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On November 10th, the Ukrainian State Electricity Company announced that due to Russias continued attacks on Ukrainian energy facilities, most regions of Ukraine will experience 24-hour power rationing on November 10th. The company stated that the rationing will last from midnight to 11:59 PM, and industrial users power consumption will also be limited during the same period. The Ukrainian government also urged the public to conserve electricity during peak hours.On November 10th, Bezoss space company Blue Origin planned to launch its New Glenn rocket from Cape Canaveral, Florida, on Sunday, a key test in the startups path to challenging SpaceXs dominance. The approximately 97.5-meter-tall rocket will carry two spacecraft built by Rocket Lab to Mars. This mission marks New Glenns first mission for NASA. New Glenn successfully completed its maiden flight in January, reaching orbit, but its boosters failed to land. Similar to SpaceXs Falcon series, New Glenn is designed to be partially reusable, with boosters capable of multiple launches, thus reducing costs.On November 10th, New York Federal Reserve President Williams stated that financial pressures faced by low- and middle-income Americans could threaten the resilience of the U.S. economy, even as wealthier families benefit from the stock market boom. In an interview, Williams said the Feds December interest rate decision "will be a balancing act." He noted, "Inflation remains high and shows no signs of declining," but the U.S. economy "still exhibits a degree of resilience." Nevertheless, many Americans are still struggling with housing and living costs. There are signs that "low- and middle-income families are facing some constraints in terms of affordability," posing a risk to consumer confidence and spending. Williams also rejected calls to modify the Feds benchmark interest rate mechanism, stating that expectations of productivity gains driven by artificial intelligence are supporting the market, but he is concerned about potential over-investment and a stock market bubble.On November 10th, Russian Presidential Press Secretary Dmitry Peskov stated on the 9th that US President Donald Trumps recent announcement of plans to resume nuclear testing gave the impression that the US intended to begin nuclear testing in the near future. Russia needs clarification on this. Peskov said that Russian President Vladimir Putin has not ordered the immediate commencement of preparations for nuclear testing, and if any other country violates the nuclear testing ban, Russia will be forced to take reciprocal measures to maintain strategic balance.On November 10th, it was reported that on November 9th local time, U.S. Senate Majority Leader John Thune stated that a potential agreement to end the government shutdown was "progressing." However, Thune also noted that an agreement was not guaranteed, as senators needed time to read the proposal and it could take several hours before concrete action could be taken.

Electric Car Maker Canoo Has 'Significant Doubts' About Going Concern Due to Cash Shortage

Haiden Holmes

May 11, 2022 10:18

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Canoo Inc, a manufacturer of electric vehicles, issued a warning to investors on Tuesday that it may not be able to pay its financial obligations, stating that it was attempting to obtain more capital but that it had "serious uncertainty" about its viability.


The warning came as the Texas-based corporation posted a net loss of $125.4 million for the first quarter. After-hours trading saw a decline of 13%, following a drop of 5% during the day.


Canoo's liquidity crisis exemplifies the challenge electric vehicle (EV) startups have in scaling up expensive car production in the face of competition from Tesla (NASDAQ:TSLA) Inc and traditional automakers investing billions in new technology and plants.


Canoo reported having approximately $105 million in cash at the end of March, less than the $120 million it burnt in operational expenses during the first quarter of the year. First-quarter capital expenditures of $28.4 million on zero dollars in revenue demonstrate the need for more finance.


Tony Aquila, chairman and chief executive officer of Canoo, stated in a statement, "We have been open about our concept of raising money prudently, and we will maintain this disciplined approach."


Aquila stated that Canoo has more than $600 million in available resources to fund the launch of vehicle production, as well as "considerable experience sourcing capital in difficult markets."


Canoo reported that as of March 31, it had produced 39 Gamma vans and received 17,500 pre-orders with an estimated value of $750 million. During a Tuesday earnings call, executives stated that the company is producing up to 12 vehicles per week and that it is primarily focused on fleet customers.


NASA awarded the business a contract in April to construct vehicles that will transport humans to the launch pad for the planned Artemis mission to the moon.