Auto Industry News

Oil prices settled lower after disappointing Chinese economic data renewed concerns of a global recession that would be expected to reduce fuel demand.

Barclays lowered its Brent price forecasts on Tuesday by $8 per barrel for 2022 and 2023, as it expects a large surplus of crude oil over the near-term due to "resilient" Russian supplies.

Australia's government said it plans to introduce new regulations targeting vehicle carbon emissions to boost the uptake of electric cars, as it looks to catch up with other developed economies.

Elon Musk has approached brain chip implant developer Synchron Inc about a potential investment as his own company Neuralink plays catch-up in the race to connect the human brain directly to machines, according to four people familiar with the matter.

Nikola Corp exceeded market estimates for quarterly revenue as the electric-vehicle maker delivered more semi trucks after a production ramp-up, sending its shares 6% higher in trading before the bell.

A group of 10 U.S. House Democrats asked President Joe Biden's administration to build electric vehicle charging stations together with broadband internet infrastructure under the $1 trillion infrastructure law approved in November 2021.

Taiwan's Foxconn, the world's largest contract electronics maker, said it will build driverless electric tractors for California-based Monarch Tractor at its Lordstown, Ohio, facility starting in early 2023.

Oil prices settled up more than $2 after the International Energy Agency raised its oil demand growth forecast for this year as soaring natural gas prices have some consumers switching to oil.