Reservations

You'll be able to reserve a 2021 Ford Bronco right after it debuts on July 13

Eileen Falkenberg-Hull
Jul 2, 2020, 8:43 pm

The Ford Bronco's debut is just a few days away.

Photo courtesy of Ford Motor Company

The Ford Bronco will debut on July 13. As soon as it does, you'll be able to reserve yours for just $100. Ford will begin taking reservations via their website at 8 p.m. Eastern Time and 5 p.m. Pacific Time. The reservation fee is automatically refunded if you cancel your order.

The Bronco debut is one of the most hotly anticipated vehicle events of the year. It was initially poised to happen this spring but was put on hold as the COVID-19 pandemic took hold and the New York International Auto Show was postponed then cancelled.

2021 Ford Bronco teaser Instagram Ford teased the Bronco earlier this week. hoto by Getty Images; Smartphone content courtesy of @FordBronco, Instagram

AutomotiveMap was one of the first news outlets to record the sounds of the Bronco's powertrain when reporter Sue Mead headed to Baja California with the Ford team to see the Bronco R compete in the Baja 1000 last year.

Based on patent applications and leaks, it's likely the Bronco will debut in two- and four-door formats. There's reported roof-off functionality. Ford is aiming to take on the Jeep Wrangler with the model, releasing several promotional photos celebrating the vehicle's off-road prowess.

Ford will also have a Bronco Sport model on the market. This is not a two-door version of the Bronco, but rather a more lifestyle-focused SUV that is built on the same platform as and alongside the Ford Escape.

The Dearborn, Michigan-based automaker has been teasing the model ahead of its reveal. The latest teaser, a video released yesterday, showcases the SUV's headlights. One a few days before showed off the sides of the vehicle. AutomotiveMap covered them both here.

We were supposed to see the new Bronco on Monday, however, after a bit of a brouhaha surrounding its original debut date and its link to O.J. Simpson Ford changed the date. Stay tuned to AutomotiveMap for more teaser analysis leading up to the big day.

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Acquisition

7-Eleven's parent company buys Speedway gas stations in $21 billion all-cash deal

Speedway gas stations will be added to the Seven & i Holdings company portfolio.

Photo courtesy of 7-Eleven

Does this mean slurpies in more places? The owner of 7-Eleven, Seven & i Holdings, has purchased the Speedway chain of gas stations from Marathon Petroleum for $21 billion. The sale is one of the biggest deals that has gone down since the COVID-19 pandemic rocked the economic fortunes of businesses worldwide.

The all-cash deal joins the two convenience store brands with other Seven & i Holdings properties, primarily based in the grocery sector. The company is the largest convenience store chain in Japan, owning 21,000 stores in the Asian country. They also own 9,800 stores in the U.S. and Canada.

Speedway gas station The acquisition adds 4,000 Speedway stores fo the company’s portfolio.Photo courtesy of Speedway

By picking up the Speedway chain of stores, Seven & i Holdings expands their footprint to include an additional 4,000 stores, giving the company a presence in 47 of the top 50 most populated areas in the U.S., the company said in a press release announcing the deal.

7-Eleven President and CEO Joe DePinto explained that the deal will allow the company to diversify its holdings in key regions of the country, "particularly in the Midwest and East Coast."

In Japan, convenience stores are located apart from gas stations. This is also true of many communities in the Eastern U.S. However, in the Midwest and beyond, convenience stores are most often associated with a gas station.

As part of the deal, Marathon will provide 7.7 billion gallons of petroleum a year for 15 years to Seven & i Holdings. Marathon has been struggling in the wake of low gas prices, announcing last week that it will not restart production at refineries in New Mexico and California that had been idled since April.

The two companies had been negotiating the sale for months, struggling to come to an agreement over the price.

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Stocks

Lordstown Motors, DiamondPeak Holdings agree to form a publicly traded business

Lordstown Motors has its manufacturing facilities in Ohio.

Photo courtesy of Lordstown Motors

Lordstown Motors Corp. and DiamondPeak Holdings Corp. have entered into a definitive agreement for a business combination that would result in Lordstown becoming a publicly listed company. A statement released by the companies details that the combo company would be named Lordstown Motors Corp. and is expected to remain listed on the NASDAQ and trade under a new ticker symbol, "RIDE".

The deal is expected to be finalized in the fourth quarter of 2020.

2021 Lordstown Endurance The company debuted its Endurance pickup earlier this year. Photo courtesy of Lordstown Motors

As part of the agreement, Lordstown Motors will see an expected cash infusion of around $675 million of gross proceeds go directly to fund the production of the Endurance as well as producing the company's in-wheel electric hub motor.

Additionally, the transaction includes $500 million in fully committed private investment in public equity (PIPE), of which is a $75 million investment by General Motors. Also included in that investment list are funds from institutional investors, including Fidelity Management & Research Company LLC, Wellington Management Company LLP, Federated Hermes Kaufmann Small Cap Fund, and funds and accounts managed by BlackRock.

The pro forma implied equity value of the combined company is approximately $1.6 billion.

The combined company Board of Directors will include Steve Burns, Founder and CEO of Lordstown, and David Hamamoto, Chairman and CEO of DiamondPeak.

News of the merger comes on the heels of Lordstown Motors releasing a new ad for its all-electric Endurance pickup truck. The Endurance's interior was revealed last month.

The company aims to be the first full-size electric pickup truck designed to serve the U.S. commercial fleet market. Initial production expected in the second half of 2021. Numerous orders are already in place. The model's price tag is slated to start just over $52,000.

Lordstown Motors has its production facility at the former General Motors Lordstown Assembly plant in Ohio.

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