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Oracle Corp’s (NYSE: ORCL)...

Oracle Corp (NYSE: ORCL) falls down to its knees, share dropped over 12.15%...

RTX Corp (NYSE: RTX)...

RTX Corp (NYSE: RTX) experienced a notable decline of -7.22%, amounting to $6.03...

GameStop Corp. (NYSE:GME) Quarter...

GameStop Corp. (NYSE: GME) to announce its second quarter fiscal 2023 results after...

Advanced Micro Devices (NASDAQ:AMD)...

Shares of Advanced Micro Devices (NASDAQ:AMD) drops 0.38% in afterhours in last trading...
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Ford Motor Co. (NYSE: F) Lands with $4.5 Billion Nickel Plant In Indonesia

Shares of Ford Motor Co. (NYSE: F) surges in pre trading session on Thursday as a new partner in a $4.5 billion nickel processing plant in Indonesia, Ford Motor Co. (NYSE: F) has joined PT Vale Indonesia and China’s Zhejiang Huayou Cobalt.

The investment, which marks Ford’s first in Southeast Asia, highlights the growing demand among automakers for the raw materials needed to make the batteries for electric vehicles (EVs), which make up about 40% of a car’s sticker price. Automakers are pursuing this demand in an effort to reduce costs and catch up to Tesla, the market leader in EVs.

The largest manufacturer in Europe, Volkswagen, said last month that it will invest 180 billion euros ($196 billion) over five years in sectors including battery manufacturing and raw material procurement.

Indonesia, which possesses the world’s highest nickel deposits, has been striving to build downstream sectors for the metal, ultimately intending to make batteries and electric cars.

At Pomalaa, Southeast Sulawesi, where Vale runs a nickel mine, a high-pressure acid leaching (HPAL) plant is being considered. The plant’s development was started by Vale and Huayou in November, and commercial operation is anticipated to begin in 2026.

The U.S. carmaker entering an upstream nickel company makes the acquisition special, according to Febriany Eddy, CEO of Vale Indonesia. She said that Ford and Huayou own the remaining 70% of the project, with Vale owning 30% of it.

Ford’s investment in the facility, which is anticipated to generate 120,000 tonnes of mixed hydroxide precipitate, a substance derived from nickel ore for use in EV batteries, was not disclosed by the businesses.

Ford’s chief government affairs officer, Christopher Smith, said at the signing ceremony that the automaker “can help guarantee that the nickel that we use in electric car batteries is mined, manufactured under the same ESG standards as part of our business across the world.”

To assure supply for current and future investors, Indonesia’s government has prohibited the export of unprocessed nickel ore since 2020. At the same time, the government is actively courting foreign EV manufacturers like Tesla and China’s BYD Group to invest in Indonesia.

Oracle Corp’s (NYSE: ORCL) Cloud Business Faces Headwinds: What Lies Ahead

Oracle Corp (NYSE: ORCL) falls down to its knees, share dropped over 12.15% or $15.21 to trade at $111.50 in pre trading session on...

RTX Corp (NYSE: RTX) Updates 2023-2025 Outlook amid Engine Part Challenge

RTX Corp (NYSE: RTX) experienced a notable decline of -7.22%, amounting to $6.03 per share, bringing its current trading price to $77.45. The company,...

GameStop Corp. (NYSE:GME) Quarter Report: Resilience amidst Market Turbulence

GameStop Corp. (NYSE: GME) to announce its second quarter fiscal 2023 results after the market closes today. Shares were slightly down in the pre-trading...

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C3.ai Inc. (NYSE: AI) Short Seller Accuses Company of ‘Highly Aggressive Accounting’

Shares of C3.ai Inc. (NYSE: AI) inches down in pre trading session on Thursday as Kerrisdale Capital, a short seller, claimed that the business software firm has "severe accounting and transparency concerns." In a letter to Deloitte & Touche LLP,...

Walmart Inc. (NYSE: WMT) Aims to Cut 2,000 Workers at Five US E-Commerce Facilities

Walmart Inc. (NYSE: WMT) inches down in early trading session on Tuesday as the company would eliminate more than 2,000 workers at five US e-commerce facilities, as per Bloomberg. According to the report, which used regulatory filings, the layoffs...

BlackBerry Limited (NYSE: BB) Declares $900M Patent Sale to Malikie Innovations

BlackBerry Limited (NYSE: BB) drops around 2% in pre session on Monday as the business recently announced a new patent sale agreement for up to $900 million with Malikie Innovations Ltd, a division of the industry's top patent monetization...

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