Today's news: Foxconn is sued; Apple's stock price hits a new high; WeChat denies that the file transfer assistant is a real person; Douyin's food delivery focuses on packages above 60 yuan; it is reported that Google has given up the development of AR smart glasses
Foxconn sued
According to foreign media reports on June 28, Lordstown Motors, an American electric truck startup, has sued its investment partner Foxconn in Delaware and filed for bankruptcy protection in a court in Delaware.
It is reported that Foxconn is a partner of Lordstown Motors. But earlier this year, that partnership appeared to have broken down. In May, Lordstown Motors warned it was at risk of filing for bankruptcy if its deal with Foxconn fell through.
Lordstown Motors said in a statement on Monday local time that it had no choice after its partnership with Foxconn collapsed. The company accused Foxconn of fraud and failed to deliver on a commitment to invest in it because it failed to abide by an agreement that required the company to invest $170 million to help it produce all-electric vehicles.
Lordstown Motors alleges that Foxconn has incurred "substantial losses" through its "fraudulent conduct and willful and persistent failure to meet its commercial and financial commitments".
Foxconn has dismissed the lawsuit as baseless, saying Lordstown Motors made "fake reviews and malicious attacks". The company said it had been trying to enter into "constructive negotiations" with Lordstown Motors to help find a solution to its financial difficulties. But now, it will suspend negotiations with Lordstown Motors and may file a countersuit.
Foreign media said that suing Foxconn may be the last step in ending the partnership between the two companies. The original purpose of the partnership between the two companies was to begin production of the Endurance all-electric pickup and bring Lordstown Motors to market.
The Endurance electric pickup is Lordstown Motors' first vehicle, with commercial production beginning in late September 2022 at its partner Foxconn's Ohio plant.
Apple stock hits new record high
News on June 28, according to foreign media reports, driven by new products such as Vision Pro launched at the 2023 Worldwide Developers Conference that began in the early morning of June 6, Apple’s stock price has hit new highs many times this month. Another record high on Tuesday.
When the US stock market closed on Tuesday, Apple's share price was $188.06, up $2.79, or 1.51%, from the closing price of $185.27 in the previous trading day.
In addition to the closing price hitting a new high, Apple's stock price reached $188.39 in intraday trading on Tuesday, which is also the highest price of Apple's stock in the past year.
After the stock price hit a new high, Apple's market value also hit a new high. At the close of trading on Tuesday, Apple's market value was 2957.939 billion US dollars, which was only 42.061 billion US dollars away from 3 trillion US dollars.
Based on the market value and share price at the close of trading on Tuesday, as long as Apple's stock price exceeds US$190.74, their market value will exceed US$3 trillion.
After the Global Developers Conference, Apple will hold an autumn new product launch event to launch a new generation of iPhone, Apple Watch and other new products. Expectations for new autumn products are expected to drive Apple’s stock price to rise further, with a market value of more than $3 trillion. Not impossible.
WeChat denies file transfer assistant is real
On June 27, the Tencent WeChat team issued a statement denying that the "file transfer assistant" is a real person. Tencent WeChat team said, "The little secret you sent to the 'file transfer assistant', only you know."
Douyin takeaway focuses on packages over 60 yuan
According to reports, Douyin Waimai adjusted its business strategy. While abandoning the GMV target of 100 billion yuan, it focused its food delivery business on packages above 60 yuan. This move will also reduce direct competition with Meituan and Ele.me.
At present, Douyin has launched the “Takeaway” portal and mall in the “same city” part of the three “group-buying delivery” pilot cities of Beijing, Shanghai, and Chengdu. This is the first time that the take-out service (group-buying delivery) has been presented as an independent section on Douyin. App.
Google abandons development of AR smart glasses, sources say
On June 27, according to Business Insider, Google terminated the augmented reality glasses project that had been in development for several years. Google's smart glasses, code-named Iris internally, were put on hold earlier this year after layoffs, a reorganization and the departure of AR/VR head Clay Bavor, three people familiar with the matter said. Insiders said Google leadership's constant shifting of Iris' strategy led to the team's constant reorientation, frustrating many employees.
Since shelving the Iris glasses project, Google has been focused on building an AR software platform that it hopes to license to other headset makers, the report said. One employee described Google's ambitions as "Android for AR."
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