General Motors and Canadian union Unifor reached a tentative agreement yesterday just hours after 4,300 workers went on strike at three plants.
The union said the tentative agreement follows the agreement reached with Ford last month and includes wage hikes of up to 25%.
Though the negotiations appear to be making some headway, workers must still vote to ratify the agreement.
In the third quarter, luxury car giants Mercedes-Benz and BMW experienced a decline in sales in China, citing supply chain disruptions, model transitions, and weakened demand.
Mercedes-Benz faced global supply challenges, resulting in a 4% drop in sales from July to September, while BMW fared a bit better with retail sales in China only dropping 1.8%.
Major chip material supplier, Coherent, received a substantial financial boost yesterday with a $1B total investment from Japan's Denso and Mitsubishi Electric in its silicon carbide business.
The money will be used to expand Coherent’s production of silicon carbide wafers, which help boost the range of EVs more than chips made with traditional silicon, over the next 10 years.