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.

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 automobile industry is pouring more than $1 trillion into a revolutionary shift from combustion engines to electric vehicles guided by software.

Taiwan has turned a wary eye on China's ambition to boost its semiconductor industry and is tightening legislation to prevent what it says is China stealing its chip technology.

Soitec and STMicroelectronics are deepening their cooperation over the manufacturing of a key and fast-growing material used in the electric car industry.

The Biden administration broke its silence on European Union deliberations over a $65-70 per barrel Russian oil price cap, warning far-lower prices cited for some Russian Urals crude shipments should be approached with caution.

Oil prices settled up by over $2 per barrel on signs of tighter supply, a weaker dollar and optimism over a Chinese demand recovery.