Last week, various auto giants unveiled July 2021 U.S. sales reports. U.S. auto giant Ford’s F overall sales totaled 120,053 units, down around 32% year over year amid chip crisis. Vehicle sales of Japan-based auto biggies Toyota TM and Honda HMC recorded year-over-year growth of 33% and 8%, respectively. Hyundai, Kia, Mazda and Volvo registered double-digit percentage sales growth last month. However, Subaru posted a sales decline for the second consecutive month due to low inventories amid supply chain disruptions. Importantly, seasonally adjusted annualized rate for vehicle sales fell to 14.8 million last month, after averaging around 17 million a month in the first half of the year, per U.S. Automotive News.Last week, chipmaker Qualcomm submitted a non-binding proposal to acquire all outstanding shares of Veoneer VNE for $4.6 billion. Qualcomm’s bid, which is $800 million more than Magna’s offer, has already received approval from the company’s board. Veoneer's board of directors will evaluate the proposal from Qualcomm and the terms of the Magna merger agreement before making a final call. It is debatable whether or not Magna will submit a counter-bid. (Bidding War Brewing for Veoneer: Here's What You Should Know)On the earnings front, a number of auto stocks released quarterly numbers last week. Below is the run-down of major takeaways from the earnings reports of General Motors GM, BorgWarner BWA and Cummins CMI, Toyota and Honda.Last Week’s Key Quarterly Releases1. General Motors reported adjusted earnings of $1.97 per share for second-quarter 2021, topping the Zacks Consensus Estimate of $1.89. The bottom line also posted a turnaround the year-ago loss of 50 cents per share amid the company’s cost-containment efforts, and robust demand for SUVs as well as pickups. Revenues of $34,167 million also surpassed the Zacks Consensus Estimate of $29,000 million. The top-line figure jumped from the year-ago figure of $16,778 million. (General Motors Beats on Q2 Earnings & Sales, '21 View Up)2. Toyota Motor posted fiscal first-quarter 2022 earnings of $5.87 per ADR, which surpassed the Zacks Consensus Estimate of $4.68 on higher-than-expected revenues. Further, the bottom line compared favorably with the year-ago earnings of $1.06 a share. Consolidated revenues came in at $72,499 million, beating the consensus mark of $68,910 million. The top-line figure also climbed 69.5% year over year. For fiscal 2022, Toyota projects sales of ¥30 trillion, calling for a year-over-year increase of 10.2%. (Toyota Q1 Earnings & Sales Trump Estimates, Up Y/Y)3. Honda Motor reported earnings of $1.18 per ADR for first-quarter fiscal 2022, surpassing the Zacks Consensus Estimate of 74 cents. The bottom line also reversed the year-ago loss of 44 cents per share. Quarterly revenues totaled $32,742 million, missing the Zacks Consensus Estimate of $33,858 million. Nonetheless, the top line surged 65.8% year on year. For fiscal 2022, Honda projects sales and operating profit of ¥15.45 trillion and ¥780 billion, respectively, up from the earlier forecast of ¥15.2 trillion and ¥660 billion. (Honda Q1 Earnings Top, Sales Miss Estimates, FY22 View Up)4. BorgWarner reported adjusted earnings of $1.08 per share for second-quarter 2021, beating the Zacks Consensus Estimate of 79 cents and turning around from the year-ago loss of 14 cents. This automotive equipment supplier reported net sales of $3,758 million, outpacing the Zacks Consensus Estimate of $3,483 million and increasing a whopping 163.5% from the year-ago quarter’s $1,426 million, thanks to the Delphi Technologies buyout and increased demand for products. (BorgWarner Beats on Q2 Earnings & Sales, Ups '21 View)5. Cummins reported second-quarter 2021 earnings of $4.15 per share, surpassing the Zacks Consensus Estimate of $4.06 and surging from $1.95 recorded in the year-ago period. Higher-than-expected sales and EBITDA from the Power Systems segment led to this outperformance. Cummins’ revenues increased 59% year over year to $6,111 million. The reported figure also beat the Zacks Consensus Estimate of $6,107.5 million. The company anticipates returning 75% of operating cash flow to shareholders in the form of dividends and share repurchases in 2021. (Cummins Q2 Earnings Beat Estimates, Surge 113% Y/Y)Price PerformanceThe following table shows the price movement of some of the major auto players over the past week and six-month period.Image Source: Zacks Investment ResearchIn the past six months, all stocks have increased, apart from Tesla. The past week displayed a mixed price performance, with General Motors losing the most and Honda registering the maximum gain.What’s Next in the Auto Space?Industry watchers will track China vehicle sales data for July 2021, which is likely to be released by China Association of Automobile Manufacturers this week. Investors are awaiting the quarterly numbers of China-based electric vehicle maker NIO, which will be released on Aug 11. Also, stay tuned for updates on how automakers will tackle the semiconductor shortage and make changes in business operations. Time to Invest in Legal Marijuana If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027. After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%. You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Ford Motor Company (F): Free Stock Analysis Report Toyota Motor Corporation (TM): Free Stock Analysis Report BorgWarner Inc. (BWA): Free Stock Analysis Report Cummins Inc. (CMI): Free Stock Analysis Report Honda Motor Co., Ltd. (HMC): Free Stock Analysis Report General Motors Company (GM): Free Stock Analysis Report Veoneer, Inc. (VNE): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research