Auto Industry News

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.

Micron said data center revenue grew 70% and that automotive revenue grew 25%, with the automotive growth coming from the increasing amount of memory required in cars with advanced driver safety systems.

Calling the electric pick-up truck "insane technology bandwagon," Musk said the Cybertruck would have both front and rear-wheel steer that would "not just (turn) like a tank - it can drive diagonally like a crab."

BP aims to double earnings from its global convenience and mobility businesses by 2030 and grow its global network of EV charging points by over six-fold to 70,000 during the same period.

Chief Executive Pat Gelsinger said the IPO will allow Mobileye to grow more easily as global carmakers spend billions of dollars to accelerate their transition to electric and self-driving vehicles.

Farley said F-150 Lightning orders were capped at 200,000: "We had to stop taking reservations because we had so many."

Privately-owned L-charge raised $1.5 million in September and is seeking a partner to help it increase production to 2,000 mobile and stationary devices annually.