Auto Industry News

The company had said in September it planned to build a new battery factory in China with an initial investment of 1.2 trillion won ($1.01 billion).

China Evergrande New Energy Vehicle Group Ltd will issue about 900 million shares at HK$3 apiece through a top-up placement to controlling shareholder Evergrande Health Industry Holdings Ltd, after striking a similar deal with it last week.

Sentiment in the electric-vehicle makers' options leaned toward bearish and defensive bets on Wednesday, according to Trade Alert data.

The additional investment, which adds to an existing A$72 million commitment and will be spent by the end of June 2025, will also aid purchases of electric cars and buses for government and business fleets.

Despite just having started selling vehicles and having little revenue to report, Rivian ranked ahead of General Motors Co at $86.05 billion, Ford Motor Co at $77.37 billion, and Lucid Group at $65.96 billion.

Volkswagen AG's joint venture with SAIC Motor will end production of the Santana, Skoda's Rapid and a current version of Tharu sport-utility vehicles (SUV) at its plant in the eastern city of Yizheng.

Italvolt has pledged to invest 3.4 billion euros ($3.9 billion) to build a battery production facility in Scarmagno, near Turin, to meet growing demand for lithium-ion batteries from Europe's automotive industry.

An adventurous and wild car chase with several jackings and accidents, has gone viral across social media, many years after it took place.