Business news and information from Charlotte and the Carolinas. 

Ways to Connect

Ben Bradford / WFAE

Electric cars were largely novelties until Tesla introduced its Roadster in 2008. Now, a few small start-ups are trying to repeat Tesla’s success in another sector of the electric vehicle industry. They’re building trucks, hoping to sell them en masse to government and business fleets.

Magnum Energy

The nation’s largest wind farm in Wyoming would connect to  one of the largest energy storage facilities in Utah to power Los Angeles, in a proposal announced Tuesday by four companies, including Duke Energy. The project’s scale is more akin to a nuclear plant.

Strata Solar

The nation’s largest power company will also be one of the largest solar providers. Duke Energy wrapped up six months of shopping for solar projects today, and announced it will increase its North Carolina capacity by more than a third. Despite the increase, solar remains a tiny fraction of overall generation.

Michael Tomsic

 A software company founded in Charlotte is expanding to create about 600 jobs. AvidXchange will also build a new headquarters at the Music Factory.

AvidXchange's first office was in an old fire station on the corner of Ninth and Brevard in uptown Charlotte. When Michael Praeger co-founded the company in 2000, he said that office consisted of five desks in what looked like a small, brick warehouse.

Slew Of Mergers Not Unique To Charlotte

Sep 10, 2014
Jeremy Brooks

The discount chain Dollar General officially launched a hostile takeover bid for Matthews-based rival Family Dollar today. Ten miles up the road, banana giant Chiquita signed an agreement to open its books to Cutrale-Safra—a collaboration of Brazilian companies—which threatened a hostile takeover. The merger battles are part of a larger, post-recession economic trend.

Icahn Exits, Family Dollar Considers Rival Bids

Sep 4, 2014
Courtesy of Carl Icahn's Twitter page

The future of Family Dollar is uncertain—it’s in the midst of a bidding war as its board of directors decides whether to sell the company to Dollar Tree or Dollar General. But this much is certain: The billionaire investor who helped spur this pending ownership change is now cashing in.

Jennifer Lang / WFAE

The U.S. Justice Department and Bank of America have finalized a record settlement of nearly $17 billion. The Charlotte-based bank will pay the government nearly $10 billion and provide an additional $7 billion in consumer relief.

Bank of America has had countless settlements related to its mortgage lending practices that contributed to the financial crisis, but this is far and away the largest. In fact, it's the biggest settlement ever reached between the U.S. Justice Department and a single company.

Family Dollar Rejects Dollar General

Aug 21, 2014
Jennifer Lang / WFAE

Matthews-based discount chain Family Dollar announced Thursday morning it's rejected an attempted acquisition by rival Dollar General. Family Dollar is sticking with an earlier offer from Dollar Tree, even though that offers is $1.2 billion less. 

WASHINGTON Officials familiar with the deal say Bank of America has reached a record $17 billion settlement with federal and state authorities over its role in the sale of mortgage-backed securities in the run-up to the 2008 financial crisis.

The officials say the bank will pay $10 billion in cash and provide consumer relief valued at $7 billion.

They spoke with The Associated Press on condition of anonymity because the deal isn't scheduled to be announed until Thursday at the earliest.

The bank declined comment. 

Dollar General Starts Bidding War For Family Dollar

Aug 18, 2014
Jennifer Lang / WFAE

A bidding war is underway to buy Matthews-based retail discounter Family Dollar. A few weeks ago, Dollar Tree agreed to an $8.5 billion deal with Family Dollar.

On Monday, Dollar General CEO says his company is willing to pay $9.7 billion. Plus a $300 million break-up fee for Family Dollar to renege on its merger agreement.