Auto Industry News

Twitter Inc dismissed Elon Musk's claims in a Delaware court filing that he was hoodwinked into signing the deal to buy the social media company, saying that it was "implausible and contrary to fact."

Tesla Inc shareholders voted for board recommendations on most issues at the company's annual meeting, including re-electing directors, approving a stock split, while rejecting proposals focused on environment and governance.

President Joe Biden next Tuesday will sign a bill to subsidize the U.S. semiconductor industry and boost efforts to make the United States more competitive with China, the White House said.

Oil prices rose slightly, bouncing off their lowest levels since February, as concern over supply shortages was countered by expected declines in fuel demand.

Italy is close to clinching a deal initially worth $5 billion with Intel to build an advanced semiconductor packaging and assembly plant in the country, two sources briefed on discussions told Reuters.

Mahindra and Mahindra Ltd reported a sharp jump in first-quarter net profit on improved demand for the Indian automaker's passenger vehicles and tractors.

Oil prices slid about 4% to almost six-month lows, after U.S. data showed crude and gasoline stockpiles unexpectedly surged last week and as OPEC+ said it would raise its oil output target by 100,000 barrels per day (bpd).

Oil prices rose as supply concerns triggered a rebound from multi-month lows plumbed in the previous session after U.S. data signalled weak fuel demand.