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Foxconn’s Lordstown Deal Sets the Stage for Apple Car Audition

(Bloomberg) — Foxconn Technology Group’s planned purchase of embattled startup Lordstown Motors Corp.’s auto plant in Ohio may make it a stronger contender to assemble cars for Apple Inc., but success with the endeavor is far from guaranteed.

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The Taiwanese company is the largest maker of iPhones, giving it a potential edge as Apple explores the automotive sector. Foxconn agreed to spend $280 million on the Lordstown deal, one of the top vehicle-related investments it has made over the past two years.

Foxconn’s early moves into cars have yielded few tangible results, and Apple is set to require solid proof of vehicle-manufacturing expertise before it settles on a partner — if the iPhone maker decides to make the leap into autos at all. Shares of Foxconn’s flagship unit, Hon Hai Precision Industry Co., fell in Taipei trading on Friday in a sign of investor doubt the

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Classic car insurer Hagerty to go public via SPAC in $3 billion deal

The Hagerty Price Guide predicts $378 million in total sales from the Monterey collector car auctions next week, spread across 1,400 vehicles on offer from six different auction companies through the Monterey peninsula leading up to the Pebble Beach Concours dElegance.

David Paul Morris | Bloomberg | Getty Images

Classic car insurance company Hagerty is going public via a special purpose acquisition company, in a deal valued at more than $3 billion.

The merger with Aldel Financial will provide stock market investors with a way to invest in the fast-growing classic car market, which has seen a huge run-up in valuations and popularity in recent years. Values for classic cars are up 6% over the past year, and 193% over the past decade, according to the Knight Frank Luxury Investing Index.

Aside from offering insurance, Hagerty has also launched a classic car rental business, called Hagerty DriveShare, and has acquired

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On Chip Shortage Affecting Car Supply, 93% Think It’s a Big Deal

Photo credit: VCG - Getty Images

Photo credit: VCG – Getty Images

  • A new survey conducted last month by Automotive News about the global chip shortage finds that almost everyone in the auto industry thinks it’s a big problem.

  • Today, according to the survey, 53 percent of respondents said they source their chips from outside the U.S., and 55 percent are looking for alternative chip sources outside the country.

  • Changes are happening, of course, from temporary production pauses and a shift to models that are either in high demand or require fewer chips.

The auto industry is fully aware just how bad the current chip shortage is. Anecdotally, this has been clear for a while. Ford CEO Jim Farley, for example, recently said that the chip shortage is “perhaps the greatest supply shock” he’s ever seen. Automotive News used that quote in a new survey of automakers and suppliers called Examining the Global Chip Shortage,

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Fisker Soars as EV Deal With Foxconn to Include U.S. Factory

(Bloomberg) — Fisker Inc.’s existing agreement to develop an electric vehicle with Foxconn Technology Group will now include a factory in the U.S., the companies said in a statement Thursday.

The joint project — codenamed Project PEAR — is targeting a start of production in the U.S. by the fourth quarter of 2023. The companies said they’re considering multiple sites around the world to support eventual global manufacturing capacity of 250,000 units a year. The partners plan to unveil a prototype of their jointly developed car later this year.

Los Angeles-based Fisker’s shares rose as much as 22% to $12.13 in late trading in New York. The stock is down 32% this year through Thursday’s close. Hon Hai Precision Industry Co., the main listed arm of Foxconn, is up 12% for the year in Taipei.

Electric vehicles have risen in prominence in recent months, with everyone from established automakers like

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