outs.
The Blackstone-backed media company stated that ATTN: is capable of effectively engaging a social audience, which piqued its interest in acquiring the company.
The acquisition provides ATTN: with capital, scale, and expertise to fast-track its growth. Jarrett Moreno and Matthew Segal, Co-Founders of ATTN: along with the current senior management
Lloyd Blankfein, the Senior Chairman of Goldman Sachs, has urged US consumers and companies to be prepared for a recession, saying that there is a “very, very high risk”.
In an interview, Blankfein said that if he was running a large company, or if he was a consumer, he would be prepared for it. He stressed that recession is not something baked in the cake and there is a very narrow path to elude it.
The former Goldman CEO officer claims that the Federal Reserve has extremely powerful tools to curb inflation and the tools have been responding well.
Blankfein’s statement was broadcas
Reliance Industries, an Indian multinational conglomerate, is planning to build a portfolio of 50-60 personal care, grocery, and household brands within six months and hiring a fleet of distributors to develop its own consumer goods business which, as per sources, is worth $6.5 billion.
According to sources, the company is looking to launch a new arm named ‘Reliance Retail Consumer Brands’ which will come on top of its brick-and-motor outlet network of nearly 2,000 grocery stores and its e-commerce platform JioMart.
Furthermore, the company is in the last few steps of negotiations with around thirty popular local brands
- Rivian’s stock prices hit extreme lows reporting a 72% drop this year
- Previously Ford accounted for a total of 102 million shares in the EV maker
- Speculations have affected Rivian shares, declining the stock prices by more than 15% to some $24 per share
Rivian, electric truck startup reported the biggest IPO (Initial Public Offering) last November for an American company following Facebook’s debut into the stock market back in 2012.
After the initial valuation of around $77 bi
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