Auto Industry News

Surging inflation and worries of a global economic slowdown have left several multinational firms cautious of their growth prospects this year, as people cut back on discretionary spending.

The Feb. 11 test, conducted between two Zoox buildings a mile apart at its headquarters in Foster City, California, was part of the launch of a no-cost employee shuttle service that will also help the company refine its technology.

The South Asian country, once a small and low-cost car market, is seeing a sharp expansion in demand for premium models with a growing middle class splurging on everything pricey from branded apparel to luxury cars.

The investment, planned over a period of three to five years, will fund the development of two electric models and four sport-utility vehicles (SUVs) for sale in India and abroad, Nissan's chief operating officer Ashwani Gupta told reporters in New Delhi.

While most of the world's combustion engine cars and short-distance vans and lorries should be replaced by battery electric vehicles (BEVs) over the next two decades, fuel-cell proponents and some long-haul fleet operators say batteries are too heavy, take too long to charge and could overload power grids.

Companies in Europe and beyond are vying for control of the crown jewels of the connected car era, namely car manufacturers' data covering everything from driving habits, to fuel consumption and tyre wear which can be used to target cash-generating services.

The company, which last raised funding from investors at a valuation of $12 billion in 2021, is expected to tap Goldman Sachs Group and Morgan Stanley to lead a stock market launch, the sources said.

China's government has been phasing out subsidies for EVs, but Albemarle said so far those steps have had only a "limited impact" on EV demand. Executives attributed weak Chinese auto sales data in January to the Lunar New Year holiday.