Cars News

Oil prices fell amid comments from U.S. Federal Reserve officials about rising interest rates and their effect on the economy.

Japan-based Envision Automotive Energy Supply Corporation (AESC) is also in talks with automakers in Japan, Europe, the United States and China for new supply deals, its chief executive Shoichi Matsumoto told Reuters.

Under the collaboration, Honeywell will work with Supernal, Hyundai's U.S.-based eVTOL firm, to explore integration of the aerospace supplier's 'Anthem' flight deck into the air taxis, which are slated to enter commercial service in 2028.

The declaration is not a finalised agreement and other locations, including the United Kingdom, remain under consideration for its Western European gigafactory, the company added in a statement, explaining that it plans to make a decision on the location before the end of the year.

BMW said it was making a new $1 billion investment in its Spartanburg, South Carolina plant to prepare for EV production and will spend $700 million on a new high-voltage battery assembly facility in nearby Woodruff, South Carolina, and create at least 300 jobs.

Two lines at Honda's Suzuka plant in western Japan will cut production by about 20% in October, while its assembly plant in Saitama prefecture, north of Tokyo, will lower production plans by about 40% for the month.

Toyota announced the launch of a small electric sedan, which will be powered by BYD batteries.

Oil prices were near flat during a choppy trading session on Thursday, as worries about inflation dampening demand for oil contended with news that China is considering easing COVID-19 quarantine measures for visitors.