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Volkswagen operates partnerships in Europe with BP and Spain's Iberdrola and is a shareholder in fast-charging venture Ionity with rival carmakers BMW, Mercedes-Benz, Ford and Hyundai.

A subsidy of around 80 million rupiah ($5,131) will be offered on every sale of an electric car, 40 million rupiah on hybrid cars and 8 million rupiah on fully electric motorbikes

It is unclear what models Tesla would produce in the Mexican factory or when it would begin production

The Los Angeles-based company said it expects to start production of its FF 91 Futurist electric car at its manufacturing facility at the end of March 2023.

Musk told employees that they should not be "bothered by stock market craziness" after the company's shares fell nearly 70% this year on jitters over softening demand for electric vehicles and Musk's distraction with running Twitter.

The Federal Aviation Administration (FAA) issued the airworthiness criteria that Archer Aviation will need to meet for its M001 air taxi to be certified for use.

Oil rose and was on track for a second straight annual gain in a volatile year marked by tight supplies because of the Ukraine war and weakening demand from the world's top crude importer, China.

Indian shares swung to gains in the final hour, on slide in oil prices due to demand concerns in China, while volatility was high in domestic market with the expiration of the December derivatives series.