Thousands of United Auto Workers (UAW) members have gone on strike against Detroit's Big Three automakers, General Motors (GM), Ford, and Fiat Chrysler, impacting GM's profits and causing the company to withdraw its 2023 profit forecast. On Tuesday, 5,000 workers from the Arlington Assembly Plant in Texas joined the strike, and the UAW has created a loan program and website to provide resources to its members. The strike is ongoing and it is unclear when it will end.
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The U.S. Treasury Department has released new rules offering up to $7,500 in tax credits for certain electric vehicle models as part of the Inflation Reduction Act. General Motors, Ford, Stellantis and Tesla are the only four automakers with electric vehicles that qualify for the full $7,500 tax credit, while some pre-owned electric vehicles are eligible for a $4,000 credit. The new tax credits are set to last until 2032 and are a great way to save money while helping the environment.