Tag: industry news
Ford Q2 earnings surpass expectations, raises shareholder dividend 50%
Despite trouble with the global supply chain, Ford's adjusted earnings has tripled from a year ago to $3.7 billion as it increases deliveries. After the news was released,...
Rivian confirms at least 800 layoffs, shifts focus to accelerating production
Amy Mast, a spokesperson for Rivian Automotive, has confirmed in an email that at least 6% or 800 out of 14,000 of its employees will be...
J.D. Power and LMC Automotive expect new car sales to dip...
According to J.D Power and LMC Automotive analysts, there will likely be a slump in retail auto sales for July due to massive supply-chain and distribution problems globally. Total sales,...
Fed raises interest rates 0.75 points for the second time as...
In an effort to curb rising prices, the Federal Reserve hiked interest rates by another 0.75% Wednesday afternoon, the same amount as its last move in...
Penske Automotive reports its most profitable quarter to date
Penske Automotive Group has reported its quarterly earnings for Q2 2022. According to a recent press release, Penske produced an all-time record for earnings...
Mercedes-Benz raises full-year guidance due to strong Q2 performance and robust...
CEO of Mercedes-Benz AG, Ola Kallenis, recently discussed how the company has a healthy number of orders and demand, even with limited supply. Mercedes-Benz is...
Group 1 Automotive Q2 revenues increase 14.3% compared to 2021
Group 1 Automotive also reported its second quarterly earnings despite chain supply problems and inventory shortages. The total revenue for Q2 that Group 1...
GM’s second-quarter net income decreases 39% from this time a year...
Despite revenue growth of 4.7% in the second quarter, General Motors on Tuesday announced a year-over-year decline in net income of almost 40% and stated that it...
Dept. of Energy to loan $2.5 billion to GM and LG...
The Department of Energy's Advanced Technology Vehicles Manufacturing Program (ATVM) was created by Congress under the administration of former President George W. Bush and has been...
Volkswagen begins US production of ID.4 Electric SUVs at Tennessee plant
The ID.4 electric crossover SUV is now being produced at Volkswagen's manufacturing facility in Chattanooga, Tennessee. It's the company's first electric vehicle to be built in a North...
