A breakthrough deal between Sens. Chuck Schumer and Joe Manchin includes the extension of a popular consumer tax credit for the purchase of electric vehicles, a big win for EV makers such as General Motors Co., Tesla Inc. and Toyota Motor Co.
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Senate Deal Includes EV Tax Credits Sought by Tesla, Toyota
US Economy Shrank 0.9% Last Quarter, Its 2nd Straight Drop
WASHINGTON — The U.S. economy shrank from April through June for a second straight quarter, contracting at a 0.9% annual pace and raising fears that the nation may be approaching a recession.
ODFL Reports Profit, Revenue Records for Second Quarter
Old Dominion Freight Line set records for revenue and profitability during the second quarter of 2022, the company reported July 27.
Chipmakers Get $52 Billion in Senate Bill to Boost Domestic Output
The Senate on July 27 passed legislation that includes $52 billion in grants and incentives for U.S. semiconductor manufacturing, an industry that has steadily lost ground to foreign competitors in recent years.
Port of Oakland AB 5 Protests Wind Down
Operations at the Port of Oakland have resumed after being paused in the wake of protests from independent truck drivers unhappy with a state law that would reclassify them as employees of motor carriers.
Canadian National Reports Strong Q2 Earnings
Canadian National reported record second-quarter earnings that beat the expectations of Wall Street analysts.
Used Class 8 Prices Continue Slide in June, but Remain High
The average retail price of a used Class 8 fell for the third consecutive month in June, ACT Research reported, calling the trend a significant downturn even as the average retail price remained above $90,000.
UPS Beats Q2 Estimates, but Delivery Volume Drops More Than Expected
UPS Inc. posted better-than-expected second-quarter earnings July 26, thanks in part to a big leap in the price of domestic parcel revenues during the three-month period that ended June 30.
Shopify Will Cut 10% of Staff as e-Commerce Activity Retreats
Canadian e-commerce firm Shopify Inc. will cut about 10% of its workforce July 26, as Chief Executive Officer Tobi Lutke acknowledged the company’s decision to expand rapidly coming out of the COVID-19 pandemic didn’t pay off.
July 26, 2022Trucker AB 5 Blockade Ends at Port of Oakland
Fruit, nuts and wine are again flowing through the Port of Oakland after truckers quietly ended a multiday blockade over the weekend amid a crackdown on AB 5 protesters by port authorities.