David McHugh

Bugatti is Recalling One Car

June 9, 2023

F 150 Lightning Xlt Camping 01

Ford Boosts F-150 Lightning Production, Shrinks Customer Wait Times

June 9, 2023

Ap23159669231027

GM to Invest $500M at Plant that Makes Large SUVs in Arlington, Texas

June 9, 2023

Chief Executive Officer Mary Barra speaks during the opening of contract talks with the United Auto Workers on July 16, 2019, in Detroit.

GM's Electric Vehicles Will Gain Access to Tesla's Vast Charging Network

June 9, 2023

An oil tanker is moored at the Sheskharis complex, part of Chernomortransneft JSC, a subsidiary of Transneft PJSC, in Novorossiysk, Russia, on Oct. 11, 2022. A Russian official says the country will will cut oil production by 500,000 barrels per day next month in response to the West capping the price of its crude over the war in Ukraine. According to multiple Russian news media reports, Deputy Prime Minister Alexander Novak said Friday, Feb. 10, 2023 that “we will not sell oil to those who directly or indirectly adhere to the ’price ceiling.''

Russia Announces Cut to Oil Output

The impact is an open question as a slowing global economy reduces the thirst for oil.

February 10, 2023

Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), speaks during an interview with The Associated Press in Berlin, Germany, Tuesday, Nov. 29, 2022.

IMF Urges China to End Mass Lockdowns

'Zero-COVID' is wreaking havoc on international supply chains.

November 29, 2022

CEO of Porsche car maker Oliver Blume kneels next to Porsche cars at the start of Porsche's market listing at the stock market in Frankfurt, Germany, Thursday, Sept. 29, 2022.

Porsche European IPO One of Largest in History

And parent company Volkswagen has big plans for the money.

September 29, 2022

A worker cooks burgers at Zing Burger store in Budapest, Hungary, Monday, Sept. 12, 2022. Richard Kovacs, a business development manager for the Hungarian burger chain, said some of the chain's 15 stores have seen a 750% increase in electricity bills since the beginning of the year – leading to additional monthly costs of up to 1.5 million Hungarian forints ($3,840) per store.

Europe Preps for Winter Energy Crisis

Governments have worked hard to find new supplies and conserve energy.

September 26, 2022

In this handout photo released by Ukrainian Emergency Service, a burnt car is seen in front of a damaged City Hall building, in Kharkiv, Ukraine on March 1, 2022.

Economic Fallout from Russia's War Ripples Across the Globe

Even before Putin’s troops invaded Ukraine, the global economy was straining under a range of burdens.

March 2, 2022

The International Energy Agency says all 31 member countries have agreed to release 60 million barrels of oil from their strategic reserves “to send a strong message to oil markets” that there will be “no shortfall in supplies” as a result of Russia’s invasion of Ukraine. The IEA board made the decision Tuesday, march 1, 2022 at an extraordinary meeting of energy ministers chaired by U.S. Energy Secretary Jennifer Granholm.

IEA Nations Agree to Release 60M Barrels of Oil Amid Russian War

Sending a strong message to oil markets that supplies won't fall short following the invasion.

March 2, 2022

In this April 8, 2020 file photo, the sun sets behind an idle pump jack near Karnes City, USA. The 23-member OPEC+ group, led by member Saudi Arabia and non-member Russia, meets online to decide production levels from February. Analysts say the group is likely to add 400,000 barrels per day, sticking with the road map they have followed since August to add back that much oil each month.

OPEC, Allies to Decide Oil Output Amid Omicron Spike

U.S. oil prices plunged as low as $65 per barrel after the first reports about the ultra-contagious omicron variant.

January 4, 2022

In this June 7, 2017 file photo, the Organisation for Economic Co-operation and Development (OECD) headquarters is pictured in Paris, France. Nearly 140 countries have agreed on a tentative deal that would make sweeping changes to how big, multinational companies are taxed in order to deter them from stashing their profits in offshore tax havens where they pay little or no tax. The agreement announced Friday foresees countries enacting a global minimum corporate tax of 15% on the biggest, internationally active companies.

130+ Countries Reach Deal on Minimum Corporate Tax

But the deal faces several hurdles before it can take effect.

October 12, 2021

I Stock 1257773840

OPEC Says Oil to Remain World's Top Energy Source Through 2045

The cartel says electric cars and alternative energy will reduce demand in rich countries, but expanding economies will still rely on the fossil fuel.

September 28, 2021

In this March 22, 2019 photo, containers are unloaded by a freighter at the Eurokai terminal (Eurogate) in the port of Hamburg, Germany.

Shortages Giving German Manufacturing a 'Bottleneck Recession'

Widespread friction in supply chains sent a closely watched index of German business optimism lower for the third month in a row.

September 24, 2021

Volkswagen Earnings Beat Pre-Pandemic Levels

VW's luxury brands, Porsche and Audi, both turned in record unit sales for the first half of the year.

July 29, 2021

Mercedes Sketches Out All-Electric Scenario by Decade's End

The shift to electric vehicles “is picking up speed — especially in the luxury segment," said the brand's CEO.

July 22, 2021

Daimler Posts $4.3B Q2 Profit Despite Chip Shortages

Profit margins reached into double digits for the third quarter in a row.

July 21, 2021

In this photo, a fuel truck driver checks the gasoline tank level at a United Oil gas station on Sunset Blvd., in Los Angeles.

OPEC, Allies to Gradually Increase Output

Oil-producing countries made drastic cuts to support prices during the worst of the pandemic, and must now judge how much additional oil the market needs.

June 1, 2021

A prototype of a truck for future electric technology strategy of the Daimler Trucks company is presented during a news conference in Berlin, Germany last September.

Daimler Truck Says Batteries, Hydrogen Are the Future

Despite infrastructure challenges, the company's roadmap foresees up to 60% of sales as battery or hydrogen vehicles by 2030.

May 21, 2021