A Crucial Mine: A thousand feet below wetlands in northern Minnesota are ancient deposits of nickel, a sought-after mineral seen as key to the future of the U.S.China’s Thriving Market: More electric cars will be sold in the country this year than in the rest of the world combined, as its domestic market accelerates ahead of the global competition.Rivian Recall: The electric-car maker said that it was recalling 13,000 vehicles after identifying an issue that could affect drivers’ ability to steer some of its vehicles.But their states will greatly benefit from the investments in electric vehicle spurred by the law. A Bonanza for Red States: No Republican in Congress voted for the Inflation Reduction Act.The blow to its market value was about $2 billion. In two days of frenzied trading, Workhorse’s stock then lost more than half its value, closing on Wednesday at $15.13, down 8 percent on the day, after a decline of 47 percent on Tuesday. But on Tuesday, the Postal Service aw a rded it to another bidder, Oshkosh Defense, which makes military vehicles and mobility systems. Workhorse was one of three finalists for the $482 million job. Workhorse Group, with just 150 employees and little revenue, was a darling of Wall Street over the last year, its shares lifted by investor enthusiasm for the types of trucks it aims to make: electric delivery vans to fill anticipated demand from companies like United Parcel Service and FedEx.Ī particular prospect that raised its share price from less than $2 in March to more than $40 this month was its bid for a big contract from the United States Postal Service to start replacing the agency’s aging fleet of 229,000 right-hand-drive mail trucks. It wasn’t the first love affair to end with bad news from the letter carrier.
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