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Explainer: How could the new US corporate minimum tax affect companies?

Aug 12 (Reuters) – The main revenue source in the new US tax, climate and drugs bill is a novel 15% corporate minimum tax aimed at stopping large, profitable companies from gaming the Internal Revenue Service code and slashing their tax bills to zero. The US House of Representatives was scheduled to vote on Friday …

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Aluminum foundry fights for survival in European gas crisis

Family-owned aluminum foundry trials new shift pattern Plan to maintain production and reduce gas usage Carmakers warn output cuts inevitable if suppliers close New gas-free technologies will take years to scale up Suppliers need more help to innovate, industry says SOLTAU, Germany, Aug 9 (Reuters) – Shouting over the clanging of machinery, Gerd Roeders is …

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Tesla’s July sales of Chinese-made vehicles slide due to factory line upgrades

Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China January 7, 2020. REUTERS/Aly Song/File Photo Register now for FREE unlimited access to Reuters.com register SHANGHAI, Aug 9 (Reuters) – Tesla (TSLA.O) sold 28,217 Chinese-made vehicles in July, nearly two-thirds less than a month earlier as a scheduled …

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Automakers say US Senate bill will jeopardize 2030 EV targets

FILE PHOTO – Volkswagen employees stand next to Volkswagen electric cars during a ceremony at German carmaker Volkswagen’s first battery cell production plant ‘SalzGiga’ in Salzgitter, Germany, July 7, 2022. REUTERS/Fabrizio Bensch Register now for FREE unlimited access to Reuters.com register WASHINGTON, Aug 7 (Reuters) – A group representing General Motors (GM.N), Toyota Motor (7203.T), …

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US automakers say 70% of EV models would not qualify for tax credit under Senate bill

The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, US, March 16, 2021. REUTERS/Rebecca Cook Register now for FREE unlimited access to Reuters.com register WASHINGTON, Aug 5 (Reuters) – Most electric-vehicle models would be ineligible for a $7,500 tax credit for US buyers under a Democratic proposal …

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Toyota unit falsified emissions data from at least 2003, probe finds

Hino Motors Ltd displays its new Hybrid Profia, a diesel-hybrid version of its large commercial truck model at its R&D Center at Hino in Tokyo, Japan July 17, 2018. REUTERS/Naomi Tajitsu/File Photo Register now for FREE unlimited access to Reuters.com register Committee publishes report on false data scandal at Hino Says engineers didn’t feel able …

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Shenzhen accelerates China’s driverless car dreams

SHENZHEN, China, Aug 1 (Reuters) – On a busy downtown street three delivery bikes suddenly dart over the pedestrian crossing ahead of the car. On the car’s dashboard they look like small 3D blue blocks from a 1990s video game. The steering wheel turns itself a notch and the vehicle slows to a gentle halt, …

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From burgers to bleach, stressed consumers buy cheap

NEW YORK/LONDON July 26 (Reuters) – Some global consumers are showing signs of cracking, as shoppers stressed by record inflation stick to buying basics like food, bleach and cheap burgers, while those with bigger bank accounts are snapping up $3,000 Louis Vuitton handbags . Investors are closely watching corporate results for signs economies are headed …

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Wall Street falls as Walmart warning rattles retail sector

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, US, July 21, 2022. REUTERS/Brendan McDermid Register now for FREE unlimited access to Reuters.com register Walmart cuts profit forecast, drags retailers McDonald’s up as sales, profit top estimates GE jumps on higher profit, Coca-Cola up on forecast raise Indexes …

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US Energy Department set to loan GM battery joint venture $2.5 bln

WASHINGTON, July 25 (Reuters) – The US Energy Department on Monday announced it intends to loan a joint venture of General Motors Co (GM.N) and LG Energy Solution (373220.KS) $2.5 billion to help finance construction of new lithium- ion battery cell manufacturing facilities. The conditional commitment for the loan to Ultium Cells LLC for facilities …

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