General Motors reports a jump in profit as demand for vehicles climbs.
General Motors said on Wednesday it made $ 2.8 billion in the second quarter and increased its profit forecast for the full year, suggesting that the largest U.S. automaker is doing much better than expected.
GM and other automakers have been forced to idle factories periodically this year due to a global shortage of computer chips. The downturn in production limited sales, but it created shortages of new and used cars, raising the selling price of cars and trucks.
Three months ago, GM said it would only earn around $ 500 million in the three months ending in June, after earning $ 3 billion in the first three months of the year. . Second-quarter results include $ 1.3 billion in warranty and recall fees, including $ 800 million for repairs to Chevrolet Bolt electric cars whose batteries can overheat and catch fire – a big headache for GM , which plans to phase out the internal combustion engine from its cars and trucks by 2035.
The company reported second-quarter revenue of $ 34.2 billion, up from $ 16.8 billion a year ago. In the first quarter, GM had sales of $ 32.5 billion.
GM now expects to make $ 11.5 billion to $ 13.5 billion before interest and taxes in 2021, down from $ 10 to $ 11 billion it previously forecast.
In a letter to shareholders, GM chief executive Mary T. Barra said the company had managed the chip shortage by allocating insufficient electronic components to factories making its most profitable and popular models. On a conference call to discuss the results, she said the shortage would continue to be a problem until next year.
“GM has had a very strong second quarter and first half,” said Barra. “Of course, we will continue to monitor Covid very closely. “
A water recycling effort gains traction as severe drought punishes industries in states like California, Montana, New Mexico and Utah.
The concept of filtering dirty water generated by daily operations for use in toilets and drip irrigation is not new, but it is increasingly seen as a promising sustainability initiative, especially since more and more cities and states are adopting measures to limit the use of water, and as a safeguard against rising water costs and future shortages, reports Patrick Sisson for the New York Times.
Water conservation advocates say this technology is where solar and renewable energy was a decade ago: technologically feasible, with pioneering projects starting to curve the cost curve and push the concept towards wider accessibility.
“Ten or 15 years ago a green building was a ‘good to have’, whereas today it is governed by regulation and the market,” said Aaron Tartakovsky, co-founder and CEO of ‘Epic Cleantec, a start-up specializing in wastewater technology. in San Francisco. “There is no denying that the drought has accelerated the conversations that many are already having.”
Increasingly, developers are seeing the value of so-called black water systems, especially on a large scale, to provide water for irrigation and cooling towers. Even the cost of modernizing a building, long considered impractical due to the need to add so many pipes for recycled water, is now more viable, Tartakovsky said.
Mission Rock, a 28-acre, $ 2.5 billion multi-purpose waterfront project led by the San Francisco Giants and developed by Tishman Speyer, will use a blackwater system. Each building on the site, which was inaugurated this year, will become attached to it over time. A new not-for-profit utility, Mission Rock Utilities, will build and operate it along with a central thermal energy system.
Water reuse is not adopted only in western drought-stricken states. On Brooklyn’s waterfront, the redevelopment of the 11-acre, approximately $ 3 billion Domino Sugar Refinery will include a more than $ 10 million blackwater system designed not only to reduce fuel consumption. water, but also to reduce the pressure on storm water systems.
The inhabitants are very aware of the quality of the water. “It’s pretty obvious when there’s a storm and the East River smells of poo,” one developer said.
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