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Garrett Motion Amends Terms of Series B Preferred Stock

ROLLE, Switzerland, Sept. 30, 2021 (GLOBE NEWSWIRE) — Garrett Motion Inc. (Nasdaq: GTX), a leading, differentiated technology provider for the automotive industry, today announced it has amended and restated the Certificate of Designations of the Series B Preferred Stock (the “Series B”) that results in de-leveraging and improved balance sheet flexibility.

Upon completion of its financial restructuring on April 30, 2021, Garrett issued the Series B to an affiliate of Honeywell International Inc. (“Honeywell”). The present value of the Series B reflects a 7.25% discount rate on the remaining scheduled payments. The present value on the Series B was $585 million on June 30, 2021 and will be approximately $613 million as of January 1, 2022. Honeywell remains the only holder of the Series B shares.

Series B holders currently have the right to require Garrett to repurchase all of the Series B shares if Garrett’s consolidated trailing 12-month

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RSVP ‘No’ to the Lucid Motors Party Before CCIV Stock Crashes

Attention Churchill Capital Corp IV (NYSE:CCIV) shareholders: now’s a good time for a low-key flex. After a painful crash from an almost $60 high, CCIV shares are finally moving in an upward direction. In fact, CCIV stock is up 18% over the past 30 days.

Exterior of Lucid Motors building

Exterior of Lucid Motors building

Source: gg5795 / Shutterstock.com

Social media is on fire celebrating the sheer gorgeousness of the Lucid Air (yes, it’s gorg). People are infatuated — almost blinded — by the brand’s ultra-fancy Beverly Hills and Chelsea showrooms. Oh, and don’t forget “Lucid Nation’s” most glorious day (July 23) is just around the corner! If you weren’t already aware, that’s when CCIV becomes LCID.

With the stock gaining ground, some of the more passionate members of Lucid Nation have highlighted their recent gains. They’ve even taken the time to tell me that my negative call on CCIV stock is nonsense.

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EVs Will Rule the World By 2040. Tesla Stock Isn’t the Only Winner.

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Piper is predicting the EV takeover of the global automotive industry will be complete in 19 years.


Ben Stansall/AFP via Getty Images

A lot of electric vehicles are going to be sold in the coming generation. That’s good news for

Tesla.

It’s also good news for a host of other auto makers, including some start-ups. It’s bad news, surprisingly, for

NIO

and its Chinese EV peers.

Tuesday, Piper Sandler analyst Alexander Potter published a very detailed forecast for EV sales stretching all the way out to 2040. He forecasts sales and market share for essentially every major auto maker globally.

“We have spent the past few months assembling a brand-by-brand, region-by-region forecast for battery electric vehicle (BEV) sales,” writes the analyst. Looking ahead, he forecasts EV penetration at 45% of new car sales by 2030 and 94% by 2040.

Potter is predicting the EV takeover of the

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EV Stock NIO and XPeng Reported Impressive Deliveries. Why That’s Bad News.

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The Xpeng P7 electric vehicle is displayed outside the New York Stock Exchange


Jeenah Moon/Bloomberg

April deliveries from Chinese electric vehicle makers

NIO

and

XPeng

offer investors some reason for hope and some reason for concern.

The pair reported April delivery figures over the weekend. NIO (ticker: NIO), for its part, reported it delivered 7,102 vehicles, up 125% year over year. The year-over-year change, however, doesn’t matter. NIO is a high-growth company and has been adding capacity rapidly. Deliveries were at about the same level as recent months. NIO delivered 7,257 vehicles in March.

Current manufacturing capacity is about 7,500 vehicles a month, but production hasn’t been able to hit that level because of the global semiconductor shortage roiling the automotive industry.

The 7,100 figure puts NIO on track to hit is second quarter delivery guidance of roughly 21,000 vehicles given this past week when the company

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