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Both companies denied media reports that said the U.S. company was ending cooperation with BYD on battery supplies.

The new SSP Platform is also expected to underpin the successor to the Taycan and the Panamera

Volkswagen is waiting to hear what Europe's response to the U.S. Inflation Reduction Act before progressing with plans to build new battery plants in Europe

While one model will be developed by Jeep, the second will be developed by Jeep Performance Parts.

The Japanese automaker said it will use the same components across models to make electric powertrains smaller and lighter, and reduce costs.

Mitsubishi said it will roll out 16 new models over the next five years.

The threshold was reached during testing of the Phoenix 2 vehicle at a flight test centre in southern Spain

The new powertrain will debut in the much-awaited successor to the Lamborghini Aventador and start Lamborghini’s push towards electrification.