Meta shares plunged 26% Thursday on Volvo building a new battery plant in Sweden

2022-05-10 0 By

Volvo Cars announced on Thursday that it will build a new battery manufacturing plant with Northvolt in Gothenburg, Sweden, which will be operational by 2026 and provide 3,000 jobs.The two companies had already announced the creation of a research and development centre in December, with a total investment of about SKr30bn in both projects.Northvolt and Volvo cars have appointed former Tesla executive Adrian Clarke to head the joint venture, which will be one of the largest battery manufacturing operations in Europe.Facebook’s parent company Meta plunged 26% on Thursday, wiping $252 billion off its market value — the largest single-day decline in U.S. corporate history, surpassing The record set by Apple on Sept. 3, 2020,The iPhone maker lost $180bn in market value.Due to the decline in user growth and other reasons, the market value of Meta has plummeted, which is equivalent to the loss of one Nike, two IBMs or three General Motors.Apple is reportedly planning to unveil the iPhone SE 3 5G and a new iPad Air 5 at its March event.Specifically, Apple will hold an iPhone SE event on or near Tuesday, March 8.According to previous leaks, the new iPhone SE 3 will be similar to the 2020 iPhone SE 2 version (based on the iPhone 8), but it will feature faster A-series chips, possibly the A15, and 5G technology.It is also expected to include improved cameras.