Rivian cuts 6% of work force; Illinois factory will not be impacted
Rivian Automotive Inc. said it is cutting its work force by 6 percent as part of a restructuring process to better align its head count with business priorities, but it...
Senate passes semiconductor industry bill with $2 billion for auto-grade chips
The Alliance for Automotive Innovation, which represents most major automakers and some suppliers in the U.S., commended the Senate bill's passage and urged the House to follow suit."Other countries are...
U.S. finalizes $102.1 million loan to Syrah Resources for Louisiana plant
WASHINGTON -- The U.S. Energy Department said Wednesday it had closed a $102.1 million loan to Syrah Technologies LLC SYR.AX for the expansion of a Louisiana facility that produces graphite-based...
Valeo earnings: French supplier says chip shortage easing; confirms 2022 guidance
Valeo posted slightly better-than-expected half-year core profit and reiterated its full-year guidance, citing a projected increase in global car output. Valeo's half-year earnings before interest, tax, depreciation and amortization fell...
Ally: Room for more car rate increases without affecting demand
Ally achieved this performance while raising interest rates. Last quarter's lending is expected to return a 7.82 percent yield, up 0.75 point from Ally's first-quarter originations and "reflecting significant pricing...
Bentley delays launch of first full-electric car
Bentley has pushed back production of its first electric car to 2026 from 2025, CEO Adrian Hallmark said. Hallmark denied reports that software delays were responsible for the slip in...
Toyota to cut domestic production by 4,000 vehicles in July after rain snarls supplies
TOKYO -- Toyota Motor Corp. will cut domestic production by around 4,000 vehicles in July, it said on Wednesday, after heavy rain disrupted parts supplies, raising the possibility it could...
NXP Semiconductors bullish on chip shipments to automakers
“It’s a bit of a schizophrenic situation,” Sievers said. “I am still in my seat, fighting customer shortages; while, of course from a macro perspective, you would assume the world...
After land and air, Hyundai and Kia target space with moon mobility project
TOKYO – Hyundai Motor Group has mastered the highways and byways on land and has even founded a company to make electric air vehicles that will take to the sky....
Penske Automotive Q2 earnings: Another record for quarterly profits
Penske Automotive Group Inc.'s second-quarter net income jumped as the company recorded its most profitable quarter ever, even amid a slight drop in revenue and lower new- and used-vehicle sales....