Day: June 24, 2023

Lordstown Motors founder and former CEO Stephen Burns has offered his whole stake within the electric-vehicle maker, in keeping with a regulatory submitting.

The corporate in Might carried out a reverse inventory break up to adjust to Nasdaq’s minimal $1 itemizing requirement and appease investor Foxconn that had threatened to scrap a $170 million funding within the cash-strapped firm.

Burns has offered his stake in three transactions between Might and June, about 581,000 shares had been divested earlier than the reverse inventory break up and 791,572 shares after, the submitting on Wednesday confirmed.

The EV startup declined to touch upon the stake sale.

Earlier this month, Lordstown Motors mentioned it deliberate to take authorized motion in opposition to Taiwanese contract producer Foxconn to make sure the deliberate buy of almost 10% of the corporate’s shares was not derailed.

Burns in 2021 resigned from the position of CEO alongside then Chief Monetary Officer Julio Rodriguez following an inner investigation by the corporate board into claims made by short-seller Hindenburg.

Lordstown has acknowledged that it had overstated pre-orders for its electrical vehicles however rejected Hindenburg’s claims that the corporate had misled traders about manufacturing plans and exaggerated the potential of its expertise.

Reporting by Tanya Jain in Bengaluru; Enhancing by Shinjini Ganguli

EV homeowners could must pay extra to cost their electrical automobiles at house as the brand new ICPT scheme for the second half of 2023 has been introduced. Payments with greater than 1,500 kWh a month of utilization will obtain a surcharge of RM0.10 per kWh, a complete internet motion of RM0.12 in comparison with the RM0.02 rebate obtained beforehand.

This implies the very best residential tariff of RM0.571 per kWh which we sometimes use to calculate residential EV charging prices is now successfully RM0.671 per kWh.

We sometimes use the RM0.571 charge as a result of EVs are typically costly gadgets which can be utilized in households which have residential electrical energy utilization above the 901 kWh vary month-to-month, through which the very best residential tariff applies.

Nonetheless, do keep in mind this RM0.10 per kWh surcharge doesn’t simply apply to utilization above 1,500 kWh. As soon as you utilize greater than 1,500 kWh, the surcharge applies to your whole TNB invoice.

Thus in case your utilization is at the moment just under the restrict, including an EV to your family would possibly improve your electrical energy invoice considerably, rather more than simply the electrical energy your EV consumes. The price of electrical energy for the whole lot else will go up as properly.

For everybody else with utilization beneath 1,500 kWh a month, the RM0.02 ICPT rebate that was beforehand out there remains to be in impact.

Based on the federal government, the typical gasoline price for the 1H 2023 interval was USD173.50 per metric tonne, diminished from USD224 per metric tonne in 2H 2022 which was used to calculate the earlier ICPT charge.

As well as, the federal government additionally introduced it will be revising the photo voltaic PV Web Vitality Metering (NEM) scheme for residential homes to be much less restrictive in comparison with the present 10 kW restrict for 3-phase provide and four kW for single part provide, however no additional particulars on that but.

What’s ICPT?

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ICPT is principally a mechanism to evaluation the electrical energy tariff each six months to take into consideration fluctuating gasoline pricing, which contributes to 65% of the fee part of the electrical energy tariff. It’s revised each six months based mostly on the six months interval earlier than it, thus this new ICPT surcharge for the second half of 2023 was based mostly on gasoline costs within the first half of 2023.