Auto Industry News

The price per share for the offering had been set at 53 Swedish kronor, at the bottom end of the range Volvo announced last week of between 53 and 68 kronor per share ahead of its initial public offering (IPO).

The Detroit giant, which has joined other major automakers in cutting back production amid a global chip shortage, saw lower revenues tied to a drop in car sales compared with the year-ago period.

The Mercedes-Benz maker said in a statement its net profit surged 19 percent year-on-year to 2.57 billion euros ($3.0 billion) while earnings before interest and taxes rose four percent to 3.61 billion euros.

T3's funding round comes as ride-hailing companies step up efforts to take market share from China's ride-hailing market leader Didi Global Inc.

The Model X Long Range and Model S Long Range now sell for $104,990 and $94,990 respectively.

GM said limited production will start Nov. 1 to help optimize battery production and supply chain repair logistics, including providing vehicles to be used as courtesy transportation for customers during recall repairs.

The company presented 'Sensify', a pioneering braking system that can operate independently on each of a vehicle's four wheels.

The partnership is focused on development of cathode active materials as well as raw materials supply and the recycling of battery cells from SVolt, the companies said without disclosing financial details.