Auto Industry News

Oil rose on Tuesday on expectations for a loosening of China's strict COVID-19 controls, but concerns that OPEC+ would keep its output unchanged at its upcoming meeting limited gains.

Yoon held a video call with Tesla Chief Executive Elon Musk last week and Yoon's office cited Musk as saying South Korea is among the top candidate locations for a new Tesla factory.

Kosovo and Serbia reached a deal on Wednesday to end a nearly two-year dispute over car licence plates in northern Kosovo, which the West had warned could trigger ethnic violence, the European Union's foreign policy chief said.

A virtual meeting puts the focus on the pending European Union deal over the price cap on Russian oil, as well as a Dec. 5 deadline imposed by the bloc for a full embargo on purchases of Moscow's seaborne crude.

Stellantis is overhauling its strategy in China after agreeing to file for bankruptcy of its Jeep joint venture with local partner Guangzhou Automobile Group (GAC) in October.

India hopes to convert the current global oil challenges from the Ukraine crisis into an opportunity to secure affordable energy, Oil Minister Hardeep Singh Puri said.

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, sparking anger from South Korea, the European Union, Japan and others.

The lease program will require customers to opt in for a service expected to bring monthly lease payments down by 10%, Toyota's leasing affiliate said.