U.S. stocks closed slightly lower on Tuesday, and each of Wall Street's main indexes failed to stray far from the unchanged mark following a rally in the prior session as investors continue to try and assess the route of inflation.
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Global Microchip Shortage Complicates EV Startup Success
Despite a national push towards electric vehicle implementation, the coronavirus pandemic has led to a microchip scarcity, triggering production challenges for many starting companies in the EV industry.
May 26, 2021 • (TNS) The global semiconductor shortage that has idled plant after plant and delayed product launches by long-established automakers comes in a year when several electric vehicle startups hope to launch their own vehicles.
Lordstown Motors Corp. on Monday offered a glimpse into the impact of such pandemic-induced supply-chain constraints and their costs on these startups. Shares of the Ohio EV company were falling more than 9 percent in post-market trading after it slashed its production goals for the year if it does not receive additional funding.