Auto review: My 1st ride in a Lordstown Motors electric pickup: It's real, but will that be enough?
Lordstown Motors, the plucky electric pickup startup that aims to turn an abandoned General Motors plant into a hub of manufacturing and technological leadership, faces a long road and uncertain prospects, but it’s the only prospective EV pickup giving demo rides to independent journalists, and they claim to have sold out the first year of production for their Endurance pickup.That makes them worth a look, and I got one during a demo ride and briefing at Lordstown’s engineering center in suburban Detroit.Lordstown went from a privately held company with limited means to a publicly traded one M...
Detroit Free Press
Here's how auto startups are getting the cash to challenge Big Three carmakers
Not since the early 20th century have there been so many startups in the U.S. auto industry.Add Phoenix, Ariz.-based Atlis Motor Vehicles to a growing list of electric-vehicle startups across the United States — Rivian Automotive, Nikola Corp., Lordstown Motors Corp. and Bollinger Motors among them — seeking to make their marks. The surge in 21st-century startups is inspired by the meteoric success of Silicon Valley EV-maker Tesla Inc. as well as government regulations that for the first time mandate the powertrains automakers must use.Upstart automaker Atlis Motor Vehicles is betting its Atli...
The Detroit News
Is it a parking lot or delivery hub? That question earned Miami startup $1 billion
Miami-based REEF, best known for its so-called ghost kitchens that provide off-site food delivery, announced Tuesday it had raised a total of $1 billion to expand its operations.A growth equity funding round of $700 million is being led by United Arab Emirates-based Mubadala Capital in partnership with SoftBank’s Vision Fund and other investors. REEF is also raising $300 million through Oaktree Capital Management, L.P., to acquire additional real estate assets.REEF’s model involves investing in underutilized urban real estate, especially parking lots, and leasing them out as staging areas to b...
New program to help Black-owned online businesses
ATLANTA — Many Black entrepreneurs struggle to get bank loans and professional help to launch new businesses. A new program aims to remove those stumbling blocks.An Atlanta nonprofit and another business have committed $150 million to the 1 Million Black Businesses effort, which will make loans and provide financial and business advice to Black-owned startups and established small businesses. Atlanta-based nonprofit Operation Hope, which helps consumers improve credit scores, is kicking in $20 million, and Shopify, the online e-commerce is adding another $130 million for the loans and website-...
The Atlanta Journal-Constitution
Amazon unveils prototype of Rivian-built electric delivery van, with 100,000 on order and plans to start hitting the road next year
Your Amazon package may be arriving in a custom-built Rivian electric delivery vehicle by next year.Amazon unveiled a prototype Thursday of one of three electric vehicles being developed in partnership with startup EV truck manufacturer Rivian. The online retail giant expects to have 10,000 of the Rivian electric delivery vans on the road worldwide by 2022, ramping up to the full 100,000 order by 2030.Rivian CEO and founder RJ Scaringe said in a news release the vehicle “is not just electric” but prioritizes safety and functionality for package delivery.Features of the boxy, high-tech electric...
E-commerce startup ShipBob gets $68 million to fund expansion
ShipBob, a Chicago-based e-commerce logistics company, raised $68 million to fund an expansion amid a pandemic-fueled boom in online shopping.The company aims to help businesses that are a fraction of Amazon’s size ship products to customers at similar speeds. It planned to nearly double its revenue year-over-year, but the pandemic forced it to grow even faster, said CEO Dhruv Saxena.Estimated U.S. e-commerce sales in the second quarter rose 44.5% compared with the same period last year, as overall retail sales fell 3.6%, according to the U.S. Census Bureau. While some sales may shift back to ...