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General Motors, Ford Motor and Stellantis may need to boost wages as they negotiate a four-year labor contract for 150,000 employees.
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Penske Automotive Group reported a 10% rise in income to $375.9 million in the second quarter, its most profitable quarter ever.
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July U.S. auto sales are expected to show very little change from June’s results as a lack of supply continues to batter the new-vehicle market.
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The Estimated Average Weekly Sales Rate remains somewhat stagnant, around the 66% mark.
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But the automaker remains bullish that stronger results are possible in the second half of the year.
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The money will help a joint venture of General Motors Co. and LG Energy Solution finance the construction of new lithium-ion battery cell manufacturing facilities.
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GM and Ford seek exemptions to deploy a limited number of self-driving vehicles without human controls like steering wheels and brake pedals.
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The EV automaker appears positioned for another growth phase as long as the global economy stays strong, analysts say.
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Volvo Cars points to a potential slump in retail sales in 2022 after posting higher second-quarter profits.
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Auto manufacturers cut over 100,000 vehicles from North American production schedules because of the global microchip shortage last week, reports AFS.
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