Auto Industry News

India's Ola will cut about 200 engineering jobs to reduce redundancy across its two main businesses of ride-hailing and electric vehicle manufacturing, the SoftBank Group-backed company said.

Indian government lowered taxes on aviation turbine fuel exports to 5 rupees per liter from 9 rupees per liter, a government notification said.

Oil prices rose slightly as a spill at Iraq's Basra terminal appeared likely to constrain crude supply, but remained down on the week on fears that hefty interest rate increases will curb global economic growth and demand for fuel.

President Vladimir Putin denied Russia had anything to do with Europe's energy crisis, saying that if the European Union wanted more gas it should lift sanctions preventing the opening of the Nord Stream 2 pipeline.

India's crude oil imports fell more than 13% in August month-on-month, government data showed, as monsoon rains restricted activity and slowed consumption in the world's third-biggest oil consumer.

Oil prices edged slightly higher in volatile trading, as worries of tight supplies outweighed fears that global demand could slow due to a strong U.S. dollar and possible large increases to interest rates.

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.

A hoverbike that the Japanese manufacturers plan to launch in the United States next year made its U.S. debut at the Detroit Auto Show, drawing perhaps inevitable comparisons to the speeder bikes of "Star Wars."