Welcome to the Daily 5 report for Wednesday, Aug. 6.
Honda Motor Co., amid billions of dollars in lost profits from tariffs and disappointing EV investments, delivered some good news for U.S. stakeholders today.
Amid the company's 50 percent drop in operating profits for the latest quarter, Honda's brass is looking for ways to mitigate President Donald Trump's tariffs on imported vehicles — even with the recent Japan trade deal reducing them from 25 percent to 15 percent.
Honda's possible answer? Adding third shifts at its U.S. plants.
Sign up for the Daily 5 report here.
"We might change it to three-shift operation in the States, so that we can increase production volume without spending too much on capital investment," Managing Executive Officer Eiji Fujimura said.
Weekend shifts are also in the mix, Honda told Carly Schaffner.
Ramping up U.S. production will require time to coordinate with suppliers, Hans Greimel and Schaffner reported in their coverage.
Honda must also consider how to build up a localized supply chain for key hybrid vehicle components such as motors, batteries and electronic control units, Fujimura said. As EV sales growth slows, Honda is doubling down on hybrids and preparing a next-generation technology, according to our report.
Of course, with operations in Canada and Mexico, Honda — along with the rest of the North American auto industry — must wait to see the outcome of U.S. trade talks with those two partners.
Back in Detroit, General Motors released its latest Corvette eye candy.
Chevrolet is launching a limited-run special edition of the top-performance Corvette ZR1X that includes the first factory matte paint in about 60 years, Lindsay VanHulle wrote. The 2026 Chevrolet Corvette ZR1X Quail Silver Limited Edition, available only on the ZR1X 3LZ convertible, will enter production next year at GM's plant in Bowling Green, Ky.
In case you missed it last night, EV makers Rivian Automotive Inc. and Lucid Motors both reported second-quarter results. The bad news? Both automakers continue to generate billions of dollars in red ink this year.
The good news is that they generated less red ink than in 2024. Rivian and Lucid posted a combined net loss of $1.6 billion in the quarter compared with a $2.1 billion net loss for the same quarter of last year. Investors are losing patience — shares in both companies fell on the news.
That's it for now. Have a great day. If you want to see this story in your browser, click here.
— Philip Nussel, online editor
