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On May 13, Weiwan Seals responded to investors on the interactive platform that the companys main product, hydraulic and pneumatic seals, is an important industrial basic component. It is currently mainly used in engineering machinery, coal mining machinery, agricultural machinery, industrial automation, oil and gas, general machinery and other fields, and has not yet involved the military field. The company will carefully analyze the feasibility of business development, and if there are relevant plans in the future, the company will promptly fulfill its information disclosure obligations.India told the World Trade Organization on May 13 that it proposed to impose tariffs on some products made in the United States and shipped to India, in response to Washingtons tariffs on steel and aluminum products produced in Asias third-largest economy.VinFast (VFS.O) has teamed up with four Philippine partners to drive robust service network expansion.On May 13th, it was reported that Samsung Foundry has entered the final stage of 2nm performance testing, and the test objects include Nvidia GPU and Qualcomm application processor.On May 13, HSBC Global Research issued a report stating that due to the increase in sales expectations and improved economies of scale, the profit forecast of Xpeng Motors (09868.HK) in 2026 was raised by 25%, and the 2027 forecast was introduced for the first time. Based on the discounted cash flow model, the groups H-share target price was raised by 6%, from HK$101 to HK$107, and the "buy" rating was maintained. In addition, based on the updated profit and cash flow forecasts and the latest exchange rate, the groups ADS target price was raised by 5.8%, from US$25.9 to US$27.4. The report stated that HSBC expects strong sales momentum to continue in the second quarter, thanks to Xpeng Motors strong product cycle. At the same time, higher economies of scale and improved gross profit margins should help the company approach break-even.

An investor in Faraday Future sues an EV startup for dismissing two directors

Haiden Holmes

Sep 20, 2022 10:56

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According to a court filing, FF Top Holding, a shareholder in Faraday Future Intelligent Electric, has filed a lawsuit demanding the removal of two board members, escalating the fight over the company's board restructure.


FF Top has pushed pressure on the firm, which has not yet begun manufacturing its FF 91 premium electric vehicle, to oust executive chairman Susan Swenson and board member Brian Krolicki.


The shareholder group, which holds over 20% of the company's stock and roughly 36% of its voting rights, alleged in a lawsuit filed at the Delaware Court of Chancery on Monday that the corporation is "suffering from a crisis of leadership at the board level."


FF Top said that the "current board has wrecked the organization."


In a separate filing with the U.S. securities regulator, the shareholder announced that it had notified the company of its nomination of Li Han and Xin (Adam) He as replacements for Swenson and Krolicki.


Multiple Faraday Future employees petitioned the board and shareholders to remove Swenson last month on the grounds that he oversaw efforts to "push the company into bankruptcy and restructuring."


FF Top delivered a demand for Swenson's removal to the company earlier this month.


The FF 91 production by the Los Angeles-based company has been delayed until the fourth quarter of 2022 because of high costs and supply-chain difficulties.


PricewaterhouseCoopers, the company's auditor, resigned last month, citing the corporation's inadequate internal controls.


Since Faraday Future went public in a reverse merger with a blank-check company in July of last year, its shares have dropped by around 93%.

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