Northern Genesis Acquisition shares jumped to a high of US$24.16, up more than 18 per cent, in intraday trading on the NYSE after the Saint-Jérôme, Que.-based electric-vehicle maker’s financial filings showed it entered into a mass EV-truck purchase agreement with Amazon in 2020. Lion is set to go public on the NYSE via a merger with the special-purpose acquisition company. (The Logic)
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Northern Genesis Acquisition shares jumped to a high of US$24.16, up more than 18 per cent, in intraday trading on the NYSE after the Saint-Jérôme, Que.-based electric-vehicle maker’s financial filings showed it entered into a mass EV-truck purchase agreement with Amazon in 2020. Lion is set to go public on the NYSE via a merger with the special-purpose acquisition company. (The Logic)
Talking point: Lion’s agreement allows Amazon to purchase up to 2,500 of its Lion6 and Lion8 all-electric trucks. Lion must “reserve the necessary manufacturing capacity to deliver up to 500 trucks per year from 2021 to 2025 and the greater of 500 trucks per year or 10% of Lion’s manufacturing capacity from 2026 to 2030,” according to the documents filed Dec. 31, 2020 with the U.S. Securities and Exchange Commission. The deal also allows Amazon to buy as much as 20 per cent of the company. In 2019, Amazon pledged to be net zero carbon by 2040. It then announced a deal with U.S. electric-vehicle startup Rivian to acquire a fleet of 100,000 delivery vans by 2030.
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