Cars News

The sedan, imported from Toyota Brazil, is powered by flex fuel technology, which allows the engine to run on fuel blended with a higher percentage of ethanol, reducing the consumption of gasoline, along with a hybrid powertrain.

Musk, who is also chief executive officer of electric car maker Tesla Inc, proposed to Twitter late on Monday he would change course and abide by his April agreement to buy the company for $54.20 per share, if Twitter dropped its litigation against him.

The Autonomous Vehicle Industry Association (AVIA) has tapped Jeff Farrah as its first executive director.

Volvo Cars will temporary close one of its factories due to a chip shortage, the company told newspaper Goteborgs-Posten on Tuesday.

The IPO values Mobileye at $16.7 billion, a far cry from the $50 billion valuation that Intel was initially hoping to achieve.

The EV investment figure, which has not previously been published, dwarfs previous investment estimates by Reuters and is more than twice the most recent calculation published just a year ago.

The U.S. Department of Justice launched the previously undisclosed probe last year following more than a dozen crashes, some of them fatal, involving Tesla's driver assistance system Autopilot, which was activated during the accidents, the people said.

The talks come as auto manufacturers from Stuttgart to Seoul have been angered by Biden's $430 billion "Inflation Reduction Act", enacted in August and aimed at rolling back climate change and making Washington a world leader in the electric vehicle (EV) market.