The “do not drive” alert in North America follows similar orders from Honda Motor Co., Ford Motor Co. and others about the Takata airbags, which can explode if they are deployed after long-term exposure to high heat and humidity.
California, the birthplace and epicenter of the self-driving industry, could soon put the brakes on autonomous trucking.
By KEVIN FREKING (Associated Press)
WASHINGTON (AP) — Senate Democrats pressured Republicans on the increasingly menacing debt ceiling impasse Thursday, focusing on what they say will be painful reductions in government services if a bill the GOP recently pushed through the House becomes law.
Republicans responded that they know the legal limit on government borrowing must be raised to avert a possible default. But they’re insisting it be coupled with cuts in what they consider bloated federal spending.
No one expects that the House bill, which would increase the nation’s borrowing authority as well as cut spending, will reach President Joe Biden’s desk. The Democratic Senate won’t let it.
Many Republicans admitted so when passing the measure. But they said the House action was necessary to get Biden to the negotiating table with Republican Speaker Kevin McCarthy. A meeting at the White House with congressional leaders of both parties is set for next week.
Despite the legislation’s certain demise, Democrats are eager to tie Republicans, particularly in swing districts and states, to various provisions in the bill. Those include one that would cap next year’s spending at 2022 levels and allow it to rise only 1% annually in ensuing years, much below the rate of inflation.
Lordstown Motors on Thursday reported a steep fall in its cash reserves and warned it might have to stop making its Endurance electric pickup truck in the near future unless it finds a partner.
The cash-strapped EV maker had earlier this week said it might be forced to file for bankruptcy, citing uncertainty over a $170 million investment deal with its major shareholder Foxconn.
Lordstown, named after the town in Ohio where it is based, said on Thursday it was in talks with the Apple supplier but was yet to reach a deal.
In May 2022, Lordstown Motors completed a deal to sell its Ohio factory for $230 million to Foxconn, excluding assets such as the hub motor assembly and battery pack lines.
Foxconn will make Fisker Inc’s electric compact car at the Ohio factory starting next year, the EV startup has said.
Lordstown Motors had cash and cash equivalents of $108.1 million as of March 31, down from $203.6 million a year earlier.
Shares were little changed, having hit a record low of 25 cents on Monday.
The online used-vehicle retailer reported a net loss of $286 million for the quarter ended March 31, smaller than its loss of $506 million in the year-earlier period. Revenue fell 25 percent to $2.6 billion.