Ford Motor Co. posted a $667 million profit on revenue of $40.2 billion in the second quarter, the Dearborn automaker reported Wednesday. Profits were up roughly 19% from the same period last year, when Ford reported a profit of $561 million on revenue of $26.8 billion. The automaker reported adjusted earnings before interest and taxes of… Continue reading Ford’s second-quarter profits, adjusted earnings up from a year ago
Author: Detroit News Online
GM says it has enough EV battery raw materials to hit 2025 production target
General Motors Co. now has deals in place to source all of the raw materials it needs for the electric-vehicle batteries to meet a 2025 goal of having 1 million units of annual EV capacity in North America, the Detroit automaker said. In releasing its second-quarter earnings results Tuesday, GM announced three new binding supply… Continue reading GM says it has enough EV battery raw materials to hit 2025 production target
GM’s 2Q profits down 40% amid supply challenges, reaffirms full-year guidance
General Motors Co.’s second-quarter profits dropped roughly 40% year-over-year amid nagging supply-chain disruptions, even as the Detroit automaker forecast production improvements in the second half of the year and maintained its full-year earnings guidance. GM on Tuesday reported $1.7 billion in net income for the April-June period, down from $2.8 billion in the same period last… Continue reading GM’s 2Q profits down 40% amid supply challenges, reaffirms full-year guidance
US opens 3 probes of safety problems in Stellantis vehicles
Detroit — U.S. safety regulators have opened three investigations into safety problems with about 1.65 million vehicles made by Stellantis. The largest probe covers 1.34 million Jeep Cherokee small SUVs from the 2014 through 2020 model years. The National Highway Traffic Safety Administration says it has 80 complaints that the electronic parking brakes can turn on… Continue reading US opens 3 probes of safety problems in Stellantis vehicles
UAW election could be ‘uphill battle’ for challengers
This content is only available to subscribers. Get unlimited digital access. $22 for 2 Years. Subscribe Now Your subscription supports: Unlimited access to subscriber only articles on desktop, tablet and mobile web. The e-Edition, a digital replica of the print paper, every day. Trusted, up-to-date local Detroit and Michigan breaking news. Newsletters on topics that… Continue reading UAW election could be ‘uphill battle’ for challengers
Volkswagen starts U.S. electric vehicle assembly in Tennessee
Chattanooga, Tenn. — Volkswagen began production of its first electric vehicle assembled in the United States at a Tennessee plant Tuesday. In a news release, the German automaker said it plans to ramp up production in Chattanooga of the ID.4 electric compact SUV to 7,000 cars per month in the fourth quarter of this year,… Continue reading Volkswagen starts U.S. electric vehicle assembly in Tennessee
To preserve jobs, UAW head says battery plants must be union
Southfield — If the United Auto Workers union can’t organize workers at new electric-vehicle battery factories that will supply Detroit’s three automakers, the union’s future would be in serious doubt. Ray Curry, president of the 372,000-member UAW, says union representation at the battery plants is critical, given that the major automakers are staking their futures… Continue reading To preserve jobs, UAW head says battery plants must be union
Energy Department plans to loan GM battery joint venture $2.5 billion
Washington — The Department of Energy said Monday it plans to loan General Motors Co. and LG Energy Solution’s joint venture $2.5 billion to build EV battery plants in Michigan, Ohio and Tennessee. GM announced in January that it plans to invest nearly $7 billion in EV and battery production at four sites around Michigan, including a $2.5… Continue reading Energy Department plans to loan GM battery joint venture $2.5 billion
Pelosi touts chip legislation at UAW visit: ‘We feel very confident’ in bill’s passage
Taylor — Speaker of the House Nancy Pelosi and other lawmakers on Friday heard directly from United Auto Workers members about the damaging effects of the global semiconductor shortage — and they urged Congress to take action. “We’re ready. Invest in us. Pass the bill,” said James Bell, president of UAW Local 1284. Bell was one of… Continue reading Pelosi touts chip legislation at UAW visit: ‘We feel very confident’ in bill’s passage
Hyundai gets $1.8B in aid to build electric cars in Georgia
Savannah, Ga. — The state of Georgia and local governments are giving $1.8 billion in tax breaks and other incentives to Hyundai Motor Group in exchange for the automaker building its first U.S. plant dedicated to electric vehicles near Savannah, according to the signed agreement disclosed Friday. The deal calls for Hyundai to invest $5.5… Continue reading Hyundai gets $1.8B in aid to build electric cars in Georgia