Auto Industry News

Governments and investors want car manufacturers to speed up the transition to electric vehicles, but the costs are "beyond the limits" of what the auto industry can sustain, said Chief Executive Carlos Tavares.

U.S. inventories fell more than expected, with crude stocks down by 4.7 million barrels, though that is in part due to year-end tax considerations that encourage companies not to store crude barrels.

Lucid's deal with veteran dealmaker Michael Klein's blank-check firm earlier this year gave the combined company a pro-forma equity value of $24 billion, making it one of the biggest deals with Special Purpose Acquisition Companies (SPACs).

Canoo said starting production in Oklahoma remains on track for late 2023, but it also now expects to begin building electric vehicles in Arkansas next year, instead of using the VDL Nedcar plant.

On Wednesday, Musk sold another 934,091 shares, bringing the total he has offloaded to 14.77 million - nearly 90% of the 17 million or so shares he had been expected to sell.

Crude oil imports last month rose 7.5% versus October and were also 0.5% higher than a year ago at 18.37 million tonnes, data on the website of the Petroleum Planning and Analysis Cell (PPAC) showed on Thursday.

The company aims to enhance its annual production capacity in phases from the existing 1 lakh battery packs to 7 lakh by end of FY24 to meet the growing demand in the EV industry and other energy storage applications.

Haomo will use the funds raised from investors to build its talent pool and enhance its R&D capability, the company said in a statement on Wednesday.