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)
Skip to content
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.
Loading...
Thanks for sharing!
You have shared 5 articles this month and reached the maximum amount of shares available.
CloseThis account has reached its share limit.
If you would like to purchase a sharing license please contact The Logic support at [email protected].
CloseGift the full article!
You have gifted 0 article(s) this month and have 5 remaining.
Recipients will be able to read the full text of the article after submitting their email address. They will not have access to other articles or subscriber benefits.
Most Popular This Week
In-depth, agenda-setting reporting
Great journalism delivered straight to your inbox.
News
Panel decries Canada’s chaotic way of funding world-class science
Briefing
AI is pushing insurers to become asset managers, Canadian CEOs say
Trump administration faces lawsuit over 50% tariffs on Canadian goods
Canada-U.S. trade war to reduce real GDP by 1.4% over 2024 levels after five years: PBO
Best business newsletter in Canada
Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday.
Exclusive events
See the bigger picture with reporters and industry experts in subscriber-exclusive events.
Membership in The Logic Council
Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests.
