Auto Industry News

Tesla is reevaluating the way it sells electric cars in China, its second-largest market, and considering closing some showrooms in flashy malls in cities like Beijing where traffic plunged during COVID restrictions, two people with knowledge of the plans said.

Musk has sent an additional letter of deal termination to Twitter Inc to include a recent whistleblower complaint.

Oil prices climbed on bets that OPEC+ will discuss output cuts at a meeting on Sept. 5, though fears of China's COVID-19 curbs and weak global growth continued to limit gains and a potential cap on the price of Russian exports loomed.

Taiwan looks forward to producing "democracy chips" with the United States, President Tsai Ing-wen told the visiting governor of the U.S. state of Arizona, Doug Ducey, the latest in a string of senior officials from the county to visit.

A General Motors and LG Energy Solution $2.3 billion joint venture battery production plant in Ohio has begun production.

Oil prices fell nearly $6 a barrel, the steepest decline in about a month, on fears that fuel demand could soften as global central banks hike rates to fight surging inflation, and as unrest in Iraq failed to dent the OPEC nation's crude exports.

Global oil companies are pumping billions of dollars into offshore drilling, reversing a long decline in spending on the decades-long projects including some in the remote iceberg waters far off Canada's Atlantic coast.

Oil prices recovered slightly as data pointed to firm U.S. fuel demand, providing respite after a 5% drop a day earlier on fears that demand will suffer from increased China COVID curbs and central bank interest rate hikes.