Sony & Honda - an electric partnership
Plus: Oil shoots $130, Stock plummets & Rivian stock is skidding off the road.
This joint venture will design, develop and sell electric vehicles and not own manufacturing facilities.
Why it matters: Japanese electronics giant SONY (SONY) and Japanese automaker Honda (HMC) have created a joint venture to make and sell electric vehicles. The automaker will be in charge of manufacturing the car at its own plants, while the electronic giant will develop the mobility service platform. They aim to begin sales in 2025. (CNBC)
Oil shoots $130, Stock plummets
S&P 500 and Nasdaq 100 contracts fell over 1% and European futures some 2.7%.
Why it matters: The shock of the ever-rising oil prices is coursing through the market and it’s raising alarm at central banks. Traders, shippers, insurers and banks have been increasingly wary of taking on Russia oil, as they negotiate financial sanctions. The International Monetary Fund warned that the war, as well as the subsequent sanctions imposed on Russia, will have a “severe impact” on the global economy. “While the situation remains highly fluid and the outlook is subject to extraordinary uncertainty, the economic consequences are already very serious,” the Washington-based lender said. (Yahoo)
Rivian stock is skidding off the road.
The Amazon-and-Ford backed company unexpectedly hiked prices of its pre-order vehicles.
Why it matters: In an intensive competitive industry like EVs where multiple startups are trying to prove their worth, poor performance can knock a stock out of the game and that’s the case for Rivian (RIVN). The company that just went public last November, but it has had its stocks fall more than 50% since year-to-date and had other controversies. The company is expected to post revenue of almost $64million and net losses of $1.8 billion on Thursday. (Motley Fool)
That’s it from us today,
See you tomorrow.