Electric Silverado Joins GM's EV Lineup
Just a few months after unveiling an all-electric version of its popular Hummer, General Motors announced yesterday it will introduce an electric version of its Silverado pickup truck.
The Chevrolet Silverado electric full-size pickup will be built on GM"s Ultium Platform as GM estimates it will provide a range of more than 400 miles on a full charge. GM added the electric Silverado will be available in both retail and fleet versions but declined to say when production will begin or when it will go on sale.
"The vehicles coming from Factory ZERO will change the world, and how the world views electric vehicles," GM President Mark Reuss said. "The GMC HUMMER EV SUV joins its stablemate in the realm of true supertrucks, and Chevrolet will take everything Chevy's loyal truck buyers love about Silverado — and more — and put it into an electric pickup that will delight retail and commercial customers alike."
The electric Silverado will be built at GM's new 4.5 million square foot Factory ZERO assembly plant in Detroit and Hamtramck, Michigan alongside the GMC HUMMER EV pickup and the Cruise Origin. GM has committed $2.2 billion to renovate and retool Factory ZERO, the largest for a manufacturing facility in its history.
An electric Silverado is just the latest move by GM to reach its goal of delivering more than 1 million electric vehicles globally by 2025. GM says vehicle development time has been reduced by almost 50% to 26 months thanks to its Ultium Platform, virtual development tools and technology.
Investors love the moves by GM to embrace a future with electric vehicles as shares continue to make new all-time highs on an almost daily basis.
Topps rides sports trading card boom to public markets. The Topps Company announced it will go public through a merger with Mudrick Capital Acquisition Corporation II in a deal valuing the company at approximately $1.3 billion. Topps will trade on the NASDAQ under the ticker symbol "TOPP" as former Disney Chairman and CEO Michael Eisner will become Chairman of the combined company's board of directors. "Topps is an 80-year-old company with decades of rich tradition and history, but very much built for the 21st century," Topps CEO Michael Brandstaedter said. "The strategies we have implemented in recent years, including building a digital business that has deepened consumer engagement, have driven excitement and innovation across Topps, fueling strong and increasing revenue with accelerating profitability."
Amazon grows digital ad market share in 2020. Amazon's share of the U.S. digital ad market jumped to 10.3% in 2020 from 7.8% in 2019, according to research firm eMarketer. The firm estimates Amazon's U.S. ad revenue jumped by more than 52% from the previous year to $15.73 billion last year. Google and Facebook still dominate the U.S. digital ad market with 28.9% and 25.2% market share, respectively. "You can see Amazon gaining share, Google losing share, and Facebook stable and gaining a tiny bit," eMarketer principal analyst Nicole Perrin said. "A big reason for that is Facebook isn’t doing search ads and that’s where Amazon is really competing."
Goldman CEO touts risk controls. Goldman Sachs CEO David Solomon said the company's risk controls helped avoid losses following the Archegos Capital Management disaster, which reportedly caused a nearly $5 billion loss at Credit Suisse alone. "From my perspective, our risk controls worked well," Solomon told CNBC. "We identified risk early on. We took prompt, corrective action to lower our risk according to the contract we had with the client." As to what caused the blowup, Solomon said it "I think this is a classic case of an investor with concentrated positions that have leverage against them." "This is not the first time this has happened and it’s certainly not going to be the last," Solomon added.
United Airlines to train 5,000 pilots by 2030. United Airlines announced it will begin accepting applications to its United Aviate Academy as it looks to train and hire 5,000 pilots by 2030, with half of them women and people of color. United Airlines and JPMorgan Chase have each committed to fund $1.2 million in scholarships as part of the effort. "Over the next decade, United will train 5,000 pilots who will be guaranteed a job with United, after they complete the requirements of the Aviate program – and our plan is for half of them to be women and people of color," United Airlines CEO Scott Kirby said.
Facebook tests QR code payment feature. Facebook is testing a person-to-person payments feature using QR codes for use with Facebook Pay, similar to a feature currently offered by Venmo. Users will be able to use their camera to scan a friend's QR code to send or receive money, while a payment link can be generated to share externally. "To make payments on Messenger even easier, we've begun testing the ability for people to use QR codes and payment links when they want to send or request money," a Facebook spokesperson said.