A group representing General Motors, Toyota Motor, Volkswagen and other major automakers said a $430 billion bill approved Sunday by the U.S. Senate will put achieving U.S. electric-vehicle adoption targets for 2030 in jeopardy.

Most electric-vehicle models would be ineligible for a $7,500 tax credit for U.S. buyers under a Democratic proposal in the U.S. Senate, a group of major automakers said on Friday.

Join Liesl Larouche, Senior Manager of Strategic Alliances, and Mike Rich, VP of Marketing with RevolutionParts, to learn how the rise in EVs could affect Fixed Ops and what your dealership can do to capitalize on the shift.

Update on FTC Rule

Toyota Motor Corp. kept its profit outlook for the current year, surprising investors who expected an upgrade and underscoring the carmaker’s concerns over its ability to produce vehicles amid parts shortages, rising material costs and pandemic disruptions in China, even as a weaker yen boosts income in its home currency.

New light-vehicle sales for July 2022 totaled a SAAR of 13.4 million units, up 2.5% from June and down 8.9% from July 2021, when sales first started to be constrained by the microchip shortage.

Carmakers are reporting lower demand in Europe and North America amid what analysts say is growing evidence that consumers are balking at higher prices and keeping their cash for necessities.

BMW AG says new vehicle orders are retreating from high levels as inflation and higher interest rates hit consumers, making the company the first among major carmakers to turn more cautious.

Japan's Subaru Corp expects strong demand from U.S. car buyers to continue, a senior executive said on Wednesday, amid growing concern about a slowdown in the world's largest economy.

The U.S. business of Fiat Chrysler Automobiles was sentenced Monday after pleading guilty in June to criminal conspiracy and will pay nearly $300 million to resolve a multi-year U.S. Justice Department diesel-emissions fraud probe.