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Taiga Motors suspends production

Taiga Motors (TSX: TAIG) has witnessed a stark downturn in its fortunes, losing nearly half of its market value. This plunge came in the wake of the company’s decision to halt production temporarily, alongside financial results that signal a precarious future without a substantial cash infusion.

In a tumultuous trading session on Wednesday, shares of the Montreal-based manufacturer plummeted by 51 percent on the Toronto Stock Exchange, settling at 31 cents, its lowest on record. This slump brings the company’s market capitalization to approximately $10 million, marking a staggering decline from its heyday when it went public in April 2020, with shares trading above $14.

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What’s going on?

• Rolexgate: Peruvian President Vows to Stay Amid House Raid Controversy (theDeepDive)

• Diabetes drug similar to Ozempic helped slow progression of Parkinson’s disease in small trial (CNBC)

• Teck-Korea Zinc Deal Points to Looming Zinc Supply Crunch (theDeepDive)

• Now that bird flu is spreading among cows, scientists worry where H5N1 will jump next (CBC)

• Immigration Helps US Jobs Grow Faster Than Powell’s Speed Limit (Bloomberg)

• Stability AI Isn’t Very Stable, Defaults on AWS and Google Cloud Payments (theDeepDive)

• China sends warplanes, boats around Taiwan following phone call between Xi and Biden (FOX)

• Alaska Airlines says Boeing paid it $160 million for 737 Max 9 grounding (CNBC)

• Canada lost 8.6 million hectares of forest in 2023, more than 90% due to wildfires (Globe)

• Tehran Vows Response as Israel-Iran Tensions Soar Over Damascus Attack (theDeepDive)

What’s the latest?

• Trans Mountain: The Trans Mountain oil pipeline expansion, a project with more than $34 billion in costs, is set to enter commercial service on May 1, 2024, as announced by Trans Mountain Corp. This marks the culmination of a four-year effort to enhance the pipeline's capacity by 590,000 barrels per day, totaling 890,000 barrels per day, thereby improving Canadian oil companies' access to export markets.

• Ford EV Delay: Ford Motor Co. has postponed the initiation of electric vehicle production at its Oakville, Ontario, plant from 2025 to 2027. This decision, affecting the factory's 2,700 workers, is part of a strategic $1.8 billion investment to convert the Oakville assembly into an EV manufacturing hub. Ford cited the need for additional development time for EV battery technology and for the consumer market to mature as reasons for the delay.

• Alphabet + Hubspot: Alphabet is reportedly exploring the possibility of acquiring HubSpot, an online marketing software firm valued at $32 billion. Discussions have involved Alphabet's advisers, including investment bankers from Morgan Stanley, on potential offer considerations and the likelihood of antitrust regulatory approval.

• Peltz Loss: Nelson Peltz, despite losing a high-profile proxy battle to join Walt Disney's board, is unlikely to see his defeat impact his business negatively. His fund Trian owns over $3.5 billion in Disney stock, making it the fifth-largest investor in the company. Since re-engaging with Disney in October, Peltz pointed out that Disney has announced new operating initiatives and capital improvement plans, contributing to Disney's stock rising approximately 50% since then.

• Quebec Storm: A significant spring storm in Quebec has led to power outages for nearly 300,000 Hydro-Québec customers and prompted the closure of schools across multiple districts due to heavy, wet snowfall. As of Thursday morning, Hydro-Québec reported 971 outages, predominantly affecting Montreal, the Laurentians, and the Montérégie regions, along with significant numbers in Outaouais, Laval, and Lanaudière.

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The stock market and stuff

• $2 Billion Worth of Seized Silk Road Bitcoin Moved Ahead of Potential US Government Sale (theDeepDive)

• Disney to start cracking down on password-sharing from June (Reuters)

• Smugglers Use Tether to Evade Russian Sanctions — Report (theDeepDive)

• Ripple to launch U.S. dollar stablecoin, taking on a $150 billion market dominated by Tether, Circle (CNBC)

• Disney Wins Board Seat Fight Against Nelson Peltz’s Trian (theDeepDive)

In the juniors

• Taiga Motors Slumps To All-Time Record Low Amid Production Pause And Job Cuts (theDeepDive)

• NevGold Stakes Copper Project In Idaho Adjacent To Hercules Silver (theDeepDive)

• Surge Battery Metals Outlines Plans For Eight Hole Drill Program (theDeepDive)

• enCore Energy Suspends ATM Financing Following First Uranium Shipment (theDeepDive)

FULL DISCLOSURE: Power Nickel is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Power Nickel. The author has been compensated to cover Power Nickel on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.