Latest Automobile parts manufacturing News
EU says US electric vehicle tax credit could break WTO rules
BRUSSELS (AP) — The European Union expressed concern Thursday that a new U.S. tax credit plan aimed at encouraging Americans to buy electric vehicles would discriminate against European producers and break World Trade Organization rules. Under the Inflation Reduction Act nearing...
Most electric vehicles won't qualify for federal tax credit
DETROIT (AP) — A tax credit of up to $7,500 could be used to defray the cost of an electric vehicle under the Inflation Reduction Act now moving toward final approval in Congress. But the auto industry is warning that the vast majority of EV purchases won’t qualify for a tax...
Electric vehicle battery-related plant announced in Kentucky
FRANKFORT, Ky. (AP) — Lotte Aluminium Materials USA plans an aluminum foil manufacturing operation to serve the electric vehicle battery industry in Kentucky and is expected to create 122 full-time jobs. The company is investing $238.7 million in the plant in Hardin County, Gov....
New Kentucky plant to create 250 jobs in Hopkinsville
FRANKFORT, Ky. (AP) — Ascend Elements Inc. will invest $310 million in a new Kentucky plant, creating 250 full-time jobs in Christian County. Ascend produces advanced, sustainable battery materials from recycled lithium-ion batteries. The plant will produce enough recycled battery...
Senate deal should make it easier to buy electric vehicles
DETROIT (AP) — The surprise deal by Senate Democrats on a slimmed-down bill to support families, boost infrastructure and fight climate change also is likely to jump-start sales of electric vehicles. The measure agreed to by Senate Majority Leader Chuck Schumer and holdout Sen. Joe...
Stellantis earnings rise as electric vehicle sales expand
AMSTERDAM (AP) — Automaker Stellantis on Thursday reported higher earnings in the first half of 2022 compared with last year, pointing to a nearly 50% increase in global sales of battery electric vehicles. Stellantis, which was formed last year with the merger of Fiat Chrysler and...
Volkswagen starts US electric vehicle assembly in Tennessee
CHATTANOOGA, Tenn. (AP) — 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...
Energy Dept. backs $2.5B loan to GM venture for EV batteries
WASHINGTON (AP) — A joint venture between General Motors and South Korean battery company LG Energy Solution is set to receive a $2.5 billion loan from the Energy Department to build battery cell factories for electric vehicles in three states. The Energy Department said it has...
Hobbled by chip, other shortages, GM profit slides 40% in Q2
DETROIT (AP) — General Motors' second-quarter net income fell 40% from a year ago as computer chip and parts shortages hobbled factory output and drove the company's U.S. sales down more than 15%. The Detroit automaker earned $1.67 billion from April through June, in part because...
To preserve jobs, UAW head says battery plants must be union
SOUTHFIELD, Mich. (AP) — 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...
