Auto Industry News

Volvo Cars will temporary close one of its factories due to a chip shortage, the company told newspaper Goteborgs-Posten on Tuesday.

The IPO values Mobileye at $16.7 billion, a far cry from the $50 billion valuation that Intel was initially hoping to achieve.

The EV investment figure, which has not previously been published, dwarfs previous investment estimates by Reuters and is more than twice the most recent calculation published just a year ago.

The U.S. Department of Justice launched the previously undisclosed probe last year following more than a dozen crashes, some of them fatal, involving Tesla's driver assistance system Autopilot, which was activated during the accidents, the people said.

The talks come as auto manufacturers from Stuttgart to Seoul have been angered by Biden's $430 billion "Inflation Reduction Act", enacted in August and aimed at rolling back climate change and making Washington a world leader in the electric vehicle (EV) market.

The first outcomes from the partnership between Volkswagen's software unit Cariad and Bosch, announced in January this year, are planned for 2023, the statement said.

KTM took the wraps off the updated RC 8C sportbike and it will manufacture only 200 units of the same.

The auto industry saw a lot of action this year as far as new launches are concerned and there is more to go before the year ends.