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There are plans to launch this vehicle by 2025 as the current generation of the Boxster 718 has been in production since 2016 and is based on the internal combustion engine.

From what GM has indicated there could be two different powertrains and body styles for the Corvette in the near future.

The panel is expected to recommend a floor of about $4 per million British thermal units (mmBtu) and a ceiling of $6.50/mmBtu

Chen, who was most recently the CEO of the company's China division and has spent nearly two decades in the automotive industry, succeeds Carsten Breitfeld, who was removed from the role by the board, the company added in a filing.

The company also raised its sales target for electric vehicles (EVs) to up to 40% of its total global sales by 2030

Oil prices fell on Monday after weaker than expected factory activity data out of China and on concerns that the country's widening COVID-19 curbs will curtail demand.

Original equipment manufacturers' battery-electric and hybrid vehicle sales aspirations will face strong headwinds as they scramble for raw materials, with annual market demand for lithium-ion batteries pegged at about 3.4 Terawatt hours (TWh) by 2030.

Indonesia raised subsidised fuel prices by about 30%, as the government moves to rein in ballooning subsidies despite a risk of mass protests.