Auto Industry News

The deal marks a further move by the world's fourth largest carmaker to lock down supplies of metals needed for batteries that power EV cars, ahead of an expected surge in global demand as a transition towards cleaner mobility gains traction.

The IIHS study of 600 active users found 53% of Super Cruise, 42% of Autopilot and 12% of ProPILOT Assist owners "said that they were comfortable treating their vehicles as fully self-driving."

The Bengaluru-based startup expects to list on the Nasdaq as Zoomcar Holdings Inc after being acquired by Innovative International Acquisition Corp in the first half of 2023.

The EU says that while it allows government tax breaks or subsidies for purchases of U.S. electric cars such as those made by Tesla, the United States makes such support conditional on the car, or parts of it, being made in the United States.

The Amsterdam-based group, whose customers range from major car companies to global tech firms, forecast free cash flow at break-even for next year, compared with a previous outlook for an inflow of at least 5% of revenues.

Elon Musk is seeking to delay until November a trial over his intention to back out of a $44 billion deal to buy Twitter Inc and amend his complaint against the social media company, according to court filings, after a whistleblower provided him with fresh ammunition.

Mobileye, which was originally expected to land a roughly $50 billion valuation, is now set to target one of under $20 billion and sell a smaller number of shares than originally planned, according to the report.

Reuters, citing sources, had reported in April that the stock market flotation could value Mobileye at as much as $50 billion.