The first of the chargers is expected to be ready in the summer of 2024. (Jae C. Hong/Associated Press) DETROIT — Seven major automakers say they’re joining forces to build a North American electric vehicle charging network that would rival Tesla’s and nearly double the number of fast-charging plugs in the U.S. and Canada. General ...more
A Dodge Durango. North America accounted for 57% of adjusted operating income and nearly half of company revenue, boosted by higher sales of Chrysler Pacifica, Dodge Charger and Durango. (Dodge) MILAN — U.S.-European carmaker Stellantis on July 26 reported a 37% boost in earnings in the first half of the year, driven by strong North ...more
John Bozzella, president for the Alliance for Automotive Innovation, testifies July 26. (House Committee on Energy and Commerce/YouTube) WASHINGTON — Advocates for the self-driving vehicle industry on July 26 warned that years of regulatory inaction is putting American manufacturers at a competitive disadvantage and urged Congress to expand its ability to test and eventually sell ...more
“As previously stated, and in keeping with fiduciary responsibility of the company’s executives, the company continues to prepare for a range of contingencies,” Yellow said in a statement regarding its future. (Yellow Corp.) Less-than-truckload carrier Yellow Corp. said it continues to negotiate with union leaders as the future of the company, which has been in ...more
Waymo's parent company, Alphabet, is prioritizing financial discipline. (Mark Kauzlarich/Bloomberg News) Waymo, the self-driving unit owned by Alphabet Inc., is slowing the development of autonomous trucking that’s being done by its Via subsidiary. “With our decision to focus on ride-hailing, we’ll push back the timeline on our commercial and operational efforts on trucking, as well ...more
Navistar, which operates the International Trucks brand, reported an adjusted operating profit of $190.4 million, more than double the 2022 period’s $89.7 million. (Traton Group) Traton SE’s profits soared in the second quarter of 2023 as sales jumped compared with the year-ago period, the parent company of Navistar said July 26. The company’s adjusted operating ...more
“It feels like we’re getting closer to a bottoming-out process,” said Trey Golden at Rush Enterprises. (Rush Enterprises via Vimeo) Used Class 8 truck sales in June came in at 21,500 units, equal to sales figures from the year-ago period, ACT Research reported. The average retail sale price for a used truck fell 26.4% to ...more
Union Pacific is one of the nation’s largest railroads with a network of 32,400 miles of track in 23 Western states. (Nati Harnik/Associated Press) OMAHA, Neb. — Union Pacific on July 26 hired Jim Vena, the CEO recommended earlier this year by a hedge fund pressuring the railroad to improve, as the company cut its ...more
A truck arrives at the Port of Los Angeles. Chris Connor has been the CEO of the AAPA since the fall of 2019. (Damian Dovarganes/Associated Press) American Association of Port Authorities CEO Chris Connor announced he is retiring effective Oct. 1. Connor, 65, took over the post in the fall of 2019 and guided the ...more
Federal Reserve Chairman Jerome Powell at a July 26 press conference. (Nathan Howard/Associated Press) WASHINGTON — The Federal Reserve raised its key interest rate July 26 for the 11th time in 17 months, a streak of hikes that is intended to curb inflation but that also carry the risk of going too far and triggering ...more
