Business

OMAHA, Neb. — Union Pacific’s first-quarter profit crept 1% higher as the railroad tightened up on expenses — particularly its fuel bill — even though it delivered slightly less freight.

WASHINGTON — The nation’s economy slowed last quarter, growing at an annual rate of 1.6% in a sign that the high interest rates may be taking a toll on borrowing and spending.

Ford Motor Co., rapidly retooling its electric vehicle strategy in a decelerating market for plug-ins, posted first-quarter results that beat expectations on strong sales of work trucks.

Truck tonnage reached 13 consecutive months of year-over-year declines after a slight decrease in March, American Trucking Associations reported April 23.

Michelin posted a 4.1% year-over-year decrease in tire sales in the first quarter of 2024, citing softer overall demand in the truck and specialty tire segments.

Tesla’s first-quarter net income plummeted 55%, but its stock price surged in after-hours trading April 23 as the company said it would accelerate production of more affordable vehicles.

All Class 8 tractors rolling off VTNA and Mack Trucks production lines are set to depart manufacturing facilities with hydrotreated vegetable oil or renewable diesel in their fuel tanks.

The U.S. Department of Transportation announced grants for ports and supply chain corridors as part of the White House’s strategy for advancing a zero-emission freight landscape.

Shawn Stewart is set to join Forward Air as CEO, effective April 28, the carrier said April 23. He also will join the asset-light transportation services group’s board of directors.

Old Dominion Freight Line experienced growth in revenue and earnings for the first quarter of 2024, the company reported April 24.