Ford Motors to Ramp up EV 🚗 Offering in Europe 🇪🇺
Scott D. Clary | Daily Business, Tech & Finance Newsletter
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Ford Motors to Ramp up EV 🚗 Offering in Europe 🇪🇺
Ford Motors has unveiled its plans to launch new electric vehicles in Europe as part of a $2 billion investment, aiming to sell over 600,000 EVs in Europe by 2026.
On March 14, Ford announced its plans to launch three passenger EVs and four commercial EVs, all to be on sale by 2024.
The three new electric cars will be manufactured under the new Ford Model E division, which is set up to divide the company’s battery-electric business from its combustion-engined one, now called Ford Blue.
The motor giant’s four commercial electric vehicles include a new Transit Custom van and Tourneo Custom multi-purpose van and smaller, next-generation Transit Courier and Tourneo vans.
“These new Ford electric vehicles signal what is nothing less than the total transformation of our brand in Europe – a new generation of zero-emission vehicles, optimized for a connected world, offering our customers truly outstanding user experiences,” said Stuart Rowley, chair, Ford of Europe.
Ford says that all these steps will allow it to achieve zero emissions for all vehicle sales and carbon neutrality across Europe by 2035.
Electric Last Mile 🚚 Stocks Tumble ⏬ on SEC Probe
The shares of Electric Mile Solutions plunged during trading on Monday, March 14, to less than $1 a share following the company confirming a probe by the U.S. Securities and Exchange Commission (SEC).
After the market closed on Friday, March 11, ELMS disclosed the worrying but perhaps expected news that the SEC had launched a probe into the company’s removal of chairperson Jason Luo and CEO James Taylor in February, as well as its ability to deliver on promises made to investors.
ELMS learned about the SEC investigation on March 7, according to the regulatory filing. The company told the SEC that it would only be able to maintain liquidity through sometime between July and September, withdrawing all prior guidance and business outlook.
Following the news, the company shares were down by as much as 57% during intraday trading on March 14 to $1 a share.
“The Company intends to cooperate fully with the SEC investigation. At this point, the Company cannot predict the eventual scope, duration, or outcome of this matter,” ELMS said in the SEC filing last week.
Ukraine 🇺🇦 Introduces Website For Cryptocurrency Donations
The Ukrainian government launched a new crypto donations website for people wishing to send crypto to help the country and its citizens.
The Ukrainian government has partnered with crypto-firms FTX and Everstake that will funnel donations to Ukraine's central bank as it fights invasion by Russia.
For this purpose, the government has launched “Aid for Ukraine,” a platform that accepts donations in 10 cryptocurrencies like Bitcoin, Dogecoin, Ether, Tether, among others.
“Jointly with the blockchain company Everstake and the cryptocurrency exchange FTX, we’ve launched the website “Aid For Ukraine” to collect crypto for supporting the army. We are grateful to everyone for support and help,” said the Ministry of Digital Transformation of Ukraine.
A user who wants to make donations has to select the desired amount in selected cryptocurrencies, connect a wallet, and confirm a transaction within the same user-friendly interface.
The donation process will be traceable in real-time on the website, and the funds raised from the donations will be summed up and tentatively expressed in USD at the Coingecko rate.
African Mobility Fintech Moove Raises $105 Million in Series A2 💰
Moove, an Africa-based mobility fintech that provides vehicle financing to drivers of ride-hailing platforms, has raised $105 million in its Series A2 funding round.
The funding was led by existing investors Speedinvest, Left Lane Capital, and the latest.ventures. New investors such as MUFG Innovation Partners, AfricInvest, Latitude, and Kreos Capital also participated in the funding.
Founded in 2019 by Ladi Delano and Jide Odunsi, Moove offers an integrated mobility platform that orchestrates multi-modal trips with one seamless experience for discovery, planning, payment, and fulfillment.
The company's platform is a flexible option for drivers who want to get into the business of ride-hailing without having to borrow from car owners or take bank loans to finance cars bought from dealerships.
The company has enabled more than 3 million trips in Moove-financed vehicles across 6 cities in Africa.
Moove plans to use the fresh funds to scale up across its present markets and expand into new markets in Asia, Europe, and the Middle East.
The company is also planning to expand its partnership and vehicle class to include cars, bikes, three-wheelers, and trucks.
Around the Web 🌐
Pixar NFT Drop Sold Out Within Hours After Launch: Disney Pixar Pals NFT drop was sold out within 24 hours of its official launch on the digital collectibles marketplace Veve. Crypto aficionados have purchased 54,995 NFTs, which included iconic characters and moments created by Pixar Animation Studios, including Sheriff Woody, Mike Wazowski, Lightning McQueen, among others.
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