Wednesday’s business headlines
INDIANAPOLIS (WISH) — Here’s a look at Wednesday’s business headlines with Jane King.
AMC Theatres makes surprising investment
AMC Theatres surprised everyone by investing in a gold and silver mine.
It plans to invest about $28 million to buy a 22% stake in Hycroft Mining Holding, a Nevada-based public company that operates a gold and silver mine.
The head of AMC says the mine is a meme stock, kind of like AMC was a year ago.
GM making first electric vehicle
General Motors will begin production next week on the Cadillac Lyriq, the brand’s first electric vehicle.
It will be built in Tennessee.
The Lyriq starts at $59,990 and is the first of a new lineup of electric cars and SUVs for the brand as it plans to exclusively make all-electric vehicles by 2030.
Volkswagen nearing decision on electric pickup
Volkswagen is close to deciding whether to build an electric pickup truck in the U.S.
Company executives see the gains made by Rivian Automotive and the enthusiasm generated by the Tesla Cybertruck as a sign that there may be room for more electric models in the U.S. truck market.
Federal Reserve raising interest rates
Interest rates are expected to go up for the first time in three years.
Higher interest rates will cause people to spend less, slowing down price increases.
The interest rate hikes will impact credit cards and car loans first.