Shares of Workhorse Group  (WKHS) – Get Report rose Monday after the electric delivery truck maker announced it will sell $200 million of four-year, 4% senior secured convertible notes to two unnamed institutional lenders.

The proceeds will be used to increase and accelerate production volume, advance new products to market, replace previous higher cost financings, and support current working capital and other general corporate purposes, the company said in a statement Monday.

Workhorse shares traded at $27.22, up 1.68%, in premarket trading. The stock has soared 781% this year through Friday as investors have rushed into electric vehicle stocks.

Workhorse also has forged an agreement with the unnamed holder of its existing 4.5% convertible notes to exchange the $70 million outstanding principal for shares of the company’s common stock. After this transaction, Workhorse will have more than $270 million in cash available.

As for the notes being purchased, they will initially be convertible into common stock by the holders at $36.14 a share, a 35% over Friday’s closing price. The interest rate may be reduced to 2.75% under certain conditions. Workhorse has the option to make interest payments in cash or stock.

The company expects that the note sale and the note exchange will occur on or about Wednesday.

“With this financing in place, we can more quickly advance our production efforts heading into 2021 by increasing our supply chain component volumes, hiring more manufacturing employees and automating certain sub-assembly processes,” Workhorse CEO Duane Hughes said.

“We can also accelerate our production timeline for new, high-demand customer products, including a refrigeration truck for grocery applications as well as a purpose-built class 2 delivery van,” Hughes added.

BRUSSELS (Reuters) – Electric vehicles made up 8% of car sales in Europe in the first half of 2020, putting them on track to triple their market share this year, according to analysis by the NGO Transport & Environment (T&E).

FILE PHOTO: A battery charger sign for electric cars is painted on the ground of a parking ground near the soccer stadium in Wolfsburg, Germany, April 6, 2016. REUTERS/Kai Pfaffenbach

While the novel coronavirus pandemic has seen overall car sales plummet, sales of electric cars – which T&E defined as both battery and plug-in hybrid models – have increased.

This saw electric cars more than triple their market share in the European Economic Area (EEA), compared with the first half of last year, T&E said.

Outright sales of such vehicles are expected to roughly double this year, to one million units, it said.

T&E attributed the sales increase to tougher European Union car emissions standards, which took effect this year, and post-pandemic purchase incentives in Germany and France.

The NGO expects carmakers to meet the 2020 emissions standards, which would see electric and plug-in hybrid vehicles triple their market share in 2020 to 10% of EEA car sales.

“It is because of the EU emissions standards, but it is also thanks to many investments carmakers made last year,” report co-author Julia Poliscanova said.

The European Automobile Manufacturers’ Association (ACEA) said electric vehicle sales have been boosted by national support schemes to foster economic recovery from the COVID-19 pandemic but that this trend was not necessarily a long-term one.

“It is difficult to make any predictions on future long-term shifts in consumer behaviour from such ‘artificial’ growth driven by subsidies,” ACEA said.

T&E urged the EU to set tougher future emissions targets to ensure electric vehicles keep edging out polluting models.

Loading...

Load Error

ProPublica is a nonprofit newsroom that investigates abuses of power. Sign up to receive our biggest stories as soon as they’re published.

This article was produced in partnership with the Richmond Times-Dispatch, which is a member of the ProPublica Local Reporting Network.

Across the country, electric utilities have worked the levers of power to win favorable treatment from state policymakers.

This week, a Richmond Times-Dispatch and ProPublica investigation found that Dominion Energy, Virginia’s largest public utility, successfully lobbied to reshape a major climate bill to cover its massive offshore wind project. The move shifted risk from the company’s shareholders to its ratepayers. As a result of the legislation, a typical residential customer’s bill is projected to increase by nearly $30 per month over the next decade.

Dominion says its wind project is necessary to meet the state’s new renewable energy goals. The utility’s lobbying success underscores its ability to work through the legislative process in Richmond, where special interests have taken on outsized roles in policymaking.

ProPublica is a nonprofit newsroom that investigates abuses of power. Sign up to receive our biggest stories as soon as they’re published.

Elsewhere, utilities have gone much further, crossing the line into potentially criminal behavior.

In Illinois, the largest electric utility acknowledged in July it gave jobs and money to associates of the state House speaker in return for favorable legislation, according to a deferred prosecution agreement with the company in federal court.

In Ohio, a power company allegedly funneled $60 million into a slush fund for a legislative leader in exchange for his backing of a bailout of two nuclear plants. The utility has not been charged, but the elected official now faces a racketeering charge in what prosecutors said was “likely the largest bribery,

Shares of General Electric  (GE) – Get Report have been volatile lately but bulls are getting back in control.

On Friday, Goldman Sachs analysts resumed their coverage with a buy rating and a $10 price target.

The upgrade comes just a few days after it was reported that GE received a Wells Notice amid an insurance accounting probe.

Wells Notice, accounting probe – not terms you like to hear about a stock when making the bull case. But Goldman Sachs said GE is becoming a “leaner, structurally more productive company with better capital discipline.”

That may be true, although fundamentally, there are still plenty of concerns. However, I am encouraged by the way the stock has been trading the last few days despite what should be perceived as negative news.

You know what they say: Nothing is more bullish then when a stock rallies on bad news. Let’s look at the charts.

Trading General Electric

Daily chart of GE stock.

Daily chart of GE stock.

Last month, GE stock was putting together another solid rally. I was looking to see if shares could rally up to the 23.6% retracement near $7.30. On the downside though, I said the stock needed to hold the 20-day and 50-day moving averages as support.

That didn’t happen.

On the plus side, $6 again held as support as GE continued to carve out a nice low. On Thursday, shares burst higher once again, gaining 5.4% and clearing the 20-day and 50-day moving averages and downtrend resistance (blue line).

GE is again petering out near $7 though, leaving traders in a tough (and exhausted) spot.

From here, let’s see if shares can get above $7 and rotate over the September high at $7.17. Above that puts the 23.6% retracement in play at $7.31. If it

General Electric GE shares jumped higher in pre-market trading Friday after analysts at Goldman Sachs resumed coverage of the industrial group with a buy rating and a $10 price target.

Goldman Sachs analyst Joe Ritchie, citing the progress towards a ‘”leaner, structurally more productive company with better capital discipline” during the two-year tenure of CEO Larry Culp, said the group’s free cash flows will improve next year as its higher-margin businesses recover from the worst of the coronavirus pandemic. He also argues there is potential upside for both the stock and its longer-term price target heading into the group’s third quarter earnings on October 28.

Culp told investors last month that GE’s industrial free cash flows would be positive before the end of this year, a noted improvement from his July update that it would likely turn positive on in 2021.

General Electric shares were marked 3.3% higher in early trading Friday to change hands at $6.86 each, a move that extends the stock’s one-month gain to around 10%.

In late July, when GE published a wider-than-expected second quarter loss of $2.2 billion, Culp noted “faster progress on elements within our control, including our targeted cost and cash preservation actions.’

GE’s second quarter revenues fell 38.5% from last year to $17.7 billion, a figure that topped analysts’ forecast by around $700 million for the three months ending in June. Industrial free cash flow was also better-than-forecast, at -$2.1 billion from $-2.2 billion in the first quarter, and the conglomerate said at the time it expected to be free-cash flow positive by next year.

Revenues from GE Power, one of the group’s biggest divisions, remained reasonably solid, down 11.1% to $4.16 billion, while Aviation revenues fell 44% to $4.4 billion as global aircraft demand collapsed during coronavirus travel restrictions and Boeing’s