Tag: Shares

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Business

Frontier Airways shares fall on first day of buying and selling

Frontier Airlines shares fall on first day of trading

Frontier Airlines’ parent company shares fell 0.8% on Thursday’s first day of trading.

The low-cost airline announced late Wednesday that it had raised $ 570 million in an initial public offering. This is the latest US airline to go public as the industry sees signs of recovery from the Covid pandemic.

Denver-based Frontier sold 30 million shares at $ 19 each, the low end of the target range, which equates to a valuation of approximately $ 4 billion.

The shares were traded on the Nasdaq Global Select Market under the ticker ULCC, the initials of the ultra-low-cost carrier.

Frontier went public last month after plans were dropped in the summer as the industry struggled with the pandemic.

Another low-cost airline, Sun Country Airlines, went public last month.

Correction: In a previous version of this article, the first trading day was incorrectly indicated with a bullet point

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Business

ThredUp shares leap almost 43% in first day of buying and selling

ThredUp shares jump nearly 43% in first day of trading

James Reinhart, co-founder and CEO of thredUP, speaks on stage during the TechCrunch Disrupt San Francisco 2019 at the Moscone Convention Center on October 2, 2019 in San Francisco, California.

Kimberly White | Getty Images Entertainment | Getty Images

Used clothing sales are booming online, ThredUp CEO James Reinhart told CNBC’s Squawk Alley on Friday, just before the company’s shares traded on the Nasdaq Global Select Market.

The company announced late Thursday that it was pricing its Class A common stock at $ 14 per share and sold 12 million shares to raise $ 168 million.

Shares rose nearly 43% to $ 20 at close of trade.

“I think this is a category that is big and it’s getting bigger,” Reinhart told CNBC.

Nine banks, led by Goldman Sachs, Morgan Stanley and Barclays, are participating in the deal.

ThredUp, based in Oakland, Calif., Is an online resale marketplace where consumers can buy and sell used clothing, shoes, and accessories. The website offers around 2.4 million entries from over 35,000 brands at any given time.

According to ThredUp’s annual report, the second-hand market is estimated at $ 28 billion. The company predicts it will climb to $ 64 billion by 2024 as more consumers switch to used clothing due to environmental issues posed by fast fashion. The coronavirus pandemic has also spurred growth as consumers want to save and make money by buying fashion at lower prices or selling clothing on the company’s platform.

Last year the company had sales of $ 186 million, an increase of 14% over the previous year.

The number of active buyers rose 24% in the past year, Reinhart told CNBC. Additionally, 77% of the product offering comes from resellers, meaning sellers who have previously sold on ThredUp.

“It’s one of the most unique value propositions we’ve been able to offer, and that’s how sellers come to us organically and we’ve never had a problem sourcing the listing,” he said.

When asked about post-pandemic trends and whether buyers will continue to be on the lookout for a resale when people shop in person again, Reinhart will remain undeterred by his trust in the platform in the coming years.

“I think we will still find ourselves in a recession [after the pandemic]and there are still some members of the community who are suffering, so ThredUp has great brands and great prices, “he said. Adding the stimulus checks will also encourage people to buy used products.

ThredUp has approximately 21 partnerships with retailers like Walmart to help brands expand their product offerings.

“It’s about how they can get their customers to shop more sustainably,” he said. “It actually speaks to the breadth of the program we’ve created and I think it’s a bright future for reselling and that works in it.”

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World News

Shares are set to rebound with Dow futures up 100 factors, Intel shares acquire

5 things to know before the stock market opens Feb 17, 2021

U.S. stocks are likely to rebound on Wednesday as investors again bet on a strong economic recovery from the pandemic.

Dow Jones Industrial Average futures rose 130 points, or 0.4%. S&P 500 futures rose 0.5% while Nasdaq futures rose 0.8%.

Intel’s shares drove market gains that rose nearly 5% after the chip giant announced plans for a comeback. He opened two new factories to manufacture his own chips and those for other companies.

The Dow lost more than 300 points on Tuesday, as Caterpillar stocks fell 3% late in the day as it worried about the surge in new coronavirus cases in the US and abroad. The S&P 500 fell 0.8%, with airlines and cruise lines taking significant losses. The small-cap benchmark Russell 2000 fell 3.58% on its worst day since June.

However, cruise lines and airlines rebounded on the Wednesday before entering the market, with Carnival and United Airlines shares soaring more than 2%. Energy stocks also rebounded as oil prices rebounded.

Fundstrat Global Advisors’ Tom Lee said his clients were concerned about the increasing cases of Covid in Europe, but he believes Tuesday’s sell-off had more to do with the portfolio realignment towards the end of the quarter and superstitious investors a year after took profits at the lows of the market. He is still betting on stocks that will benefit the most from an economic recovery compared to previous post-war periods.

“After the war, cyclical companies will become new growth stocks,” Lee told CNBC. “This is what happened. It happened in Iraq and the Middle East. It happened in Japan. It happened in Korea after the Korean War. It happened in the US after World War II and the Korean War. This is a post-war environment . “”

In many regions of the world there are actually increasing Covid-19 cases as highly contagious variants continue to spread, according to the World Health Organization. Germany and France are extending or enforcing new lockdown measures.

But the pace of vaccination in the US is picking up, with nearly one in five adults now fully vaccinated.

Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen will continue their testimony before the US House Committee on Financial Services on Wednesday. When they first appeared together on Tuesday, the pair acknowledged the highly valued asset prices in the markets but said they are not concerned about financial stability.

“I would say that while the valuation of assets is increased by historical metrics, there is also a belief that with rapid vaccinations the economy can get back on track,” Yellen said during the testimony. “I think in an environment with high asset prices, it is important that regulators make sure that the financial sector is resilient and that markets are functioning well.”

Powell said the economic recovery from the pandemic “has advanced faster than generally expected and appears to be strengthening”.

However, he said the economic sectors hardest hit by the pandemic “remain weak” and the unemployment rate “underestimates the deficit,” so the recovery still has a long way to go.

Government bond yields fell on Tuesday and continued to decline slightly on Wednesday.

General Mills, Tencent, KB Homes and RH are among the companies posting profits on Wednesday.

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World News

Shares fall as firm says it might promote inventory to fund transformation

Shares fall as company says it may sell stock to fund transformation

After a trading frenzy fueled by Reddit earlier this year, investors are finally getting a glimpse of GameStop’s fundamentals.

Here’s what the company did after the bell on Tuesday.

  • Fourth quarter results were released that were missing Wall Street estimates on the top and bottom lines.
  • In its recent executive reorganization, the company named former Amazon and Google CEO Jenna Owens as its new chief operating officer.
  • In a note of transformation that got some investors excited about the stock, the company said global e-commerce sales rose 175% in the most recent quarter, accounting for more than a third of its sales over the reporting period.
  • GameStop also confirmed in a filing that it is considering selling additional shares.
  • The company declined to answer questions during an eagerly anticipated earnings conference call that was reaching maximum capacity at a certain point in time.

The stock initially traded higher after the bell, but recently fell about 12%, with traders likely responding to the potential stock sale. An action that many investors and analysts deemed prudent given the stock’s surge fueled by Reddit. There is also likely some disappointment with the lack of detail from the conference call with no questions answered.

“Since January 2021, we have been examining, especially in the course of the 2021 financial year, whether the ATM program (on the market) should be enlarged and potentially shares of our ordinary shares of class A should be sold as part of the increased ATM program in order to accelerate our future transformation initiatives and the to finance general working capital needs, “the company said in a statement.

For the fiscal period ending January 2021, GameStop achieved $ 1.34 per share on revenue of $ 2.12 billion. Wall Street expected earnings per share of $ 1.35 on sales of $ 2.21 billion, according to the average of the six analysts at Refinitiv.

GameStop’s fourth quarter earnings typically make up most of the company’s annual earnings, which is increased by Christmas sales. GameStop’s sales in the same store rose 6.5% in the most recent quarter.

No instructions, but February strong

The company announced it will continue to suspend the guidelines, but is updating its fulfillment operations to increase the speed of its delivery and services. GameStop CEO George Sherman also announced that comparable store sales rose 23% in February thanks to strong global hardware sales.

“Looking ahead, we are excited about the opportunities that will arise as we begin to prioritize long-term digital and e-commerce initiatives while continuing to grow our core business in this emerging console cycle,” said Sherman in the Publication of results.

The company declined to answer questions during an eagerly anticipated earnings conference call that was reaching maximum capacity at a certain point in time.

Tuesday’s gains also mark GameStop’s first quarterly report since January’s GameStop retail frenzy.

In January, an epic short squeeze in GameStop’s stock shocked Wall Street, drawing attention to a rising class of retail investors on social media platforms like Reddit. GameStop’s share price rose to $ 483 per share and then lost 90% of its value. The controversy drew the attention of Wall Street and Washington.

Since GameStop’s rise and fall in January, the stock has continued to rise, with stocks rising nearly 70% this month. GameStop’s stock is up more than 860% in 2021.

GameStop has a market cap of nearly $ 14 billion, more than ten times the market value of $ 1.3 billion the stock was at the end of last year. A year ago, GameStop’s market cap was $ 245 million.

Cohen drives changes

GameStop stock has had a positive impact on new developments for the company over the past five months, such as the appointment of Chewy co-founder Ryan Cohen to the GameStop board of directors and the transition from technology and e-commerce to GameStop.

GameStop also said that after the bell it continues to seek executives with e-commerce, retail and technology expertise to support its turnaround. Sherman said on the conference call that GameStop “was designed to transform itself into a customer-obsessed tech company that gamers would love”.

Earlier this month, GameStop announced that Cohen had been won over to move to e-commerce. Cohen chairs a special committee formed by the GameStop board of directors to support its transformation. Board members Alan Attal, Chewy’s former top operations manager, and Kurt Wolf, Hestia Capital Management’s chief investment officer, are also on the committee.

Naming Owens as COO is the latest in a series of recent staff moves. The committee has already appointed a chief technology officer, hired two executives to lead customer service and e-commerce fulfillment, and started a search for a new chief financial officer with experience in technology or e-commerce. GameStop previously announced that current CFO Jim Bell will step down on March 26th. Citing sources familiar with the matter, Business Insider reported that Bell was marketed by Cohen.

GameStop said Tuesday its chief customer officer Frank Hamlin would step down.

– with reports from Jesse Pound of CNBC.

Categories
Entertainment

The Pose Solid Shares Remaining Season Instagram Tributes

The Pose Cast Shares Final Season Instagram Tributes

And that’s a wrap! On Saturday, pose We have finished filming for the upcoming final season and we are feeling emotional. The cast and crew – including Janet Mock, Mj Rodriguez, Dominique Jackson, Angel Bismark Curiel, Michael Nallan, Ryan Jamaal Swain, Jason A. Rodriguez, and Steven Canals – marked the end of the show by going on Instagram for emotional tributes to exchange.

“There are no words to describe the abundance this show has brought into my life,” wrote Mock. “I will be forever changed by the people who put everything into our visions, by the world we built together, by the characters we loved, and by the family we gathered and cared for. There will be more shows and stories. Everyone keeps telling, but none will hold their place in my heart POSE Has. Living. Plant. Pose. Forever. “Rodriguez expressed similar feelings, adding,” We changed the world and showed them how to love a little harder again! “

“We changed the world and showed them how to love a little harder again!”

Earlier this month it was announced that poseThe coming third season would be the last. “”pose has been one of the creative highlights of my entire career, “said co-creator Ryan Murphy in a statement.” From the start, when Steven Canals and I sat down to hear his vision and ideas for the show, it was a passion project. From the beginning of my career in the late 90s when it was almost impossible to get an LGBTQ character on TV pose – which will go down in history for the greatest LGBTQ cast of all time – is a true full circle moment for me. This show made history behind and in front of the camera, and its legacy is deeply ingrained. “

The final season of the show will consist of seven episodes and will premiere on FX on May 2nd. Take some handkerchiefs and read the touching tributes from the cast and crew.

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Business

Nike shares fall after blended earnings report, layoffs information

Nike shares fall after mixed earnings report, layoffs news

A man wearing a face mask walks past a Nike store in the Central Business District, Beijing, China on Feb.17, 2020.

Andrea Verdelli | Getty Images

Nike shares fell Friday after the company reported mixed earnings for the third quarter late Thursday and confirmed it was laying off employees.

Shares fell nearly 4% at noon. The stock is up more than 95% over the past year and has a market value of $ 217 billion.

Nike didn’t announce the downsizing in its earnings report on Thursday or speak to investors. The layoffs were first reported by The Oregonian, which covers the Portland-based sneaker company.

Nike said the cuts follow layoffs that began last summer. As of May 31, 2020, Nike had approximately 75,400 employees worldwide, according to a report with the Securities and Exchange Commission.

In a prepared statement, Nike focused on “shifting resources and building capacity to invest in our growth areas with the highest potential”.

“We’re building a flatter, nippier company and transforming Nike faster to define the marketplace of the future,” it said.

On Thursday, the sportswear retailer announced that its sales in North America were down 10% year over year for the third fiscal quarter ending February 28, as lagging ports delayed shipments. This resulted in goods arriving late for weeks in their own stores and at wholesale partners such as department stores and sports stores, and increased the risk of them ending up on the clearance shelf.

Sales at its stores in Europe, the Middle East and Africa also fell during the quarter due to closings and restrictions related to pandemics, Nike said.

“The good news here is that supply chain problems will subside over the next few quarters, while Europe will open up in time if the vaccine continues to roll out,” Jefferies analyst Randal Konik said in a research report. Konik rates Nike shares with a price target of $ 140.

Nike pointed to bright spots like the growth of its direct customer business, momentum in China and strong online sales. The company announced that it had reached its first quarter of $ 1 billion in online sales in North America as consumers bought new gym shoes and workout clothing while they were at home. In Greater China, sales rose 51%. And the company expects a similar revival in sales as other countries rebound from the pandemic.

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Business

Williams-Sonoma earnings boosted by stay-at-home developments, shares rise

Williams-Sonoma earnings boosted by stay-at-home trends, shares rise

Pedestrians walk outside a Williams-Sonoma Inc. store in San Francisco, California.

David Paul Morris | Bloomberg | Getty Images

Williams-Sonoma posted a fourth quarter profit on Wednesday that exceeded analysts’ expectations as consumers continued to buy furniture and cookware as they spent more time at home during the coronavirus pandemic.

The company’s stock rose more than 11% in expanded trading as the company expects growth to continue over the coming year.

The company reported for the fourth quarter ended Jan. 31, relative to Wall Street analysts’ expectations based on a survey by Refinitiv:

  • Earnings per share: $ 3.95 adjusted versus $ 3.39 expected
  • Revenue: $ 2.29 billion versus $ 2.18 billion expected

“In the fourth quarter, despite shipping restrictions and low retail traffic, we achieved another quarter with sales and profitability growth of 26% and EPS growth of over 85%,” said Laura Alber, President and CEO of Williams-Sonoma, in a press release .

Net income rose from $ 166 million, or $ 2.10 per share last year, to $ 309 million, or $ 3.92 per share.

Excluding items, Williams-Sonoma earned $ 3.95 per share, beating analysts polled by Refinitiv, which was expected to $ 3.39 per share.

Revenue increased 24% from $ 1.84 billion a year ago to $ 2.29 billion, beating expectations of $ 2.18 billion.

The growth was fueled by a 47.9% increase in e-commerce sales, with approximately 70% of total sales coming from the e-commerce business.

Revenue for the entire company in the same store rose 25.7% in the most recent quarter, with all brands posting double-digit gains.

The brand of the same name, Williams-Sonoma, reported a 26.2% increase in sales in the same store. Both Pottery Barn and Pottery Barn Kids and Teen saw sales grow 25.7% in the same store. West Elm was close behind with a 25.2% increase in sales in the same business.

In fiscal 2021, the retailer expects retail traffic to recover and inventory levels to improve.

The company expects its performance to be in line with its long-term financial goals, which require mid to high single digit revenue growth.

Although the company’s business received support as consumers ate more meals at home and wanted to decorate their homes during the health crisis, Alber believes the business will continue to be driven by favorable macro trends that will support the business in the long term. Factors she cited included high consumer confidence, a strong real estate market, a shift to e-commerce, and the expectation that people will continue to work from home for more time in the future.

Williams-Sonoma said it would increase its dividend 11.3% to 59 cents per share. Meanwhile, the board of directors approved plans to repurchase shares valued at $ 1 billion. The new buyback plan replaces its previous approval and comes into effect on March 17th.

Read the full results publication here.

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Business

Singapore Airways, Qantas shares leap

Singapore Airlines, Qantas shares jump

Crew members and travelers of Singapore Airlines in the transit hall of Changi Airport in Singapore on January 14, 2021.

Facebook Facebook Logo Log in to Facebook to connect with Roslan Rahman AFP | Getty Images

SINGAPORE – Singapore Airlines shares rose Monday after the city-state confirmed talks were being held with Australia to create an air travel bubble.

Singapore Airlines shares rose 5.28% in the early afternoon after rising 8.49% earlier in the day. Airline-related stocks like SATS, an on-board catering subsidiary, rose 3.43%, while SIA Engineering rose 5.12%.

The Australian flag bearer Qantas gained 3.4%.

An air travel bubble would allow residents of Singapore and Australia to travel between the two countries without the need for quarantine. International travel routes have remained relatively limited as global borders remained closed last year due to the Covid-19 pandemic.

Both Singapore and Australia appear to have brought the infection under relative control, while vaccination programs are also underway.

“Singapore is currently in talks with Australia on mutual recognition of vaccination certificates and resumption of priority travel for students and business travelers,” the Singapore State Department said in a statement on Sunday.

“We are also discussing the possibility of an air travel bubble that would allow residents of Singapore and Australia to travel between the two countries without quarantine,” the ministry said.

Australian nationals can drive home via Singapore without quarantine if they travel on approved transit routes and comply with state health protocols, it said.

Australian Deputy Prime Minister Michael McCormack told local media on Monday that Canberra may be looking for the Singapore travel bubble in July. According to a transcript of his remarks, he added that while discussions are productive, discussions are at an early stage.

Global tourism strikes

According to the tourism authority, the tourism sector in Singapore declined sharply in the first nine months of 2020. International visitor arrivals were down 81.2% year over year to just 2.7 million, and tourism income was down 78.4% to $ 4.4 billion (US $ 3.27 billion) .

The city-state has been trying to create an air travel bubble with Hong Kong since last year. But it was postponed after Hong Kong reported a resurgence in new Covid-19 cases.

Last week, Singapore’s Transport Minister Ong Ye Kung told CNBC that the country would not give up on attempting a travel bubble deal with Hong Kong.

In Singapore, visitors from certain countries including Australia, New Zealand, mainland China and Taiwan have been able to skip the quarantine if they meet certain requirements – such as a negative Covid-19 polymerase chain reaction (PCR) test on arrival.

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Business

Ulta shares tumble on weaker-than-expected outlook, retailer faucets Dave Kimbell as CEO

Ulta shares tumble on weaker-than-expected outlook, retailer taps Dave Kimbell as CEO

Ulta Beauty said Thursday that fourth quarter sales and earnings were down year-over-year, hurt by weaker cosmetics sales during the pandemic.

Although the decline was less than expected, stocks fell as the beauty retailer issued a disappointing outlook for the coming year. Ulta shares fell more than 8% after the bell.

The company also announced that its CEO, Mary Dillon, is stepping down in June and will be replaced by President Dave Kimbell.

Dillon will also move to the company’s board of directors, where she plans to stay for a year.

Kecia Steelman, Ulta’s chief store operations officer, has been promoted to chief operating officer.

The company reported for the fourth quarter, versus Wall Street analysts’ expectations based on a survey by Refinitiv:

  • Earnings per share: $ 3.41, adjusted versus $ 2.35 expected
  • Revenue: $ 2.2 billion versus $ 2.08 billion expected

“The Ulta Beauty team delivered better than expected results in the fourth quarter. The strong company-wide execution of our plans coupled with improving trends in consumer demand resulted in solid results across multiple metrics including sales, transactions and profitability.” Dillon in a press release.

Ulta reported net income of $ 171.5 million, or $ 3.03 per share, for the fourth quarter, compared to $ 222.7 million or $ 3.89 per share last year.

Excluding items, Ulta earned $ 3.41 per share, beating analysts polled by Refinitiv, which was expected to $ 2.35 per share.

Net sales fell to $ 2.2 billion from $ 2.31 billion last year, beating expectations of $ 2.08 billion.

Sales in stores that have been open for at least 14 months decreased 4.8% over the last period, negatively impacted by fewer transactions. The company said transactions were down 12.2%, but the average purchase per ticket increased 8.3%.

For fiscal 2021, Ulta expects earnings between $ 8.85 and $ 9.30 per share on revenue of $ 7.2 to $ 7.3 billion. The earnings forecast includes the impact of share buybacks of approximately $ 850 million.

According to Refinitiv, analysts had expected Ulta to make $ 10.61 per share on sales of $ 7.32 billion.

Revenue in the same store is expected to be between 15% and 17%, the company said.

Ulta plans to open 40 new Netto stores and remodel around 21 stores in the coming year.

With the ongoing pandemic and slow adoption of vaccines, Ulta executives do not expect a strong rebound this year.

“While we are encouraged by the recent sales momentum, the visibility of when demand will recover remains limited. We anticipate that masking requirements and social distancing will continue to negatively impact much of 2021,” said Scott Settersten, chief financial officer from Ulta, on a conference call.

Although the beauty retailer saw makeup sales decline as more people stayed home, the company remains optimistic about the category’s long-term prospects.

“We’re seeing a renewal [and] How our guests engage with makeup behaviors, fashion, looks and style will continue to evolve, “said Kimbell.

In November, Ulta announced plans to open small cosmetics stores in hundreds of Target stores across the country to increase sales and expand reach.

The cosmetics retailer was injured due to temporary store closings during the pandemic. After reopening stores in July, the company saw a return in demand with a strong comeback for its mobile app and e-commerce website.

Read the full results publication here.

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Business

Shares of EV start-up Canoo surge as a lot as 14% on new electrical pickup truck

Shares of EV start-up Canoo surge as much as 14% on new electric pickup truck

The EV start-up Canoo presented its electric pickup on March 11, 2021.

Canoo

Electric vehicle startup Canoo’s shares rose as much as 14% during intraday trading Thursday after the automaker drew up plans for a new, bubbly-looking pickup truck.

The unnamed vehicle features a rounded front end with a snub nose and similar lighting and design elements to an electric vehicle that the company announced last year. Canoo said it designed the pickup truck to be “the most cabin-rich and space-efficient on the market, with massive loading capacity in a small space.” Auto website Jalopnik compared the design to a retro Volkswagen or pickup from the 1950s.

Canoo, which was formed in December through a reverse merger with Hennessy Capital Acquisition Corp. went public is the latest company to announce plans for an all-electric pickup truck.

General Motors, Tesla, Rivian and Lordstown Motors are expected to start producing electric pickups later this year, followed by Ford Motor in 2022. Canoo plans to launch its pickup as early as 2023.

Canoo plans to launch its electric pickup truck as early as 2023, but production details have not been disclosed.

Canoo

Some of the products have been delayed due to the effects of the coronavirus pandemic and other circumstances. Elon Musk, CEO of Tesla, said in the company’s latest earnings statement, “So we’ve completed almost all of the cybertruck technology.” He added, “If we’re lucky, we can make some deliveries towards the end of this year, but I expect volume production will begin in 2022.”

Despite the amount of expected entries, EV pickups are a completely unproven vehicle segment. But older automakers like GM and Ford, which rely heavily on pickups for profit, are trying to defend their leading market shares against newer all-electric companies.

The EV start-up Canoo presented its electric pickup on March 11, 2021.

Canoo

While Canoo’s pickup stands out from the crowd with its bubble-like design, its advertised range of 200 miles is less than other competitors’. GM’s Hummer EV pickup truck will reach more than 350 miles, while Tesla has announced that its cybertruck will range from 250 miles to more than 500 miles.

Canoo’s first vehicles are expected to be fully electric consumer and delivery vans from 2022. The company has not announced any specific production plans, but has a strategic relationship with auto supplier and contract manufacturer Magna International.

– CNBC’s Lora Kolodny contributed to this report.