Vroom Inc. said Monday it cut employment by 337 positions and sold far fewer vehicles in the second quarter.
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WASHINGTON - The heads of chipmakers GlobalFoundries and Applied Materials and carmakers Ford Motor and General Motors were to meet at a closed-door summit with U.S. government officials on Monday to discuss administration plans to invest in semiconductors.On Tuesday, President Joe Biden will sign legislation to subsidize the U.S. semiconductor industry and boost efforts to make the United States more competitive with China. The bill provides $52 billion in subsidies for chip manufacturing and research. It also includes an investment tax credit for chip plants estimated to be worth $24 billion.GlobalFoundries CEO Thomas Caulfield said in a statement the chips legislation "protects U.S. economic, supply chain and national security by accelerating semiconductor manufacturing on American soil."The legislation aims to alleviate a persistent shortage that has affected supplies of goods from cars and weapons to washing machines and video games. Thousands of cars and trucks remain parked in southeast Michigan awaiting chips as the shortage continues to impact automakers.The companies said the summit would bring them together with government officials to "discuss how these public investments can accelerate semiconductor and emerging technology manufacturing, support the electrification of automobiles with a ready supply of chips, including feature-rich chips, and strengthen the United States' economy, supply chains, and national security."White House National Economic Council Director Brian Deese, Under Secretary of Defense for Acquisition William LaPlante and National Security Council official Tarun Chhabra were among officials due to attend.Ford CEO Jim Farley said in a statement "a reliable domestic supply of chips, including legacy semiconductors needed in the automotive and defense industries, will keep American manufacturing lines humming."
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LMP Automotive Holdings Inc.'s board of directors has unanimously recommended that stockholders approve a proposed plan to liquidate the company, while the retailer also noted it will be selling six dealerships.
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Brockman, who started Universal Computer Systems in 1970 before it later merged with Reynolds and Reynolds, was facing trial in February on federal charges of tax evasion and other crimes.
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Mercedes-Benz has tapped game software developer Unity Technologies to help build its next infotainment system.
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Representatives Robert Latta, Republican, and Debbie Dingell, Democrat, want to revive legislative efforts to boost self-driving vehicles.
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New research from Growth from Knowledge AutoMobility shows loyalty toward brands and dealerships continues to decline as sticker prices go up.
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The Inflation Reduction Act ends per-manufacturer limits for the $7,500 tax credit for electric vehicle purchases, a boost for electric vehicle makers. But the vehicles will have to be built in North America and carmakers will have to quickly end a reliance on China for the battery supply chain.
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The initiative's goal is to provide businesses with virtual training and give them access to an online marketplace that builds "a bridge between the public and private sectors to create substantive business opportunities for Black suppliers" around the U.S. and internationally within the auto industry and beyond.
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The single-motor 2023 BMW i4 eDrive35, debuting in U.S. stores early next year, will start at $52,395.
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