Auto Industry Reviews

The motor, known as an axial-flux motor and designed by the British startup YASA which Daimler acquired earlier this year, weighs a fraction of its diesel equivalent and can boost the range of an EV by up to 7%.

The United States said it would release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain to try to cool prices after OPEC+ ignored calls to pump more.

OPEC expects the U.S. release to swell a surplus in oil markets by 1.1 million barrels per day (bpd), a source from the group said.

The company had said in September it planned to build a new battery factory in China with an initial investment of 1.2 trillion won ($1.01 billion).

China Evergrande New Energy Vehicle Group Ltd will issue about 900 million shares at HK$3 apiece through a top-up placement to controlling shareholder Evergrande Health Industry Holdings Ltd, after striking a similar deal with it last week.

Sentiment in the electric-vehicle makers' options leaned toward bearish and defensive bets on Wednesday, according to Trade Alert data.

The additional investment, which adds to an existing A$72 million commitment and will be spent by the end of June 2025, will also aid purchases of electric cars and buses for government and business fleets.

Despite just having started selling vehicles and having little revenue to report, Rivian ranked ahead of General Motors Co at $86.05 billion, Ford Motor Co at $77.37 billion, and Lucid Group at $65.96 billion.