Auto Industry News

VinFast, which began operations in 2019, is gearing up to expand in the U.S. market, where it hopes to compete with legacy automakers and startups with its two all-electric SUVs, the VF8 and VF9, including battery leasing to reduce the purchase price.

The United Auto Workers (UAW) union called on automakers to shift their entire supply chain out of China's Xinjiang region after a new report on Tuesday suggests that nearly every major automaker has significant exposure to products made with forced labor.

The German carmaker's management and works council struck an agreement on restructuring the site in southwestern Germany, which also foresees a 20% reduction in fixed costs by 2025 compared with 2019 and workforce cuts, the report said, citing company sources.

Disruptions to the country's supply chain expanded on Thursday, the eighth day of the nationwide strike by more than 20,000 truckers, as the government prepares to order more of them back to work.

While retail has been slower to adopt automation than sectors such as autos and electronics, it has been picking-up the pace - from the introduction of basic self check-out tills in stores to the use of robots and AI in supply chains.

The electric-vehicle manufacturer is currently preparing to roll out 75,000 Model Y vehicles from Gigafactory Texas in the first quarter of 2023, according to the report.

Oil prices fell more than 3% continuing a streak of volatile trading, as the Group of Seven (G7) nations considered a price cap on Russian oil above the current market level.

G7's proposed price cap of $65-$70 a barrel on Russian oil would have little immediate impact on Moscow's revenues, as it is broadly in line with what Asian buyers are already paying.