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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.

The main districts of Chinese tech hub Shenzhen shut down public transport and extended curbs on public activities as cities across China battled COVID-19 outbreaks that have dampened the outlook for economic recovery.

Indian state-refiner Bharat Petroleum Corp is re-attempting to charter a ship to load 700,000 barrels of Russia's Sokol crude oil this month, sources familiar with the deal said.

The U.S. Commerce Department said it hopes by February to begin seeking applications for $39 billion in government semiconductor chips subsidies to build new facilities and expand existing U.S. production.