Ford (F) and Rivian (RIVN) have canceled their plans to make an EV together.
Why this matters: CEO, Jim Farley said that it was going to be complicated to combine Rivian’s electric architecture with Ford’s own software. Both companies are still in a good relationship as Ford holds a 12% stake in Rivian – which is worth almost twice as much as Ford in value. This is the second partnership plan both companies are calling quits, as they previously canceled plans to make a vehicle for the Lincoln luxury brand in 2020. (The Verge)
Xpeng unveils electric SUV
Xpeng (XPEV) unveiled a new electric SUV which it plans to launch in the third quarter of 2022.
Why this matters: The company has kickstarted its international expansion with the G9 which would be its fourth production model. Xpeng’s G9 will face off against the likes of Tesla (TSLA)’s Model Y, Nio (NIO)’s ES6 and Li Auto’s Li One. The vehicle will also feature Nvidia (NVDA)’s autonomous driving chips. (CNBC)
Zoom is reporting earnings today
Pandemic favourite, Zoom (ZM) is reporting its financials today.
Why this matters: The company’s shares have fallen 28% since last quarter’s earnings, it also suffered the collapse of its proposed acquisition of the call-centre software operator, Five9 (FIVN). With schools and businesses reopening, Zoom has been under pressure to delve into new areas. The pressure is on from investors as well as they are eager to see what the company has planned. (Barron’s)
