Chip shortage could cost auto industry $110B, AlixPartners says

Guyton will succeed Masahiro Moro, who will assume a newly created global position of chief communications officer in Japan.

Moreno, who last month announced a bid for U.S. Senate in Ohio, said a handshake deal with dealership owner Terry Rafih fell through last month.

At least one sticking point remains over whether to include a provision on labor rates, Reuters reported.

The investment at the facility in Pontiac is expected to create 20 jobs, with the retooling to begin immediately.

Vaccine hesitancy, even among a minority of the automotive workforce, could add further strain to the industry as it tries to recover lost production and revive the U.S. economy.

The sliding valuations of Nikola, Fisker, Lordstown Motors, Canoo and Arrival underscore the risks surrounding the blank-check boom.

EVE makes lithium iron phosphate batteries, which are cheaper to produce because they use iron instead of more expensive nickel and cobalt.

In the recent quarter ending March 31, Honda posted an operating profit of $1.93 billion following a $51 million loss a year earlier. Revenue advanced 5 percent to $32.85 billion.

Operating profit at Mazda bounced back as sales recovered from the pandemic slump and the company curbed marketing costs.

The firm's updated forecast is nearly double its January estimate of the total revenue impact of the semiconductor shortage.