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Tuesday Ticker: May 3, 2022

Toronto, Ontario — This week, LKQ beats out analyst estimates with its Q1 2022 earnings report; Volkswagen considers Canada for future electrified business and Tesla CEO Elon Musk makes a deal to buy Twitter.

LKQ’s leap

LKQ reported its Q1 2022 earnings last week, beating out analyst estimates with earnings of US$1 per share.

Zacks Consensus Estimates had anticipated the company to post earnings of US$0.91 per share.

The company also updated its projection for adjusted EPS to US$3.80 to US$4.10, from the earlier US$3.72 to US$4.02 per share.

Volkswagen eyes Canadian land

Volkswagen Group is reportedly exploring investment opportunities in Canada as the OEM realigns its North American footprint toward electric vehicles, says Scott Keogh, VW CEO for the continent.

During an April 26 media roundtable, Keogh said “Canada as a country is doing an amazing job…positioning its ecosystem.” While he had no firm announcements, he said nothing is “off the table” as Volkwagen seeks to build a battery supply chain and localize North American production.

“One of the reasons I’m here and will continue to be here is to look at opportunities in Canada,” Keogh said in Toronto.

Volkswagen has planned 25 electric vehicles for the North American market, to be available by 2030.

Keogh said much of the automaker’s new spending will be anchored to its existing production hubs in Mexico and the United States, but left the door open for Canada.

VW sees it as a “smart business to balance your region” and the automaker will be investing in “what markets can do things better” accordingly, he said.

Tesla-owned Twitter

Tesla CEO Elon Musk is the new owner of Twitter, after reaching an agreement to purchase the social network for roughly US$44 billion, or US$54.20 per share.

The announcement concluded a weeks-long saga initiated by Musk when he disclosed a large stake in the company. He later said he would join the board, only to reverse that decision days later and place an offer to purchase the network.

Shares of Tesla dropped more than 12 percent in the days following the news, though other electric automakers Rivian and Lucid also marked near-ten-percent drops the same days: 9.5 percent and 8.7 percent, respectively.

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