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Automotive Tool Industry Faces Shakeout

The automotive tool industry faces a shakeout as automakers confront the need to simplify manufacturing and cut costs, an industry consultant said.

Auto Industry Gets Back Into Gear Following COVID-19 Shutdown

The North American auto industry slammed on the brakes in March because of the novel coronavirus (COVID-19). The sector already had been forecast to slow down in 2020, with lower light-vehicle demand. That turned into a sudden stop as the coronavirus spread.

Caterpillar Profit Falls on Lower Demand

Caterpillar Inc., the maker of mining trucks and heavy equipment, today reported a lower second-quarter profit after dealers reduced inventory amid slumping demand.