Auto Industry News

Tesla boss Elon Musk took to Twitter on Monday to say that his company had not signed a contract with Hertz, spurring a brief halt in Tesla's stock rally.

The latest funding comes on the heels of a $160 million round in August that boosted the companys valuation to $890 million, according to investor website PitchBook.

Foxconn has bought stock worth $50 million from the U.S. electric vehicle maker, finalizing an equity investment announced in September.

NXP Chief Executive Kurt Sievers said the company intended to focus on key areas where more chips are going into cars and where NXP believes it can hold a market position at least twice that of any competitor.

GM's South Korea unit builds about 600,000 vehicles a year, shipping many to the United States including the popular Chevrolet Trailblazer SUV, and employs about 12,000 people.

BP is also looking to invest in India's EV charging infrastructure to support BluSmart, as well as battery storage and energy management to solve India's challenges around peak power demand.

Brent crude prices have also priced in an additional hit to global oil demand of 1.5 million barrels per day for the next three months from the impact of COVID-19 in Europe and China, Goldman said.

The company now plans to expand to include Arkansas and other locations in Oklahoma, for research and development, software development, customer support and finance centers.