Tagged: plan

The latest development of Foxconn’s US factory

Foxconn has reached a new agreement with the state of Wisconsin to reduce the size of its plant after several years of delay in the construction plan.

 

The deal is expected to allow Foxconn to reduce the size of its unfinished plants and the tax incentives offered by the state government, according to a joint announcement by Foxconn parent Hon Hai (8.66, – 0.07, – 0.74%) group and Wisconsin governor Tony Evers on Monday. The agreement remains to be approved by the Wisconsin Center for economic development, the state’s top business administration, which will hold a meeting on Tuesday to vote on the issue.

 

The project has been controversial since it was announced in 2017. Foxconn had planned to invest $10 billion, but so far it has fallen far behind the original plan. Foxconn has also attracted criticism from US politicians for receiving huge economic rewards from the local government.

15 pure electric vehicles

Toyota (157.57, 0.26, 0.17%) said on Monday it plans to launch 15 BEVS worldwide by 2025, thereby expanding its EV portfolio to achieve its carbon neutral goal by 2050.

15 pure electric vehicles

The company launched a new pure electric vehicle Toyota BZ series at the Shanghai auto show on Monday, which will be sold to Chinese, American and European markets.

 

Toyota also said it plans to launch more than 20 new energy vehicles in China by 2025.

Sources say Robin Hood plans to allow

According to people familiar with the matter, Robin Hood markets, the US zero Commission securities trading platform, is building a new platform to “popularize” initial public offerings, including the company’s own offering plan, that is, to allow users of its trading app to buy new shares as early as Wall Street funds.

 

This move may further weaken Wall Street’s control over the stock issuance market. The move will make it easier for Robin Hood to push ahead with his own IPO plans, given the firm and its investment banks’ tight control over the size of the rights issue to investors when they issue new shares.

 

At present, users of Robin Hood and other non professional traders can’t buy new shares directly. They have to wait until the shares start trading. Because the price of the first day trading of new shares is often higher than the bidding price, the large fund companies that get the rights issue in IPO take the lead. According to data provided by Dealogic, the average rise of new listed companies in the United States on the first day of trading in 2020 is 36%.

 

According to the source, Robin Hood plans to leave a large part of its total IPO volume to 13 million users and manage the new shares using the technology it is developing.

 

It is not clear what arrangements Robin Hood will make for this, or whether the company’s ambition will bear fruit, the source said. As the matter is confidential, the source asked to be anonymous. Robin Hood declined to comment.

Extension of North American production reduction plan

On Wednesday, it announced an extension of North American plant production cuts as the auto industry was affected by a global shortage of semiconductor chips.

 

The company said its assembly plant in Wentzville, Missouri, would shut down in the weeks from March 29 to April 5. The company also extended the shutdown of its Lansing, Michigan, plant, which has been closed since March 15, by two weeks.

 

David barnas, a GM spokesman, said the move had been taken into account the company’s previous estimate that profits could fall by as much as $2 billion this year. GM didn’t say how much it would lose, but said it plans to make up as much as possible later this year.

 

In addition, GM said that the San Luis Potosi assembly plant in Mexico, which has been shut down since February 8, will resume production from the week of April 5 and arrange two shifts.