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TSMC, Asia's most valuable listed company, has said it was building on a site for a potential second plant in Arizona. The company began construction in mid-2021.

Honda's electric van has a target cruising range of 200km (125 miles) and is seeking to set the price at around 1 million yen ($7,270).

The financial unit is still benefiting from high prices for used cars and lower costs for credit and residual value risks in the current year.

Volkswagen operates partnerships in Europe with BP and Spain's Iberdrola and is a shareholder in fast-charging venture Ionity with rival carmakers BMW, Mercedes-Benz, Ford and Hyundai.

A subsidy of around 80 million rupiah ($5,131) will be offered on every sale of an electric car, 40 million rupiah on hybrid cars and 8 million rupiah on fully electric motorbikes

It is unclear what models Tesla would produce in the Mexican factory or when it would begin production

The Los Angeles-based company said it expects to start production of its FF 91 Futurist electric car at its manufacturing facility at the end of March 2023.

Musk told employees that they should not be "bothered by stock market craziness" after the company's shares fell nearly 70% this year on jitters over softening demand for electric vehicles and Musk's distraction with running Twitter.