Green Equity - July 8, 2024
News about stocks involved in environmental markets.
Green Equity is a daily series dedicated to tracking emerging investment opportunities in environmental markets. Notable events include green investments, fundraising, M&A, and new public listings.
News From Public Companies
Lucid Group (LCID) reported second-quarter deliveries exceeding market expectations, driven by price cuts that boosted demand for its luxury electric sedans. In the first half of 2024, Lucid produced 3,838 vehicles and aims to manufacture over 5,162 cars by year-end to meet its annual target of 9,000 units.
Lithium Royalty (LIRC) has received approval from the Toronto Stock Exchange to renew its normal course issuer bid (NCIB) from July 10, 2024, to July 9, 2025. Based on recent trading volumes, this allows LRC to purchase up to 1,250,291 common shares, about 5% of the total outstanding shares, with daily purchases capped at 7,845 shares.
BYD will acquire a 20% stake in its Thai distributor, Rever Automotive, as part of a joint investment agreement to enhance its competitiveness in the electric vehicle industry. This announcement follows the recent opening of BYD's first manufacturing plant in Thailand’s Rayong province, which will produce up to 150,000 right-hand drive vehicles annually.
BYD will invest $1 billion in Turkey to establish an EV and plug-in hybrid vehicle factory with an annual capacity of 150,000 units. The factory will begin production before the end of 2026.
Vicinity Motor (VEV) announced that its strategic partner, Sustainability Partners LLC (SP), has expanded its initial order from four to eighteen Vicinity Lightning electric buses. These buses will be used at the Daniel K. Inouye International Airport in Honolulu, Hawaii. They’ll be manufactured at Vicinity's Ferndale, Washington facility and delivered in 2024.