The U.S. Energy Department will loan $2.5 billion to GM to help build three battery-cell factories in Ohio, Tennessee and Michigan, part of the administration’s plan to jump-start the electric vehicle market.
Buick and Cadillac are aiming for fully electric vehicle lineups by 2030.
Redwood Materials’ $3.5 billion factory under construction in Northwest Nevada will be one of the first U.S. facilities to produce key ingredients for electric vehicle batteries.
Appliance maker Whirlpool cut its 2022 profit outlook as higher costs and reduced sales volumes weigh on its North America business. The firm also suffered a $371 million loss tied to its exit from Russia in the latest quarter.
Higher prices boosted Unilever’s second-quarter sales even as volumes slipped by 2.1%, as the consumer-goods maker lost ground to less expensive generic store brands.
Target is expanding its sortation network by 50% with three new hubs in Chicago and Denver, part of the retailer’s plan to boost its same-day shipping service.
Brazilian plane-maker Embraer delivered just 32 jets in the second quarter as its order backlog rose to $17.8 billion, a four-year high.
Mexico’s economy likely expanded 0.8% from the first to the second quarter, marking the third straight quarter of growth despite impacts from the war in Ukraine and Chinese lockdowns.
Unemployment among Chinese youth between ages 16 and 24 has surged to a record 19.3%, spelling trouble for the nation’s growth ambitions.
Chinese imports of high-tech products and mechanical and electrical goods fell 8% in June and are poised to drop further this month, as the nation’s economic slowdown spills over into major exporters in Europe and East Asia.
Ryanair posted a better-than-expected $174 million profit for the three months through June but said inflation and geopolitics could hurt its chances of returning to profitability for the full year.
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