Auto Industry News

Mahindra Ltd said it would invest 100 billion rupees ($1.21 billion) to set up an electric vehicle (EV) manufacturing plant near the western city of Pune.

CATL would supply batteries for seven years for Honda's electric vehicles in China.

A senior Japanese lawmaker said that Taiwan Semiconductor Manufacturing Co is considering building a second plant in Japan.

The sale lowered Berkshire's holdings in BYD's total issued H-shares to 14.95%

The $430 billion U.S. Inflation Reduction Act (IRA) passed in August ended $7,500 consumer tax credits for electric vehicles assembled outside North America, angering South Korea, the European Union, Japan and others.

A bigger-than-expected build in U.S. gasoline inventories and widening COVID-19 controls in China also added downward pressure on crude prices.

Ukraine's President Volodymyr Zelenskiy on Friday called on Europeans to remain united against Russia's war and to severely limit the price for Russian oil.

U.S. West Texas Intermediate (WTI) crude futures were down $1.66, or 2.1%, at $76.28 a barrel. There was no WTI settlement on Thursday due to the U.S. Thanksgiving holiday and trading volumes remained low.