This morning in metals news: General Motors announced a partnership with Nikola Corporation; U.S. manufacturing corporations saw their profits plunge in Q2 2020; and Chile’s copper shipments fell in August.
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GM announces partnership with Nikola
General Motors on Monday announced plans to partner with Nikola Corporation, a partnership that would see the Detroit automaker manufacture the Nikola Badger.
“As part of the agreement, Nikola will utilize General Motors’ Ultium battery system and Hydrotec fuel cell technology, representing a key commercialization milestone for General Motors,” GM said in a release.
Manufacturing profits decline
To no one’s surprise, manufacturing profits declined significantly in Q2 2020.
After-tax profits for U.S. manufacturing corporations reached $47.2 billion in Q2, according to the U.S. Census Bureau. The quarterly total marked a decline from the $113.0 billion in Q1 2020 and the $136.3 billion in Q2 2019.
Chile’s copper shipments fall in August
According to Bloomberg, No. 1 copper producer Chile saw a decline in the value of its copper shipments last month.
Per data released by the Chilean government today and cited by Bloomberg, Chile’s copper exports totaled $2.76 billion in August, marking an 11% decline from the previous month.
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