Dutch solar EV startup Lightyear has said its restructuring strategy is to focus on the manufacturing of a more affordable model.
Less than two months after its official start of production, the company suspended all assembly of its flagship 0 Solar EV, while focusing on its second model Lightyear 2.
In a press release, the company disclosed that it had overcome many challenges in order to make its latest model 2 vehicles a reality.
The company’s CEO and Co-Founder Lex Hoefsloot said in a statement, “we are now redirecting all our energy towards building Lightyear 2 to make it available to clients on schedule”.
The Lightyear 2 model is the company’s volume model that has been announced for some time. Investors King understands that the startup opened the waiting list for Model 2 earlier this year, which is to be launched at the end of 2025 at a base price of €40,000.
Reports disclose that he company has already received a potential major order for the lightyear 2, its waitlist which opened on January 5 to customers in the U.S and Europe, and has already surpassed 40,009 individual names, complimented by another 20,000 pre-orders from fleet customers.
As with many startups, the company made some claims about its upcoming Lightyear model 2 which it disclosed that compared with other EVs not powered by solar, the model 2 will produce half as much carbon emissions.
Judging from the teasers provided at this year’s CES 2023, there were notable differences in the Lightyear model 2 compared to model 0. The Model 2 appears to have higher ground clearance and sleeker blacked-out pillars on the additional black accents on the body.
As with Lightyear 0, Lightyear 2 will require less charging from the grid compared to a conventional EV. Meanwhile, it is currently unclear what Lightyear plans to do with the few 0 solar EVs that have been produced since Quarter 4 last year.
Nigerian Breweries Records $99 Million Foreign Exchange Loss, CEO Reveals
Nigerian Breweries, a subsidiary of Heineken NV, has faced a setback as it disclosed a $99 million foreign exchange loss in its recent financial report.
The revelation was made by Hans Essaadi, the CEO of Nigerian Breweries Plc, during an investor call held in Lagos.
Essaadi attributed the loss to a myriad of economic challenges gripping Nigeria, including the drastic devaluation of the naira and cash scarcity resulting from the nation’s demonetization program.
He explained that the mainstream lager market witnessed a significant decline due to consumers’ inability to afford products like Goldberg after a hard day’s work.
The naira’s depreciation, losing approximately 70% of its value against the dollar since June, has exacerbated inflation to almost 30% in January.
These economic upheavals have placed immense strain on household incomes, especially in a nation where a significant portion of the population lives in extreme poverty.
Despite recording a 9% increase in revenue to 599.6 billion naira, Nigerian Breweries reported a staggering net loss of 106 billion naira for the fiscal year 2023, a stark contrast to the 13.18 billion naira profit from the previous year.
In response to the ongoing challenges, Nigerian Breweries aims to source more raw materials locally to mitigate foreign exchange risks.
The company has also implemented higher product prices effective February 19th to navigate through the turbulent economic landscape.
Despite the bleak financial report, Essaadi affirmed Nigerian Breweries’ commitment to weathering the storm, expressing confidence in the company’s portfolio, processes, and personnel to navigate the challenging market conditions ahead.
Barclays Plc Shares Surge 6.9% on £10 Billion Shareholder Payout Announcement
Shares of Barclays Plc surged by 6.9% following the announcement of a monumental £10 billion shareholder payout.
The British banking giant’s decision to return such a substantial sum to its investors marks a significant milestone in its financial strategy.
The announcement comes in the wake of Barclays’ robust performance, culminating in a return on tangible equity of 9% for the fiscal year 2023.
Demonstrating a forward-looking approach, the company aims to elevate this metric to above 12% by the year 2026, underlining its commitment to sustained growth and profitability.
Chief Executive Officer C.S. Venkatakrishnan expressed Barclays’ dedication to optimizing its operations and enhancing shareholder value.
By implementing rigorous cost-cutting measures, the company plans to reduce costs by £2 billion over the coming years.
The restructuring efforts extend to the reorganization of Barclays into five distinct divisions, each strategically positioned to cater to diverse client needs and optimize service delivery.
The surge in Barclays’ shares reflects investor confidence in the bank’s strategic direction and its ability to deliver on its promises.
The appointment of new leadership roles and the realignment of business divisions underscore Barclays’ proactive stance in adapting to evolving market dynamics and regulatory landscapes.
Barclays’ pledge to streamline operations, bolster returns, and prioritize shareholder interests positions it favorably within the competitive financial landscape.
The £10 billion shareholder payout announcement signals a pivotal moment for Barclays Plc, solidifying its status as a formidable player in the global banking arena and setting the stage for sustained growth and value creation in the years ahead.
Capital One Financial Corp. to Acquire Discover Financial Services in $35 Billion Mega Deal
Capital One Financial Corp. has announced its intention to acquire Discover Financial Services in a $35 billion deal.
This strategic acquisition positions Capital One as the largest credit card company in the United States by loan volume, intensifying competition with Wall Street’s prominent players.
Under the terms of the agreement, Capital One will purchase Discover at a premium, offering 1.0192 of its own shares for each Discover share—a 26.6% premium based on the closing price on February 16th.
Pending regulatory and shareholder approvals from both entities, the deal is anticipated to conclude in late 2024 or early 2025.
The merger between Capital One and Discover represents the most significant global consolidation this year, surpassing notable acquisitions in various sectors.
By combining forces, Capital One and Discover unite two esteemed consumer-finance brands, effectively eclipsing competitors such as JPMorgan Chase & Co. and Citigroup Inc. in US credit-card loan volume.
This acquisition not only amplifies Capital One’s market share but also grants the company a formidable position within the payment networks sphere.
Capital One’s CEO, Richard Fairbank, described the merger as a “singular opportunity” to establish a robust presence alongside the largest payment networks, underscoring the transformative potential of the deal.
Upon completion, Capital One shareholders will possess approximately 60% ownership of the consolidated entity, with Discover shareholders owning the remaining stake.
The acquisition is expected to yield significant synergies, generating $2.7 billion in pretax benefits.
The strategic rationale behind the acquisition underscores the increasing importance of scale and technological capabilities in the financial sector.
By leveraging Discover’s extensive network and Capital One’s expertise, the combined entity aims to drive innovation and enhance value for customers in an ever-evolving market landscape.
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