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The London Stock Exchange Group has partnered with the Australian Securities Exchange (ASX) to upgrade its derivatives market trading platform.The final reading of the UKs February services PMI will be released in ten minutes.On March 4th, according to Tianyanchas business registration information, Zhejiang Pony.ai Technology Co., Ltd. was recently established. The legal representative is Wang Haojun, with a registered capital of US$50 million. Its business scope includes software outsourcing services, software development, information technology consulting services, computer system services, sales of communication equipment, sales of artificial intelligence hardware, sales of electronic products, and sales of new energy vehicles. Shareholder information shows that the company is wholly owned by Hong Kong Pony.ai Limited.The Israeli military stated that the Israeli Air Force conducted multiple airstrikes overnight against Iranian military assets in the Isfahan and Shiraz regions.On March 4th, Chris Turner of ING stated that the euro is particularly vulnerable to rising energy prices caused by the US-Iran conflict due to investor positioning. He pointed out that there are currently many long positions in the euro, especially among asset management companies. As these positions are reduced, coupled with market concerns about the impact of rising energy prices on the eurozones terms of trade, the euro exchange rate has been hit. Turner believes that changes in the terms of trade will be a more central theme, and the duration of this energy shock will determine whether the euro falls to the 1.10–1.12 range or finds support around 1.15.

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.

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