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China's Great Wall Motor Shelves $1 Billion India Plan
China's Great Wall Motor has shelved plans to invest $1 billion in India and laid off all employees at its operations there after failing to obtain regulatory approvals, three sources with direct knowledge of the matter said.
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Indian e–Scooter Maker Ather Says High Costs Pushing Back Profit Timeline
Ather has witnessed an addition of "several hundreds of dollars" in material costs due to firmer commodity prices
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Indian Shares Close At Over 1-Month High On Bank, Auto Boost
Indian shares closed at a more than one-month high on Tuesday as banking and auto companies gained, while the rupee recovered after breaching 80 against the dollar.
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GM, Ford Seek U.S. OK To Deploy Self-Driving Vehicles Without Steering Wheels
NHTSA has authority to grant petitions to allow a limited number of vehicles to operate on U.S. roads without required human controls.
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Musk Denies 'Romantic' Affair With Google Co-Founder Brin's Wife
Tesla Inc boss Elon Musk said late on Sunday on Twitter that he and Google co-founder Sergey Brin remain friends and denied a report that he had been involved in an affair with Brin's wife Nicole Shanahan.
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STMicro, GlobalFoundries Plan New $5.7 Billion French Chip Factory
The project represents the lion's share of 6.7 billion euros ($6.8 billion) of investment from major global companies that President Emmanuel Macron is due to announce at this year's Choose France summit in Versailles.
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S.Korea Targets Localising 50% Of Chip Materials Supply By 2030
South Korea said it aimed at local sourcing for half of its materials, components and equipment in semiconductor manufacturing by 2030, up from 30% currently.
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Redwood Materials Plans To Spend $3.5 Billion On Making EV Battery Essentials
The auto industry has been ramping up production of electric vehicles (EV) to meet a demand surge, driving up orders for batteries and raw materials such as lithium, cobalt, etc.
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GM's Cruise Robotaxi Unit Drives Deeper Into The Red
General Motors Co has lost nearly $5 billion since 2018 trying to build a robotaxi business in San Francisco, and now as the automaker's Cruise unit starts charging for rides, the losses are accelerating.
Read More →U.S. Senate Votes To Advance Sweeping Semiconductor Industry Bill
The legislation provides about $52 billion in government subsidies for U.S. semiconductor production as well as an investment tax credit for chip plants estimated to be worth $24 billion.
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Germany To Reduce Electric Car Subsidies In 2023
The incentives, or premiums, paid to buyers of electric cars will expire completely once an allocated sum of 3.4 billion euros ($3.44 billion) from the next two years' budget is spent, according to government sources.
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Euro Slumps To Two-Decade Low, Oil Tumbles As Recession Fears Intensify
Euro zone recession fears were exacerbated by concerns about an energy crisis in Europe and by Tuesday's data, which showed a sharp slowdown in business growth in June, following Monday's news of a seasonally adjusted May trade deficit in Germany versus expectations for a surplus.
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Oil Falls 3% On Uncertainty Over Future OPEC+Output, Recession Fears
The OPEC+ group of producers, including Russia, on Thursday agreed to stick to its output strategy after two days of meetings. The producer club avoided discussing policy from September onwards.
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Nasdaq Falls With Dollar, Oil Rises; Earnings, Fed In Focus
Nasdaq closed lower on Monday after a choppy session for U.S. equities ahead of a big week of technology earnings reports while oil prices rose and treasury yields edged higher as investors braced for a Federal Reserve interest rate hike.
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Oil Falls On Lackluster U.S. Summer Gasoline Demand
Oil prices have been extremely volatile, caught in a tug-of-war between supply fears caused by Western sanctions on Russia and worries that the fight against inflation could weaken the global economy and cut demand.
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Yellen: U.S. Talks With India On Price Cap On Russian Oil 'Encouraging'
U.S. Treasury Secretary Janet Yellen described as "encouraging" talks with India about a proposed price cap on Russian oil that Washington is pushing to drive down oil prices and make it harder for Moscow to fund its war in Ukraine.
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S.Korea's LGES Plans New EV Battery Plant In Europe
Tesla supplier LG Energy Solution Ltd (LGES) said it was looking at sites in Europe for a new battery plant and would ramp up production in Asia outside of China, where COVID lockdowns and rising costs were weighing on profits.
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UK's BII To Invest In New Mahindra EV Unit At $9 Billion Valuation, Shares Soar
BII will have a 4.8% ownership in the business, which will focus on four-wheel passenger electric vehicles (EVs). The unit will be wholly owned by Mahindra, the company said in a statement.
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Indian EV Ride-Hailing Firm BluSmart Close To Raising $250 Million - CEO
BluSmart, which runs an all-electric vehicle (EV) fleet, was expecting to finalise deals with impact funds and private equity investors within the next two months, Anmol Jaggi said.
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Global Equities Waver, Oil Falls Amid Recession Fears
The dollar's role as the safe-haven currency for investors concerned about the economic outlook has been burnished in recent weeks, with the U.S. currency roaring to two-decade highs against multiple currencies, while the euro sank to within a whisker of parity with the dollar.
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