A Look at the UK Market Now
The market in the U.K. is looking strong in the wake of the pandemic. One key factor is the huge financial incentive for taking an electric vehicle as a company car.
Lordstown CEO and CFO Resign After a Special Investigation
Electric pickup startup Lordstown Motors is hitting choppy water with the company’s CEO Steve Burns and CFO Julio Rodriguez stepping down abruptly. The pair resigned after an investigation in the Hindenburg Report was made public by Lordstown. Despite the company disagreeing with the Hindenburg Report’s assessment of Lordstown Motors, its top two executives have left the building.
While Lordstown’s statement on the Hindenburg Report point to it being off base, the company did acknowledge that it could have, potentially, made misleading statements on its periodic release of pre-orders. The company notes in a release, “Lordstown Motors made periodic disclosures regarding pre-orders which were, in certain respects, inaccurate.”
Those inaccuracies could be the reason that the company’s top management is stepping down; however, Lordstown points to the company’s repositioning from its research and development, and early production, phase into the commercial phase of its business as the reason for the change at the top. It’s not uncommon for companies to shift executive management when transitions inside of the company occur, though this change does seem coincidental.
Read the article at Autoweek.
GM Ups its Planned Investment in EVs, Will Build New Battery Plants
General Motors is investing more money in electric vehicle and self-driving technology, adding capacity at its car assembly factories and building two new battery plants in an aggressive effort to advance and lead in EV sales.
In a wide-sweeping announcement Wednesday, GM said it will increase its investment in EV and autonomous vehicle technologies to $35 billion through 2025, a 75% boost from its initial commitment in early 2020.
“We are investing aggressively in a comprehensive and highly-integrated plan to make sure that GM leads in all aspects of the transformation to a more sustainable future,” said GM CEO Mary Barra in a statement.
Read the article at Detroit Free Press.
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Merchants Fleet Earns Simultaneous Wins at the 2021 TITAN Business Awards
Merchants Fleet has announced simultaneous wins at the 2021 TITAN Business Awards, with Merchants Fleet awarded a Gold TITAN for Most Innovative Company of the Year and CEO Brendan P. Keegan taking home a Gold TITAN for Most Inspiring Leadership of the Year. The TITAN Business Awards recognizes companies and business professionals who go beyond the status quo to promote their strategy, culture, and teamwork to the world.
"Thanks to the remarkable leadership and innovation from Brendan and the Merchants team, our clients were able to stay operational throughout the worst of the pandemic, with the knowledge that Merchants would be there for them as a true business partner to keep them on the road and moving forward," said Gary Singer, Chairman of the Board at Merchants Fleet. "It’s a tremendous honor to see the efforts of both Brendan and the team being acknowledged on an international level with these two TITAN awards, and I congratulate them on this well-deserved recognition."
