Auto Industry News

Japan-based Envision Automotive Energy Supply Corporation (AESC) is also in talks with automakers in Japan, Europe, the United States and China for new supply deals, its chief executive Shoichi Matsumoto told Reuters.

The talks come as auto manufacturers from Stuttgart to Seoul have been angered by Biden's $430 billion "Inflation Reduction Act", enacted in August and aimed at rolling back climate change and making Washington a world leader in the EV market.

India currently mixes 10% ethanol with gasoline

In November India accounted for about 53% of the total tanker shipments of the grade - the highest level on the record.

Indian refiners have been gorging on Russian oil sold at a discount as some Western entities shun purchases from Moscow following its invasion of Ukraine in late February.

Oil prices briefly erased some losses after officials said the U.S. Energy Department will repurchase 3 million barrels of domestic crude oil for the Strategic Petroleum Reserve.

The loan will help finance construction of new lithium-ion manufacturing facilities in Ohio, Tennessee and Michigan.

The new brand will be an addition to Yangwang, a premium brand set for launch in the first quarter of 2023